What is 197 Certificate? The section 197 of Income Tax Act, 1961 provides the facility of non-deduction or lower deduction of tax. The assesse whose TDS is to be deducted on certain receipts can make application before Assessing Officer to get this benefit. The deductee can apply for certificate for non-deduction or lower deduction of…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of TDS/TCS 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 Default Communication…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
The procedure for requesting Form 16 from TRACES website has been given below: Since FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
After the extension of due dates for Issuing TDS/TCS Certificates on 24.06.2020 by CBDT, new dates are mentioned below. Form 16 for TDS on salary during FY 2019-20 – 15-08-2020 Form 16A for TDS on income other than salary for Q4 of FY 2019-20 – 15-08-2020 TCS certificate for Q4 of FY 2019- 20 –…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
* 7th August – due date for TDS/TCS payment for deductions/collections during July 2020 * 15th August – due date for issuing TDS/TCS certificate(Form 16 and 16A) for Q4 of FY: 2019-20 * Make sure to do the needful to avoid interest. Extension of due dates for TDS/TCS related compliances
Due dates for TDS/TCS related compliances were extended on 24.06.2020 by CBDT (Central Board of Direct Taxes). The chart attached below is giving the information regarding the Extension of Due Dates for TDS/TCS Related Compliances Nature of compliance Original Due Date New due dates notified on 24-06-2020 Filing of TDS/TCS Statement (Form 24Q, 26Q, 27Q & 27EQ)…
7th July, 2020 is the due date for TDS and TCS payments for the deductions/collections made in June, 2020. Make sure to do the needful on time to avoid interest implication. Related Links Online payment using Challan ITNS 281 Online payment (ITNS 281) directly through TDSMAN (Video) Interest on Late Payment of TDS Other Compliances…
* 7th July – due date for TDS/TCS payment for deductions/collections during June’20 * 15th July – due date for TCS Returns for FY:20-21, Quarter 1 (Apr’20 – Jun’20) * 31st July – due date for filing TDS/TCS Returns for FY:19-20, Quarter 4 (Jan’20 – Mar’20) * 31st July – due date for filing TDS/TCS…