The Dividend Distribution Tax paid by Companies has been abolished in the Finance Bill 2020 and dividend income shall be taxable in the hands of investors now. Sec 194K was re- introduced for deduction of tax on income in respect of units of Mutual Funds. Deductor- Any person who is responsible for paying dividend in…
TDS to be deducted on interest payable like interest on fixed deposit, interest on unsecured loan. Interest on securities are not covered under this section but covered under Section 193. Time of Deduction- TDS to be deducted at the time of payment or credit, whichever is earlier. Deductor- Individual and HUF who are liable to…
Dividend received by resident shareholders are now taxable as per the income tax slab rates. Sec 194 has gained prominence as TDS shall be deducted on dividend by the company issuing and paying dividend to the shareholders. Time of Deduction- TDS to be deducted before making the payment. Deductor- Principal officer of a company which…
TDS needs to be deducted on maturity payment in respect of life insurance policy. Time of Deduction- TDS to be deducted at the time of payment. Deductor- Any person who makes a payment should deduct TDS Deductee- The payment of interest should be made to a resident. If payment is made to a non-resident, TDS…
Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is liable to pay taxes. Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductor- Any person responsible…
TDS needs to be deducted on maturity payment in respect of life insurance policy. Time of Deduction- TDS to be deducted at the time of payment. Deductor- Any person who makes a payment should deduct TDS Deductee- The payment of interest should be made to a resident. If payment is made to a non-resident, TDS…
31st July 2021 – Due date of filing TDS Return for Quarter 1 of Financial Year 2021-2022 15th August 2021 – Due date of issuing TDS Certificate for Quarter 1 of Financial Year 2021-2022 31st July 2021 – Due date of issuing TDS Certificate for Quarter 4 of Financial Year 2020-2021 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN…
7th July 2021 – Due date for TDS / TCS payment for deductions / collections during June 2021 15th July 2021 – Due date of filing TDS Return for Quarter 4 of Financial Year 2020-2021 31st July 2021 – Due date of issuing TDS Certificate for Quarter 4 of Financial Year 2020-2021 31st July 2021 – Due date of filing TDS Return for Quarter 1 of Financial Year…
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…
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…