Extension of time limits for certain TDS compliances has taken place, to provide relief to taxpayers in view of the severe pandemic. Reference Circular Number: 9 New Delhi, 20th May 2021 Issued by: Department of Revenue, Central Board of Direct Taxes 30th June 2021 – Due date of filing TDS Return for Quarter 4 of…
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…
As per the press note issued by Department of Revenue, Ministry of Finance on 31/03/2020, the following has been mentioned related to TDS & TCS: “It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction…
The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments. One of the requirements in Form 12BB for claiming the interest on house property is…
The procedure for requesting Form 16 from TRACES website has been given below: Since FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…
F. No. 275/25/2020-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** North-Block, New Delhi 3rd April, 2020 Order u/s 119 of Income Tax Act, 1961 regarding submission of Form 15G and 15H for Financial Year 2020-21 Due to outbreak of pandemic COVID-19 virus, there is severe disruption in…
As per the press note issued by Department of Revenue, Ministry of Finance on 31/03/2020, the following has been mentioned related to TDS & TCS: “It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…