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…
What information do I need, to register myself in the ITD e-filing website? Answer: The basic information required is: PAN, Full Name, Date of Birth/Incorporation, Communication Address, valid e-mail id, Mobile number and Digital Signature Certificate (if applicable). For persons other than Individuals, in additional to the above mentioned information, PAN details and contact details…
1. Leave allowance: An employee can use such an allowance to cover his domestic travel and can be used for air, rail, and road transport. 2.Gratuity paid to an employee also has taxation benefits. To determine the taxability of gratuity, it is important to understand whether an employee is covered by payment of gratuity act. If an…
Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to purchase or sale of immovable property for…
As you are aware of it that Form 26AS (Pan Ledger) now can be viewed from new website www.tdscpc.gov.in. Form 26AS shows details of tax deposited by tax payer, tax deducted by deductor, tax collected by deductor and details of refund if any issued by the Income tax department. Every pan holder should register at…
Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year. Nodal Cell set up to Capture the Response and take Follow-up Action; an Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment. The Union…
Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online. Nature of Complain may be any of the following:- Nature of Complaint Neither PAN Number nor PAN Card…