NSDL receives tax collection data as uploaded by the bank. NSDL is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected by the Taxpayer through Bank are tabulated below: Sl. No. Type of Correction on Challan Period for correction request (in…
When you file your TDS / TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the Challan Identification Number (CIN), TAN and TDS amount as…
ITD has started processing of TDS returns for 2010-11 (u/s 200A) and earlier years (u/s 201). All ‘defaults’ information, those processed after 01-04-2011, are now made available at www.tin-nsdl.com. (Login after TAN registration) The defaults will be raised as & when processed and will be kept updated in this area. It will be in a…
Before filing the tax forms, you need to deposit the balance tax due and interest, if any. This amount is based on your tax liability for the year, after taking into account advance tax paid and tax deducted at source. Lately the scope of tax deduction at source has been increased and includes salary, rent,…
CBDT had earlier clarified that no claim of refund can be made after two years from the end of financial year in which tax was deductible at source. Now, the Board clarifies that The refund claims pertaining to the period up to March 31, 2009 may be submitted to the Assessing Officer (TDS) up to…
Form 15G and Form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. Reader can download the latest Form 15G and Form 15H in Excel, Word…
Revised Procedure from 1st September 2011 to get Income Tax Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank. Challan Correction Mechanism Under OLTAS (On Line…
Form 16A can now be viewed for the purpose of verification. Form 16A is the certificate generated by the TIN website issued by Deductor to the Deductee. Some of the mandatory fields to be provided for the view are TAN of the deductor PAN of the deductee Certificate Number Total Amount Deducted Click here to…
Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.