Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
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…
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…
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…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
Following are the basic duties of the person who is liable to deduct tax at source: One shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. One shall deduct the tax at source at the applicable rate. One shall pay the tax deducted by him at source…
The procedure for requesting Form 16 from TRACES website has been given below: Since FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
After the extension of due dates for Issuing TDS/TCS Certificates on 24.06.2020 by CBDT, new dates are mentioned below. Form 16 for TDS on salary during FY 2019-20 – 15-08-2020 Form 16A for TDS on income other than salary for Q4 of FY 2019-20 – 15-08-2020 TCS certificate for Q4 of FY 2019- 20 –…
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…
* 7th August – due date for TDS/TCS payment for deductions/collections during July 2020 * 15th August – due date for issuing TDS/TCS certificate(Form 16 and 16A) for Q4 of FY: 2019-20 * Make sure to do the needful to avoid interest. Extension of due dates for TDS/TCS related compliances