Remark T (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q). Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I). This version of FVU…
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to…
The TDS and TCS rates chart for the financial year 2015-16 has been given below: TDS rates for F.Y. 2015-16 Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section-Description …
W. e. f. June 1, 2015, PAN & TAN application fees have been revised as under: 1. For dispatch of PAN card in India: Rs. 106 (inclusive of service tax). 2. For dispatch of PAN card outside India: Rs. 985 (inclusive of service tax). 3. For TAN applications: Rs. 63 (inclusive of service tax)
Provident fund withdrawals before five years of completion of service will now attract income tax ranging between 10 per cent and 34.608 per cent. A new provision in the Finance Act, 2015 that becomes effective from June 1 has mandated that premature withdrawals of retirement savings that exceed Rs 30,000 before completion of five years…
Below are the three simple steps for Tax Deductors to follow in case of TDS and TCS: 1. Deduct Correct TDS while making payment as required by law Deduct tax at higher rate in case valid and correct PAN of deductee is not available with you Failure to deduct /collect tax at source shall result…
Below are the important information regarding TDS Certificates which deductors should take care of: Deductors who have deducted TDS and have not deposited the same by the due date, must do so immediately. All deductors must register themselves at https://www.tdscpc.gov.in (TRACES Portal) TDS certificate in Form 16A and part A of Form 16, containing 7…
What is Online Correction? TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS/TCS statements online. Following are the various facilities available through online correction: View default summary Rectifying challan mismatch cases Addition of new challan to the statement Pay 220/interest/levy Add or Delete Salary Detail Rectifying statement challan information…
Rejection reasons pertaining to salary details are as follows: In case of salary detail PAN update or delete of salary detail record, last total gross income should match with corresponding value in regular / previous statement Salary detail record on which correction is filed does not exist in the regular / previous return In case…
Rejection reasons pertaining to deductee details are as follows: In a correction statement that updates / deletes deductee rows, verification keys from deductee data that should match with corresponding fields in regular / previous return are – Last PAN, Last total amount deducted at source, Last total amount deposited Updation / deletion on deductee record…