Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by the taxpayer under section 220(2), if he is satisfied that: Payment of such interest has caused or would cause genuine hardship to the taxpayer. Default in the payment of the amount…
When a demand notice is served and an appeal or proceeding is filed or initiated with respect to the amount specified in the notice of demand(by the assessee) then such demand is valid till the appeal is disposed by the appellate authority or disposal of proceedings, and any such notice of demand shall have the…
Last date for payment of tax deductions for March 2018 – 30th April, 2018. Filing of TDS Returns for the quarter ended March 2018 (FY:2017-18 Quarter 4) is already under way since 1st April. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults need to be…
TDS RATE CHART FY: 2018-19 (AY: 2019-20) 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) 10000 10 10 194A Interest…
Please note that 7th March, 2018 is the last date for TDS and TCS payments for the deductions made in February 2018. 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…
7th March – last date for TDS payment for deductions during February, 2018 7th March – last date for TCS payment for collections during February, 2018. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults need to be paid
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should…
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
We are pleased to announce the release of TDSMAN (FY: 2018-19) – one of the most comprehensive and popular software for TDS Returns. It will serve you for: All TDS Returns for FY: 2018-19 TDS Returns for Quarter 4 – FY: 2017-18 Pending TDS Returns of earlier years, if any Rectification of TDS Defaults The…