Failure to deduct tax, deducting less tax, delay in payment of the deducted tax to the Government, makes the deductor an assessee liable to penalty, which is equal to the amount for which the assessee is a deemed defaulter. In case of non-deduction or less deduction or delay in deduction of tax, an interest of…
With effect from 1 July 2012, failure to file TDS statement within the prescribed time shall make the deductor liable to pay by way of fee u/s 234E, a sum of Rs. 200 for each day during which the default continues. With effect from 1 July 2012, the furnishing of incorrect information in the statement…
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform provided by the Income Tax Department of India. It facilitates the following services primarily related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS): TDS/TCS Return Filing: Enables deductors and collectors to file their TDS and TCS returns electronically (Form…
The different types of TDS / TCS certificates need to be issued on time which is summarized in the table below: Form No. Certificate – Description Frequency Due Dates Form 16 TDS on salary payment Annually 15th June Form 16A TDS on non-salary payments Quarterly 15th August 15th November 15th Feb 15th June Form 27D…
With the Old & New Regime option given to employees for computing the income tax, it has become a tricky proposition even for the employers. It is important for both employers and the employees to understand the dynamics that would help in judiciously deciding on the regime and at the same time meet the compliance…
7th May 2024 – Due date for TDS / TCS payment for deductions/collections during April 2024 15th May 2024 – Due date of filing TCS Return for Quarter 4 of Financial Year 2023-2024 30th May 2024 – Due date of issuing TCS certificate for Quarter 4 of Financial Year 2023-2024 31st May 2024 – Due date of filing TDS Return for Quarter 4 of Financial Year 2023-2024…
Vide Circular No. 6 / 2024 dated 23rd April 2024, relief has been provided for deduction / collection of tax at a higher rate for ‘Inoperative PANs’ as per an earlier Circular No. 3 dated 28th March 2023. After receiving several grievances on the default notices for ‘short deduction / collection’ owing to the ‘inoperative…
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax liability: Total Income Eligible Exemptions & Deductions Tax calculation slabs Rebate in tax amount, if any Difference in the regimes to arrive at the tax…
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax liability: Total Income Eligible Exemptions & Deductions Tax calculation slabs Rebate in tax amount, if any Difference in the regimes to arrive at the tax…
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:23-24, each tax payer has been placed in the ‘New Regime’ for taxation. However, currently, one may opt out and move to the ‘Old Regime’. In the taxation slabs under the regimes, the new regime is definitely more…