Background Recently, the Delhi High Court (High Court) in the case of Relcom1 (the taxpayer) held that the taxpayer is entitled to the credit of…
View More The taxpayer is entitled to TDS credit of its sister concern appearing in its Form 26AS due to an inadvertent error of a deductorTag: PAN
Dos and Don’t for filing of TDS returns
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…
View More Dos and Don’t for filing of TDS returnsPoints to remember before filing the quarterly TDS statement
Given below are the points one should remember before filing quarterly TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly,…
View More Points to remember before filing the quarterly TDS statementBasic principles of TDS Compliance
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting…
View More Basic principles of TDS ComplianceGuidelines to avoid different types of TDS defaults
Following are some important facts to be adhered to, while submitting TDS statements, to avoid each type of Default: Late Payment Defaults: The taxes deducted…
View More Guidelines to avoid different types of TDS defaultsPAN allotment by Income Tax Department will remain suspended between 05.10.2015 to 09.10.2015
The income tax department is in the process of upgrading software applications. It is for information of PAN applicants that PAN allotment by Income Tax…
View More PAN allotment by Income Tax Department will remain suspended between 05.10.2015 to 09.10.2015Guidelines for correct reporting of 197 Certificates while submitting TDS Statements
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…
View More Guidelines for correct reporting of 197 Certificates while submitting TDS StatementsPutting TDS provisions for recurring deposits to work
TDS on recurring deposits makes investors either submit the exemption forms if there is no taxable income. In case of TDS on RD, they may…
View More Putting TDS provisions for recurring deposits to workTax is not to be deducted at a higher rate of 20 percent under Section206AA of the Income-tax Act when the benefit of tax treaty is available
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) held that there is no scope for the tax deduction at source (TDS) at…
View More Tax is not to be deducted at a higher rate of 20 percent under Section206AA of the Income-tax Act when the benefit of tax treaty is availableClosure of defaults in Quarterly TDS Statements from Financial Year 2007-08 onwards
CPC(TDS) reminder communication to banks regarding closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 onwards. The issued communication has been given below:…
View More Closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 onwards