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…
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…
FVU Ver. 6.2 has been released on 12th May 2019. This FVU is primarily based on the new changes in Annexure II (Salary Details) of Form 24Q-Q4 as per Notification No. 36/2019 applicable with effect from financial year 2018-19 (AY:2019-20) Major changes include additional information related to breakup of salary, details of exemptions u/s 10…
Recently vide its Notification No. 36/2019 by the Income Tax Department has substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each…
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…
The Income Tax Department has released on 12th May 2019, the following new File Validation Utilities: FVU version 6.2 – For statement pertaining to FY 2010-11 onwards FVU version 2.158 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.2 & FVU 2.158 TDSMAN will incorporate new…
File Validation Utility (FVU) version 6.2 Changes in FVU validations based on new changes in Annexure II (Salary Details) of Form 24Q-Q4 Validations related to new fields as per the Income Tax Department (ITD) Notification No. 36/2019 have been incorporated in this FVU version. These validations will be applicable for regular as well as correction…
TDS RATE CHART FY: 2019-20 (AY: 2020-21) Section Nature of Payment Threshold Indv/ HUF Others Rs. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 2500 10 10 194A Interest (Banks) 40000 10 10 194A…
15th May is the last date for filing TCS Returns for FY:18-19, Quarter 4. 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 certificate 30th May. Last date for TDS Returns is 31st…
Please note that 7th May, 2019 is the last date for TDS and TCS payments for the deductions made in April 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…