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….
Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source. All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before…
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…
The Government has issued followed clarification regarding Senior Citizens Saving Scheme: An individual resident in Indian of sixty-five years of age or above may furnish a declaration in Form No. 15H to the bank/post office if the tax on his estimated income for the financial year is nil. A declaration in Form No. 15G can…
As per Section 197, TDS shall not be deducted at source in certain cases where the payee furnishes a declaration in writing that the tax on his estimated total income of the previous year will be nil. A payee cannot give such declaration, in case the income or the aggregate of incomes liable to TDS…
Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax Systems) Flag should be selected in the field of Reason for non deduction / lower deduction / higher…
We are always worried about the fact that whether our TDS deductor / collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not his TDS deductor/collector has filed quarterly TDS/TCS statement and provided his PAN while…
A Deductor can confirm the status of uploaded eTDS / eTCS return from the below link. There is no need of any Certificate Number or Registration or Sign Up etc. Just fill some information regarding the return and get confirmation of whether it is uploaded or not. https://onlineservices.tin.nsdl.com/TIN/JSP/form16A/LinkToUnauthorizedPanView.jsp The return status can be checked with…