Tax Deducted At Source
No filing or late filing of TDS return or TDS statement shall invite two penal consequence as the Finance Bill 2012-13 has inserted two new provisions fee for late filing section 234E and penalty for late filing or non filing of TDS statement as per section 271H. Fee u/s 234E for Late Filing of TDS…
Post Union Budget 2012-13 TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14 The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below: TDS Rates Chart Financial Year 2012-13 (Assessment Year 13-14) Sl. No. Section Of Act Nature of Payment in brief Cut Off Amount Rate % …
New File Validation Utilities – FVU 3.4 & 2.132 has been released pertaining to validation of eTDS & eTCS returns. FVU 3.4 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards & FVU 2.132 will be applicable for quarterly TDS / TCS statements pertaining up to FY 2009-10. Key features of File Validation Utility…
Every person who is required to deduct or collect tax at source on any of the specified payments, needs to apply for allotment of Tax Dedication and Collection Account Number (TAN). TAN should be quoted on all TDS/TCS Challans, Certificate, Statement and Return. [Section 203A] How to Apply As per rule 114, application for allotment…
The Government has issued followed clarification regarding Senior Citizens Saving Scheme: An individual resident in Indian of sixty-five years of age or above may furnish a declaration in Form No. 15H to the bank/post office if the tax on his estimated income for the financial year is nil. A declaration in Form No. 15G can…
TDS credit to be allowed if difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac. Section 143 of the Income-tax Act, 1961 Assessment General Processing of returns of assessment year 2011-12 Steps to clear backlog Instruction No. 01/2012 [F.NO.225/34/2011-ITA.II], dated 2-2-2012 The issue of processing…
As per Section 197, TDS shall not be deducted at source in certain cases where the payee furnishes a declaration in writing that the tax on his estimated total income of the previous year will be nil. A payee cannot give such declaration, in case the income or the aggregate of incomes liable to TDS…
As per data provide by the Income Tax Dept., NSDL has recently published the “Software vendorwise percentage of correction TDS/TCS statements accepted and rejected at TIN” which proves TDSMAN (PDS Infotech) to be one of the most accurate & reliable eTDS Software with top acceptance percentage. The data shows an Acceptance of 95% & Rejection of…
Now, a good facility has been added by TIN center under TAN Registration. List of invalid PAN’s can be downloaded after login thorugh TAN Registration. You will get the option for download of list of Invalid PAN’s under the menu “TDS/TCS”. Secondly, it is clearly displayed in the screen how many Defaults are available in…
Tax Information Network (TIN) has always been providing various facilities to deductors. One such facility provided under TIN is authenticated login (TAN account) provided to deductors/collectors at TIN website. Under this login, following functions are provided: Online request of consolidated TDS/TCS file: Useful for preparation of correction statement. Online generation of Form 16A for valid…