What is view TDS / TCS credit? This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS return / TCS return has been…
What is view TDS / TCS credit? This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS return / TCS return has been…
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller in the following manner:- Scenario 1 If Buyer has deducted & deposited Rs.50,000/- on…
What is view TDS / TCS credit? This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS return / TCS return has been…
Background Recently, the Delhi High Court (High Court) in the case of Relcom1 (the taxpayer) held that the taxpayer is entitled to the credit of the Tax Deducted at Source (TDS) of its sister concern due to an inadvertent error made by vendor mentioning the taxpayers Permanent Account Number (PAN) in the TDS certificate due…
Implications of Non/Late filing of TDS Statements has been given below: For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them. For Deductors:…
What is view TDS / TCS credit? This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS / TCS statement has been…
CPC (TDS) has issued a communication regarding filing of Form No. 24G in FY 2014-15. The issued communication has been given below: Dear Sir/ Madam, This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed…
CPC (TDS) has issued a reminder communication for etds filing, where TDS has been paid, however, Quarterly TDS Statements are not filed. CPC (TDS) has observed from its records that some deductors have made payments for Tax Deducted but have not filed TDS statements for any quarter in FY 2013-14. CPC (TDS) has issued a…
TDS credit to be allowed if difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac. Section 143 of the Income-tax Act, 1961 Assessment General Processing of returns of assessment year 2011-12 Steps to clear backlog Instruction No. 01/2012 [F.NO.225/34/2011-ITA.II], dated 2-2-2012 The issue of processing…