If the deductor is charged penalty amount u/s 234E then this penalty has to be paid to the Income Tax Department using Challan No. 281, and this penalty cannot be waived under any circumstance. What is Section 234E ? Section 234E – Levy of Fees: Failure to submit TDS return on time will result in fees on…
Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty Non Payment 221(1) Tax payments including Self Assessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S…
After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software. Steps to file Income Tax Returns without using software: 1. Log on to www.incometaxindiaefiling.gov.in 2. Click on login option. 3. Once you click the login option, you will be…
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should…
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the…
This booklet has been brought out for the first time under the Tax Payers Information Series. It is an attempt to help the taxpayers who want to apply for PAN and to explain to them the importance of PAN in their day to day functioning. The book contains the following topics :- 1. What is…
Government urges all tax payers to disclose their true income and pay appropriate taxes within the current financial year; A Compliance Management Cell has been set-up to ensure follow-up action and track return filing and tax payment of the target segment; 70,000 letters are being sent in 2 batches to high priority cases in this…
A major reason for difference in refund amount during processing is that the details of tax payment or TDS do not match with the data available with the Department. The critical checkpoints are as under: Corresponding deduction of tax (TDS) on salary by all Employers should be correctly entered in Schedule TDS1 in ITR1 or…
Relevant Sections of Income Tax Act, 1961: 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14: ITR-1 (SAHAJ), ITR-2, ITR-3, ITR -4S (SUGAM), ITR-4, ITR-5, ITR-6, ITR-7 Filling of Income Tax Return in ITR-1 (SAHAJ) Assessee Category: Only Individuals Conditions: Total Income Includes = 1. Salary/Family Pension 2….
A taxpayer can view the following information in Form 26AS: Details in Form 26AS Details of tax deducted on behalf of the tax payer by deductors Details of tax collected on behalf of the tax payer by collectors Advance tax / self-assessment tax / regular assessment tax etc. deposited by the tax payers (PAN holders)…