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…
View More Surcharge on Income-taxTag: TDS
No Education Cess on payment made to resident
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…
View More No Education Cess on payment made to residentAcceptance of e-TDS/TCS statements in Pen Drive
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the…
View More Acceptance of e-TDS/TCS statements in Pen DriveHigher Rate deductions liable for PANNOTAVBL Deductees
As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of…
View More Higher Rate deductions liable for PANNOTAVBL DeducteesYearly Limit u/s 194C
When the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to…
View More Yearly Limit u/s 194CTds Rates for financial year 2011-12 and assessment year 2012-13
The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.…
View More Tds Rates for financial year 2011-12 and assessment year 2012-13CBDT issues new Circular on Refund Procedure for excess TDS on payments to residents
A recent circular issued by the Central Board of Direct Taxes (CBDT), Circular No. 2/[ F. No. 385/25/2010-IT(B)] (new Circular) dated 27 April 2011, outlined…
View More CBDT issues new Circular on Refund Procedure for excess TDS on payments to residentsConsequences Of Default
Failure to deduct or remit TDS/TCS (fully or partially) Interest: Interest at the rates in force (12% p.a.) from the date on which tax was…
View More Consequences Of DefaultCBDT permits issue of TDS certificate for non-salary (Form 16A) income with digital signature
CBDT has recently vide Circular No. 3/2011 [F.No. 275/34/2011-IT(B)] (Circular) dated 13 May 2011 permitted issue of certificate for tax deducted at source (TDS certificate)…
View More CBDT permits issue of TDS certificate for non-salary (Form 16A) income with digital signaturePreparation of correction TDS/TCS statement
As directed by DIT (Systems), deductor/ collector are advised to prepare correction TDS/TCS statements using consolidated TDS/TCS file only, provided by TIN. Consolidated TDS/TCS file…
View More Preparation of correction TDS/TCS statement