TDS / TCS (Income Tax) – Information & Resource Bank
Last date of TDS return filing for Quarter 1 of FY: 2015-16 is 15th July, 2015 With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget…
Who is required to file e-TDS / e-TCS statement? As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or…
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…
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as…
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…
Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted:- Charging of interest u/s 201(1A) – The deductor is treated to be assessee in default in respect of the short deduction/non deduction of tax. Under Section 201(1A) he is liable to pay simple…
The persons responsible to deduct TDS are mainly: Principal Officer of a company for TDS purpose including the employer in case of private employment or an employee making payment on behalf of the employer. DDO (Drawing & Disbursing Officer), In case of Govt. Office any officer designated as such. In the case of “interest on…