Rejection reasons pertaining to salary details are as follows: In case of salary detail PAN update or delete of salary detail record, last total gross income should match with corresponding value in regular / previous statement Salary detail record on which correction is filed does not exist in the regular / previous return In case…
Rejection reasons pertaining to deductee details are as follows: In a correction statement that updates / deletes deductee rows, verification keys from deductee data that should match with corresponding fields in regular / previous return are – Last PAN, Last total amount deducted at source, Last total amount deposited Updation / deletion on deductee record…
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…
Currently, the person responsible for paying salary has to depend upon the evidence/ particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed. There is neither any guidance regarding the nature of evidence/particulars to be obtained nor any uniformity in this regard. With a view to rationalise the collection of…
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)– The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted:- Charging of interest u/s 201(1A) – The deductor is treated to be assessee in default in respect of the short deduction/non deduction of tax. Under Section 201(1A) he is liable to pay simple…
CPC (TDS) has observed from its records that there are outstanding Short Payment Defaults exceeding Rs. 1 Crore, with respect to TDS Statements filed by the deductors since Financial Year 2007-08 onwards. CPC (TDS) issued a follow-up communication in this regard which has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX) As per the records of Centralized…
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…
TDS Rates for F.Y. 2014-15 Nature of Payment Made To Residents Threshold(Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section-Description Rate (%) Rate (%) Rate (%) 192-Salaries – NA Average rates 30 193-Interest on securities – 10 10 20 194-Dividends – 10 10 20 194A-Interest…
Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015.