TDS / TCS (Income Tax) – Information & Resource Bank
As per Section 194IB, it is mandatory for persons such as individuals / HUF not liable to audit u/s 44AB to deduct tax for rent paid to a resident exceeding a sum of Rs. 50,000 per month. This also applicable to all salaried individuals fulfilling the criteria. When Should TDS Be Deducted? Tax must be…
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of India’s tax system to ensure better tax compliance and reduce the burden of lump-sum payments for taxpayers. However, non-compliance with TDS / TCS provisions can lead to penalties and interest charges. In this article, we will explore the various cost…
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- a) Disallowance of expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is…
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- a) Disallowance of expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is…
If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to action in accordance with the provisions of section 201…
If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to action in accordance with the provisions of section 201…
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Governments account:- a) Disallowance of expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is…
As per the records of the Centralized Processing Cell (TDS), there exist outstanding Defaults in “all six preceeding Quarters” with respect to the TDS Statements filed by deductors, relevant to the Financial Years 2013-14 and 2014-15. CPC (TDS) has issued a communication to deductors in this regards which has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX)…
CPC (TDS) has observed from its records that there are outstanding Short Payment Defaults with respect to TDS Statements filed by deductors. The Short Payment Defaults are due to “Insufficient Challans”. CPC (TDS) has released a follow up communication to deductors in this regard which has been given below: Dear Deductor, (TAN: XXXXXXXXXXXX) As per…
The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of Short Payment defaults in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for the relevant statements. Following are key information to be noted in this regard: CPC(TDS) mandates to…