E-Returns for TDS / TCS was first introduced in 2002-03 and it has come a long way ever since. Currently, less than 1% are still on manually filed Returns. The generic procedure of preparing E-Return for fundamental understanding is summarized as below: Step – I The Income Tax Department has specified a data format in…
TDS RATE CHART FY: 2022-23 (AY: 2023-24) 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 Interest (Others) 5000…
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…
Due dates for TDS/TCS related compliances were extended on 24.06.2020 by CBDT (Central Board of Direct Taxes). The chart attached below is giving the information regarding the Extension of Due Dates for TDS/TCS Related Compliances Nature of compliance Original Due Date New due dates notified on 24-06-2020 Filing of TDS/TCS Statement (Form 24Q, 26Q, 27Q & 27EQ)…
Following are the basic duties of the person who is liable to deduct tax at source: One shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. One shall deduct the tax at source at the applicable rate. One shall pay the tax deducted by him at source…
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…
Due dates for TDS/TCS related compliances were extended on 24.06.2020 by CBDT (Central Board of Direct Taxes). The chart attached below is giving the information regarding the Extension of Due Dates for TDS/TCS Related Compliances Nature of compliance Original Due Date New due dates notified on 24-06-2020 Filing of TDS/TCS Statement (Form 24Q, 26Q, 27Q & 27EQ)…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which interest was not paid before filing TDS Return Case #2: The interest component was present in the Challan, but the ‘interest was not allocated’ Case…