Given below are some dos and dont for filing of TDS returns: Dos Ensure that TDS return is filed with same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record….
Following are the points to be remembered by the buyer of the property: Deduct TDS @ 1% on the total sale consideration. Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card. PAN of seller as well as Purchaser/buyer should be mandatorily furnished in the online Form…
Follow the steps mentioned below in case of Late Payment Intimation Received: The default amount will have to be deposited through challan number ITNS – 281 by ticking minor head ‘400’ Add Challan to statement (C9 correction) using “Online Correction Functionality” available on TRACES as C9 correction has been stopped in Offline Correction For closure…
Following are the points to be remembered by the seller of the property: Provide a copy of PAN Card to the Purchaser of the property for furnishing information regarding TDS to the Income Tax Department. Verify taxes deducted by the Purchaser in Part A2 of your Form 26AS Annual Tax Statement. Compare it with Form…
What is the Late payment interest? When deductor deposits the TDS after due date of deposit, it is a case of late payment and interest will be charged accordingly. What is the Interest Rate for Late Payment? Prior to 1st July 2010-1% per month After 1st July 2010-1.5% per month What is the procedure of…
Dear Buyer of Immovable Property, The Centralized Processing Cell (TDS) is pleased to inform the release of Online Correction facility for TDS statements filed in form 26QB, with respect to tax deducted at source on transfer of Immovable Property exceeding Rs. 50 Lakhs. The Online Correction facility at TRACES can be used for closure of…
CPC (TDS) has issued an advisory communication to the buyers 0f immovable property regarding filing of TDS statement in Form 26QB. The issued communication has been given below: Date of communication : 05/03/2016 Dear Buyer of Immovable Property, PAN (XXXXXXXXX), As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction…
CPC (TDS) has released a follow up communication to all deductors regarding defaults in quarterly TDS return exceeding Rs. 25 Lac from FY 2007-08 to Q3, FY 2015-16. The released communication has been given below: Date of communication: 12/02/2016 Dear Deductor (TAN XXXXXXXXX) Centralized Processing Centre (TDS) has observed from its records that as on 31st…
One can avoid defaults in the TDS returns, by way of adherence to the following basic principles: Timely Payment of total taxes deducted/ collected Correct Reporting with regard to PANs, Tax Rate and Challans Complete Reporting for all Deductees Timely filing of TDS return Following are some important facts to be adhered to,…
CPC (TDS) has released a follow up communication to all deductors regarding Defaults in Quarterly TDS return exceeding Rs. 1 Crore from FY 2007-08 to Q2, FY 2015-16. The released communication has been given below: Date of communication: 23/01/2016 Dear Deductor (TAN XXXXXXXXX) Centralized Processing Centre (TDS) has observed from its records that as on 21st…