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)…
Now you can prepare TDS Returns for all quarters of the next FY: 20-21 It covers: ✔ All TDS Returns for FY: 2020-21 ✔ All TDS Returns for FY: 2019-20 ✔ Pending TDS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS Defaults TDSMAN is packaged with advanced corrective and validation…
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 September – due date for TDS/TCS payment for deductions/collections during August, 2020 * Make sure to do the needful to avoid interest. Healthy Practices for Error-Free TDS Returns
How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS return can be furnished many times to make changes in the regular TDS/TCS return where as a regular TDS/TCS return will be accepted at the TIN central system only once. What are the relevant points to be kept in mind while preparing…
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…
Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement, verification keys from challan data should match with the corresponding fields in regular statement Verification keys for Non Nil Statement-Last transfer voucher number, Last Bank-Branch…
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…
Section 115BAC has been inserted in the Finance Act 2020 in the recent budget. This allows the option to Individuals & HUF to avail concessional rate of income tax with certain conditions pertaining to claiming deductions & other concessions. The other existing option will also continue. This comes into effect from April 2020 (i.e. FY:2020-21…