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)…
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…
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…
One can file TDS / TCS Returns (both Regular & Correction Statements) through the Income Tax e-Filing portal through Aadhaar authentication. Pre-requisites • TAN has to be registered at TRACES (https://www.tdscpc.gov.in) linking the Aadhaar of the authorized person • The Aadhaar should be linked with the mobile number. This is for receiving the OTP. The…
Now you can prepare TDS Returns for Q4 of FY: 19-20 and 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…
Important points to note related to ITNS-281 are as follows: 1. Company Deductee/Non-Company Deductee – Although this appears in the Challan format, however it has lost its relevance as now one can include Company / Non-Company Deductee in the same Challan. It does not matter whatever one may select. 2. Assessment Year – The Assessment…
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 account by 7th of the next month (except March for which it is 30th April). If it is deposited later than the due date, late payment interest is charged. The…
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…
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)…
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…