All tax deductions for December 2017 need to be deposited latest by 7th January 2018. Filing of TDS Returns for the quarter ended December 2017 (FY:2017-18 Quarter 3) is already under way since 1st January and the last date is 31st January 2018. Last date for filing TCS return is 15th January, 2018 and for…
Please note that 7th January, 2018 is the last date for TDS and TCS payments for the deductions made in December 2017. 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…
We are sharing with you some insights on good practices related to tax deductions for non-salary related payments: Based on the type of payment, make sure the Section is properly determined For each Section, be aware of the threshold limit applicable for exemption of deductions Check out the percentage of tax to be deducted This…
For tax deductions of employees, vendors or others, one needs to ensure timely transfer of tax credit to their account. This is possible only by proper compliances which is listed below: • Make sure taxes are deducted correctly – this is a routine accounting activity • Deposit these tax deductions before the stipulated date –…
Steps Request for TDS (Consolidated) file from Traces Download requested TDS (Consolidated) file from Traces Upload TDS(Consolidated) file for correction into the software Make corrections Generate the correction return Submit The correction return to NSDL Use TDSMAN one of the leading softwares for preparing correction returns
Please note that 7th December, 2017 is the last date for TDS and TCS payments for the deductions made in November 2017. 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…
Steps for registration and e-filing of Form 15G and Form 15H Below are the steps for registration and e-filing of Form 15G and Form 15H at the Income Tax India e-filing portal. Registration You need to visit Income Tax India e-filing portal www.incometaxindiaefiling.gov.in. There you need to either login or get registered. For registration click…
CBDT has issued a clarification on TDS charged on the interest on deposits made under Capital Gains Accounts Scheme, 1988 if the depositor has deceased. As per the notification no 08/2017 dated 13th September, 2017, it has been clarified that the interest on TDS on the interest income accrued for and upto the period of…
Please note that 7th November, 2017 is the last date for TDS and TCS payments for the deductions made in October 2017. 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…
31st October is the last date for filing TDS Returns for FY:17-18, Quarter 2. File on time and avoid unwarranted penalties and default notice. With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. • Failure to submit e-TDS Statement on time will result in fees…