Circular No. 35/2016 F No.275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 13th October, 2016 Subject: Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding Section 194-I…
Due Date for payment of TDS is 7th October, 2016 for tax deducted during September 2016 Please Note: In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month…
CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department. An exclusive ‘e-nivaran’ (electronic resolution) link has recently been activated on…
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates Timely Deposit of Tax Deducted at Source Accurate Reporting of data related to tax deductions/ collections made Submission of TDS return within the due dates Verification and Issuance of TDS Certificates within time CPC (TDS) is now sending “Intermediate…
No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. “The Finance Act, 2016 has amended section 192A of…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
The due dates for filing statements for different forms are as per the below table: Quarter Period Government Deductor Non-Government Deductor Q1 1 Apr-30 June 31st July 15th July Q2 1 July-30 Sep 31st Oct 15th Oct Q3 1 Oct-31 Dec 31st Jan 15th Jan Q4 1 Jan-31 Mar 15th May 15th May Form 24Q,…
In Budget 2016, FM announced an overhaul of Indias tax deducted at sources (TDS) system. Government hasreduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. Under the scheme of deduction of tax at source as provided in the Act, every person…
Government has reduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. According to the Budget proposal for 2016-17, the TDS rate in respect of life insurance policies has been reduced from 2 per cent to 1 per cent and on…
The rate of tax deducted at source (TDS) on life insurance policies where maturity proceeds are taxable has been halved from 2% to 1%. Under section 194DA, TDS is applicable on all taxable payments made to them if the total amount exceeds Rs 1 lakh. Under section 10 (10D), maturity proceeds received under a life…