Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
No hassles of buying any software No hassles of keeping checks of updates Steps to prepare your first return online: Visit www.tdsmanonline.com Sign up with your Name & Email ID Complete the Email verification A sign-up bonus of Rs. 500/- is credited to your account Log in to your account Go ahead with preparing the…
Based on a sample survey of around 100 organizations that shifted out of outsourcing, some of the popularly cited reasons included the following: Receiving a number of Default Notices for earlier filed Returns On receiving Default Notices, low priority by the agency for its rectification Little time to check data before filing Returns lead to…
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS. The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever…
Structure of the new series of PAN: The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
What is view TDS / TCS credit? This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS return / TCS return has been…
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…
Following are the guidelines for an employer to deduct TDS and issue Form 16: Make mandatory for all the employees to declare previous salary, investment proofs and TDS details, if any. Employer has to consider the declaration before deducting TDS from salary. Fill Annexure II for all employees who work or worked for any period…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
Please note the TDS/TCS Compliance dates for July 2018 as under: 7th July – last date for TDS payment for deductions during June 7th July – last date for TCS payment for collections during June 15th July – last date of filing TCS Returns for FY:18-19, Quarter 1 (Apr-Jun) 31st July – last date of filing TDS Returns for…