Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of…
View More Consequences of TDS defaultsTag: TCS payment
Preparing Salary TDS Return – Form 24Q (Q4)
Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II. – Annexure I is the regular…
View More Preparing Salary TDS Return – Form 24Q (Q4)Basic provisions relating to due date for payment of TDS
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax…
View More Basic provisions relating to due date for payment of TDSTDS / TCS Compliances – Due date for FY:20-21 Q3
The due date for TDS/TCS payment for deductions/collections during Dec 2020, is 7’th Jan 2021 The due date to file TDS Returns for quarter 3 FY:…
View More TDS / TCS Compliances – Due date for FY:20-21 Q3Points to remember regarding TDS statement
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…
View More Points to remember regarding TDS statementHealthy Practices for Error-Free TDS Returns
Preparing TDS Returns is a simple process and usually does not require any external assistance. However, it is well advised to follow few practices that…
View More Healthy Practices for Error-Free TDS ReturnsStatutory provisions attracted on failure to deposit tax in government account after deduction
If the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following…
View More Statutory provisions attracted on failure to deposit tax in government account after deductionDifference between Late Payment & Late Deduction
The difference between late payment and late deduction: Late payment: After the tax is deducted at source it has to be deposited into the government…
View More Difference between Late Payment & Late DeductionCompliance for December, 2020
* 7th December – due date for TDS/TCS payment for deductions/collections during November, 2020 * Make sure to do the needful to avoid interest. Interest on Late…
View More Compliance for December, 2020Tips to avoid Defaults in TDS Returns
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied.…
View More Tips to avoid Defaults in TDS Returns