Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover u/s…
Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover u/s…
Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover u/s…
The Income Tax Department warned tax payers against phishing/fraudulent refund emails saying it does not seek details of personal information like PIN through e-mail. “The Income Tax Department does not send e-mail requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts,” the department said. Listing out dos-and-donts,…
Implications of Non/Late filing of TDS Statements has been given below: For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them. For Deductors:…
Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover u/s…
The duties of person deducting tax at source and the rights of the tax payers has been given below: Duties of person deducting tax at source 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,…
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance. It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during…
The below table contains the password formats of various informations available in TRACES website which are important for both tax deductors and tax payers. Functionality Password Example Password Formats for Tax Deductors Registration It should contain a minimum of 8 alpha numeric characters with at least one capital letter. Register123 Consolidated File TAN_Request Number of…
Government urges all tax payers to disclose their true income and pay appropriate taxes within the current financial year; A Compliance Management Cell has been set-up to ensure follow-up action and track return filing and tax payment of the target segment; 70,000 letters are being sent in 2 batches to high priority cases in this…