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…
PAN stands for Permanent Account Number. This is a 10 character alpha- numeric number used for the identification of the tax paying Indian Nationals. Example: AAECP6176D, AGUPG4076H. The first five characters are alphabets, next four are numerals and the last character is alphabet. Following is important to understand. The fourth character indicates the type of…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit): Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty Equal…
Change in validation for the field “PAN of Lender” for form 24Q-Q4 under Annexure II (i.e. Salary details) from F.Y. 2016-17 onwards: Existing Validation of structurally valid PAN for field no. 51, 53, 55 and 57 have been relaxed. These fields may contain below mentioned values along with structurally valid PAN, only when PAN of…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
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…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th May, 2017. PRESS RELEASE Income Tax Department simplifies linking PAN with Aadhaar The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN…
The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments. One of the requirements in Form 12BB for claiming the interest on house property is…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017 CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of…
Since June 2013, it has been mandatory for buyers of immovable property to deduct TDS from the amount to be paid to the seller. It is the responsibility of the buyer to deduct TDS if the transaction value exceeds Rs. 50 lakh. The buyer is required to deduct TDS @ 1% on the total consideration…