TDS / TCS (Income Tax) – Information & Resource Bank
Given below are the points one should remember before quarterly etds filing: 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…
Following are different matching statuses in Form 16 / Form 16A: U-Unmatched (Deductor has not deposited taxes or has furnished incorrect particulars of tax payment. Final credit will be reflected only when payment detail in bank matches with details of deposit in TDS/TCS statement) P-Provisional (Provisional tax credit is effected only for TDS / TCS…
The procedure for requesting Form 16 from TRACES website has been given below: From 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…
What is Form 16 / 16A? It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act. Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961. Form 16A is issued if the deduction…
The last date of filing TDS returns for the second quarter of FY 2015-16 falls due on 15th October 2015. It is very important to file returns on time because late filing of TDS returns not only delays TDS Credits to the deductees but also attracts late filing fees and penalties. Non filling / late…
The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically. Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income. The procedure for submission of the forms by…
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…
Following are the common reasons for rejecting a correction statement: TAN is not valid as per data at TDSCPC Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist Previous token number does not correspond to the last accepted correction statement at TDSCPC Correction is filed…
Given below are the points one should remember before filing quarterly 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…
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 as TDS…