TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 7.0 – For statement pertaining to FY 2020-21 onwards FVU ver. 2.166 – For statement up to FY 2009-10 To update TDSMAN – Click on: Utilities – Update Software Click here to view the key features of FVU version 7.0 & FVU 2.166
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…
The Income Tax Department has released by today (2nd January, 2021), the following new File Validation Utilities: FVU version 7.0 – For statement pertaining to FY 2020-21 onwards FVU version 2.166 – For statement up to FY 2009-10 Click here to view the key features of FVU version 7.0 & FVU 2.166 TDSMAN will incorporate…
File Validation Utility (FVU) version 7.0 1. Addition of Section code 194O for Form 26Q • 194O – TDS on e-Commerce transactions This section will be applicable for regular and correction statements pertaining to FY:20-21 for quarter 3 onwards. 2. Addition of Section codes 206C-O, 206C-P, 206C-Q and 206C-R for Form 27EQ • 206C-O –…
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: 20-21 (Oct 2020 to Dec 2020) is 31st Jan 2021 The due date to file TCS Returns for quarter 3 FY: 20-21 (Oct 2020 to Dec 2020) is 15th Jan…
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…
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 ensure the correctness of your filed TDS Return. This means that correct credit will be received by the employees and vendors. Moreover, it will help avoid receiving unwanted Default Notices…
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 statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
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…
A TAN holder who fails to deduct whole or any part of the tax at source is treated as an assessee-in-default. But, as per provision in section 201 the TAN holder who fails to deduct the whole or any part of the tax on the payment made to a payee shall not be considered to…