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…
As you know that to revised eTDS return Consolidated Statement file is required and for that also now you have to go to the new website tdscpc.gov.in to download consolidated file. After download the consolidated file from new website, we have to unzip it and to unzip this file, password is required.Correct password to open…
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components: Tax information Network Automated TDS Challan Matching TDS Defaults Processing IVR/ Call Centre Web Portal New Web Portal : https://www.tdscpc.gov.in How to register at TRACES,…
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components: Tax information Network Automated TDS Challan Matching TDS Defaults Processing IVR/ Call Centre Web Portal New Web Portal: https://www.tdscpc.gov.in The new portal has been created…
Last date for payment of tax deductions/collections for September – 7th October, 2012 Last date of filing of TDS/TCS returns for Q2 of F.Y. 2012-13 – 15th October, 2012 Last date for issuance of the TDS/TCS certificates for Q2 – 30th October, 2012 * The above is applicable for deductors other than the Office of…
Every deductor is required to obtain a unique identification number called TAN (Tax Deduction Account Number) which is a ten digit alpha numeric number. This number has to be quoted by the deductor in every correspondence related to TDS. As per Section 203A of the Income Tax Act 1961, it is mandatory for all asseesee…
Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple the bank is deducting tax and even depositing the said tax, but the TDS statement filed by them either does not reflect your name and PAN or wrong…
Every person who is required to deduct or collect tax at source on any of the specified payments, needs to apply for allotment of Tax Dedication and Collection Account Number (TAN). TAN should be quoted on all TDS/TCS Challans, Certificate, Statement and Return. [Section 203A] How to Apply As per rule 114, application for allotment…
TDS credit to be allowed if difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac. Section 143 of the Income-tax Act, 1961 Assessment General Processing of returns of assessment year 2011-12 Steps to clear backlog Instruction No. 01/2012 [F.NO.225/34/2011-ITA.II], dated 2-2-2012 The issue of processing…