TDS / TCS (Income Tax) – Information & Resource Bank
TRACES introduced NIL TDS Statement/Declaration of TDS from the FY 2014-15. This is applicable for Deductors who did not deduct any tax during the relevant quarter. What is the benefit of filing a Nil TDS Statement? The benefit of this facility is that instead of filing nil TDS/TCS Statement for a particular quarter/period, one just…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty…
Given below are some do’s and don’ts for filing of TDS returns: Do’s Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee…
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 deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should…
Vide Notification No. 36/2019 by the Income Tax Department it had substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each employee)…
Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II. – Annexure I is the regular quarterly data for the months of January to March. – Annexure II is the tax computation calculation information for each employee along with summary and tax deduction (TDS) for the…
* 7th November – due date for TDS/TCS payment for deductions/collections during October, 2020 * Make sure to do the needful to avoid interest. Interest on Late Payment of TDS
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. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
1. What is a Conso file? It is the consolidated data of the statements processed (regular & correction) for the relevant Financial Year, Quarter and Form Type. 2. Why is a Conso file required? While filing correction for a particular Financial Year, Quarter and Form Type, Conso file provides details about all the previous corrections…
Now you can prepare TDS/TCS Returns for all quarters of the next FY: 20-21 It covers: ✔ All TDS/TCS Returns for FY: 2020-21 ✔ All TDS/TCS Returns for FY: 2019-20 ✔ Pending TDS/TCS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS/TCS Defaults TDSMAN is packaged with advanced corrective and validation…