TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components: Tax information Network Automated TDS Challan Matching TDS Defaults Processing IVR/ Call Centre Web Portal New Web Portal : https://www.tdscpc.gov.in How to register at TRACES,…
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components: Tax information Network Automated TDS Challan Matching TDS Defaults Processing IVR/ Call Centre Web Portal New Web Portal: https://www.tdscpc.gov.in The new portal has been created…
Circular no. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 Reference is invited to Circular No. 05/2011, dated 16-8-2011 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter the Act), during the financial year 2011-12, were intimated. The present Circular contains the …
Last date for payment of tax deductions/collections for September – 7th October, 2012 Last date of filing of TDS/TCS returns for Q2 of F.Y. 2012-13 – 15th October, 2012 Last date for issuance of the TDS/TCS certificates for Q2 – 30th October, 2012 * The above is applicable for deductors other than the Office of…
With just two weeks left to file the income tax returns, many taxpayers are busy making their final calculations, visiting their tax consultant and filling up the returns form. Before filing the tax forms, you need to deposit the balance tax due and interest, if any. This amount is based on your tax liability for…
3 reasons to file e-TDS returns on time Effective 1st July 2012, certain amendments in the Finance Bill necessitate that companies file their e-TDS returns on time. Non-filing or late filing of TDS returns attract two penal consequences as per amendment in the Finance Bill 2012-13. Earlier U/S 234E late filing of e-TDS return attracted a…
Section 143 of the Income-tax Act, 1961 Assessment General Processing of returns of A.Y. 2011-12 Steps to clear backlog withdrawal of Instruction No. 1/2012, dated 2-2-2012 Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012 The Board has decided to withdraw Instruction no. 01/2012 issued on 2nd February, 2012 on the subject above with immediate effect….
Introduction: As per the provisions of Section 206C, tax is required to be collected at source by the seller at the specified rate on certain goods like alcoholic liquor, tendu leaves, scrap etc. at the time of sale of such good. This is done in order to collect tax at the earliest point of time…
Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple the bank is deducting tax and even depositing the said tax, but the TDS statement filed by them either does not reflect your name and PAN or wrong…
No filing or late filing of TDS return or TDS statement shall invite two penal consequence as the Finance Bill 2012-13 has inserted two new provisions fee for late filing section 234E and penalty for late filing or non filing of TDS statement as per section 271H. Fee u/s 234E for Late Filing of TDS…