Given below are some dos and dont for filing of TDS returns: Dos Ensure that TDS return is filed with same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record….
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…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
Following are the points to be remembered by the buyer of the property: Deduct TDS @ 1% on the total sale consideration. Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card. PAN of seller as well as Purchaser/buyer should be mandatorily furnished in the online Form…
Following are the points to be remembered by the seller of the property: Provide a copy of PAN Card to the Purchaser of the property for furnishing information regarding TDS to the Income Tax Department. Verify taxes deducted by the Purchaser in Part A2 of your Form 26AS Annual Tax Statement. Compare it with Form…
Following are the guidelines for an employer to deduct TDS and issue Form 16: Make mandatory for all the employees to declare previous salary, investment proofs and TDS details, if any. Employer has to consider the declaration before deducting TDS from salary. Fill Annexure II for all employees who work or worked for any period…
Dear Buyer of Immovable Property, The Centralized Processing Cell (TDS) is pleased to inform the release of Online Correction facility for TDS statements filed in form 26QB, with respect to tax deducted at source on transfer of Immovable Property exceeding Rs. 50 Lakhs. The Online Correction facility at TRACES can be used for closure of…
CPC (TDS) has issued an advisory communication to the buyers 0f immovable property regarding filing of TDS statement in Form 26QB. The issued communication has been given below: Date of communication : 05/03/2016 Dear Buyer of Immovable Property, PAN (XXXXXXXXX), As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction…
After years of labour, the Income Tax department has finally got a new technology tool to check the menace of duplicate PAN cards which also allows the taxman to ‘kill’ the second one. An ambitious electronic smart platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised by the department which will…
Finance Minister Arun Jaitley in his Budget 2016 speech said that Non-resident Indians (NRIs) without PAN will not be subjected to higher rate of TDS. “Non-residents without PAN are currently subjected to a higher rate of TDS. Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall…