Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e.,through transfer voucher. Quoting of BIN details mandatory only for the statements pertaining to FY 2013-14 onwards. Update of tax deposit amount in deductee details enabled for the deductee records where…
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed…
Deduct Tax at Correct Rate and deposit in Government Account-Sec. 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever is earlier, verify whether the payment being made is to be subject to deduction of tax at source. If it is so, he must deduct…
The TDS and TCS rates chart for the financial year 2015-16 has been given below: TDS rates for F.Y. 2015-16 Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section – Description …
Several amendments have been proposed in the sections dealing with the deduction of tax at source. 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 1.1 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….
Important due dates in the month of April 2015 has been given below: 7 April 2015 – Due date for deposit of Tax deducted under Section 194-IA in the month of March, 2015 22 April 2015 – Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March,…
Important TDS due dates in the month of March 2015 has been given below: Due dates of TDS (tax deducted at source) for month of March: Due date for tds deductible in the month of March is 30.04.2015. No separate date provided for deduction made on 31.03.2015. This due date(30.04.2015) is not applicable for tds…
Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Income-tax Department. However, currently, for reporting of tax deducted from payment over a specified threshold…
Dear Deductor, Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to…
CPC (TDS) has issued a reminder communication to deductors in which it has stated about the downloading of TDS certificates. According to CPC (TDS), TDS Statements have been filed by the deductors during Q1 FY 2013-14 to Q2 FY 2014-15 but TDS Certificates (Form 16A) have not been downloaded for all of the referenced quarters,…