The order has asked Assessing Officers of each region to take “immediate steps” and reduce the grievance of taxpayers. CBDT has instructed the Income Tax department to expedite cases of TDS mismatch and reduce taxpayers grievances in this regard. The instructions have been issued after a review of the Tax Deducted at Source (TDS) subject…
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…
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…
CBDT has issued a press release regarding extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu. The issued press release has been given below: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi,…
CBDT has extended the due date for deposit of tax deducted at source (TDS) and tax collected at source (TCS) during the month of November from December 7 to December 20, in respect of deductors located in Tamil Nadu. F.No. 385/26/2015-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes (CBDT) New Delhi,…
Employers failing to pay the Government the tax deducted at source (TDS) on salaries of their employees can be jailed for up to seven years, the CBDT has said. Failure to deduct income tax on salaries of employees or defaulting in payment of the same to the government will be liable to a penalty of…
Background Recently, the Delhi High Court (High Court) in the case of Relcom1 (the taxpayer) held that the taxpayer is entitled to the credit of the Tax Deducted at Source (TDS) of its sister concern due to an inadvertent error made by vendor mentioning the taxpayers Permanent Account Number (PAN) in the TDS certificate due…
Due Date for payment of TDS is 7th November, 2015 for tax deducted during October 2015 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…
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 Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending “Intermediate…
NEW DELHI: The Income Tax department has brought out new guidelines to award secret informers providing actionable clue about “untraceable” assesses who owe huge taxes and money to government including in TDS and self assessment Tax category. The department last week issued a set of new instructions to all its offices in the country stating…