TDS Certificates
NSDL e-Governance Infrastructure Limited launched an online upload of e-TDS return facility enabling entities to directly furnish (upload) their e-TDS returns (Form 24, 26 and 27 only) to the TIN central system through the Internet on July 10, 2004. Online upload of electronic statement facility can be used for upload of quarterly e-TDS/TCS statements (F.Y….
Interest on late deposit of TDS is applicable @ 1.5 % per month or part thereof. The period for delay is taken from date of deduction to date of deposit. So, in specific cases a delay of one day may lead to pay interest @ 3 % . Suppose: TDS deducted on 01.08.13. In this…
TDS Payment is liable to be made by any assesse who has deducted TDS at the time of incurring any expenditure. The Due Date for TDS Payment is separate for Govt. and Non-Govt. assessees as mentioned below: Due Date for TDS Payment in case of Govt. Assessee: S. No. Particulars Due Date 1. Tax Deposited…
TDS certificate is a certificate of tax deduction of source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN) etc. The relevant form for such TDS certificate is Form 16 in case of deduction under section 192…
The process of downloading Form 16A are as follows: 1. Login with your User Id and Password. 2. In the main menu, click Downloads > Form 16A. 3. You can either download file for all PANs or for selected PANs. For all PANs, you need to select FY and Quarter. For Selected PANs, you have…
After the submission of your TDS return you have the option to evaluate your return by downloading the Justification report from the TRACES website. This report lists out the following errors that was present in the returns that was submitted: PAN Errors-List of all PANs that which is not present in the Income Tax Department…
As per Circular No. 01/2012 dated 09.04.2012, it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from TRACES website. TDSMAN is integrated with TRACES and helps downloading of TDS certificates from the software itself.
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E – Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long…
Failure to issue TDS certificate within the time allowed, attracts penalty of Rs. 100/- per day of default (Sec 272A(2)(g)). However, penalty will not exceed the amount of tax deductible or collectible, as the case may be. For more details on Consequences of TDS defaults, Click here
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax at source while making such payments. In addition to the deduction and payment of taxes to the credit of the government, there is also an obligation to file TDS returns, which would…