The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has issued a circular in this regard to the assessing officers…
The interest is to be calculated as per illustrations below: Case 1: Tax Deducted on 26th June, TDS deposited on 9th July (due date was 7th July) The period of 26th June to 30th June will be calculated as one month (being part of a month) & from 1st July to 9th July will also be treated as one month. As…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements: 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 the following examples: Correct Format 1111AA111A Incorrect Format: 1111AA111A/194C Certificate Number…
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…
Important due dates in the month of May 2015 has been given below: 7 May 2015 – Due date for deposit of Tax deducted/collected for the month of April, 2015 15 May 2015 – Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015 22 May 2015 – Due date for issue of…