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…
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
What is 197 Certificate? The section 197 of Income Tax Act, 1961 provides the facility of non-deduction or lower deduction of tax. The assessee 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…
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. 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…
Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement, verification keys from challan data should match with the corresponding fields in regular statement Verification keys for Non Nil Statement-Last transfer voucher number, Last Bank-Branch…
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…
Last date for issuance of TDS certificates for Q1 of FY: 2019-20 – 15th August, 2019 Note: The above is applicable for deductors other than the Office of the Government Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…