CPC (TDS) has issued an advisory communications to the deductors in which it has stated that the deductors has filed tds statements for different quarters but they have not yet registered on the web portal TRACES. Therefore, the deductors must register on TRACES to download TDS Certificates (Form 16/ 16A) and avail several other facilities…
The duties of person deducting tax at source and the rights of the tax payers has been given below: Duties of person deducting tax at source Deduct Tax at Correct Rate and deposit in Government Account-Sec 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income,…
Forms Explaination Form 26QB Online form for furnishing TDS on Sale of Property issued as per Sec 194IA of the Income Tax Act, 1961. Click on ‘TDS on Sale of Property’ to open the form Challan ITNS…
Q 1. What are the way, I can file my Income Tax Returns? Return of income can be filed manually or online mode. If return of income is filed through online mode, then the assessee has following two options: (1) E-filing using a Digital Signature (2) E-filing without a Digital Signature If return of income…
Due date to download Form 16 for FY: 2013-14 is 31st May, 2014. Due date to download Form 16A for Q4 FY: 2013-14 is 30th May, 2014. Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for more…
Important due dates in the month of March 2014 has been given below: Due date to deposit tax deducted (TDS) in March 2014 – 30.04.2014 eTDS return due date for salary Q4 (01.01.2014 to 31.03.2014) (form 24 Q) – 15.05.2014 eTDS return due date for other than salary Q4 (01.01.2014 to 31.03.2014) (26Q) – 15.05.2014 Due date for…
The below table contains the password formats of various informations available in TRACES website which are important for both tax deductors and tax payers. Functionality Password Example Password Formats for Tax Deductors Registration It should contain a minimum of 8 alpha numeric characters with at least one capital letter. Register123 Consolidated File TAN_Request Number of…
The department has issued a notice to every Tax Payer stating that every tax payer should insist on getting Form 16/16A from their deductor downloaded only from TRACES website. (http://www.tdscpc.gov.in) Valid Form 16/16A: Valid Certificate downloaded from TRACES bear 7 character alphabet unique certificate number. It will have TDS-CPC logo on the left side and…
Below letter has been issued to all Banks by RBI in which RBI has directed all Banks to issue TDS certificate to Customers on time. RBI/2013-14/361 DBOD.No.Leg.BC.65/09.07.005/2013-14 November 6, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that, some banks…
As per Income Tax rulings regarding issuing of Form-16 or 16A, deductors are not responsible for non-mention of payees PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN before issuing Form-16 or 16A, there is no penalty on deductor for non-mention payee’s PAN in…