The Income Tax Department has released by today (16th October 2019), the following new File Validation Utilities: FVU version 6.4 – For statement pertaining to FY 2010-11 onwards FVU version 2.160 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.4 & FVU 2.160 TDSMAN will incorporate…
File Validation Utility (FVU) version 6.4 Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highlighted in file formats which can be downloaded from TIN website under downloads section These validations will be applicable for regular as well…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
15th October is the last date for filing TCS Returns for FY:19-20, Quarter 2. Typically TCS is applicable on sale of items like scrap, forest products, minerals, bullion, etc. and is covered under section 206C of the Income Tax Act. Last date for issuing of TCS certificates is 30th October. Last date for TDS Returns is…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
7th October, 2019 is the last date for TDS and TCS payments for the deductions made in September 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…