As per the gazetted notification issued by Govt. of India, all due dates, prescribed or notified under the Income Tax Act, which will falls during the period – 20th March 2020 to 29th June 2020, has been extended to 30th June 2020. Based on the above notification, the due date of filing TDS / TCS Returns for quarter…
Filing of TDS Returns for the quarter ended March 2020 (FY:2019-20 Quarter 4) is already under way since 1st April. Due date for payment of tax deductions for March 2020 – 30th April, 2020. COVID 2019 – No change in TDS / TCS payment dates
The procedure for requesting Form 16 from TRACES website has been given below: Since FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
Section 115BAC has been inserted in the Finance Act 2020 in the recent budget. This allows the option to Individuals & HUF to avail concessional rate of income tax with certain conditions pertaining to claiming deductions & other concessions. The other existing option will also continue. This comes into effect from April 2020 (i.e. FY:2020-21…
Owing to pay salary to an employee the employer deducts a certain amount of TDS from salary of that employee u/s 192. The employer should file TDS return on salary in form 24Q. This form should be submitted on quarterly basis. Required details of salary paid to the employees and amount of TDS deducted on…
TDS RATE CHART FY: 2020-21 (AY: 2021-22) 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 5000 10 10 194A Interest (Banks) 40000 10 10 194A…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2020-21). Now you can prepare TDS Returns for Q4 of FY: 2019-20 and all quarters of the next FY: 2020-21: It covers: ✔ All TDS Returns for FY: 2020-21 ✔ All TDS Returns for FY: 2019-20 ✔ Pending TDS Returns of earlier…
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…
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details of deductor except the TAN No. can be modified. C2 Challan details: All details of the challan can be modified. C2 can include C1 type…
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…