TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Basic duties of the person who is liable to deduct tax at source

Following are the basic duties of the person who is liable to deduct tax at source:

  • He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
  • He shall deduct the tax at source at the applicable rate.
  • He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
  • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
  • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*).

*Refer tax calendar for the due dates.

facebooktwittergoogle_plusredditpinterestlinkedinmail

IMPORTANT DATES – TDS & TCS

Tax Collection at Source (TCS) – FY: 2016-17 (Q4)

Last Date of payment for March 2017 – 7th April 2017
Last Date for Return Filing – 15th May, 2017

Tax Deducted at Source (TDS) – FY: 2016-17 (Q4)

Last Date of payment for March 2017- 30th April 2017
Last Date of Return Filing – 31st May, 2017

facebooktwittergoogle_plusredditpinterestlinkedinmail

How to handle TDS on sale of property

Since June 2013, it has been mandatory for buyers of immovable property to deduct TDS from the amount to be paid to the seller. It is the responsibility of the buyer to deduct TDS if the transaction value exceeds Rs. 50 lakh. The buyer is required to deduct TDS @ 1% on the total consideration and deposit the same in the account of the income tax authorities in the prescribed format.

Form

Form 26QB must be filled by the buyer either online or offline to deposit the TDS. One can click the following link to access the form online.

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Due date for filing

The challan (Form 26QB) must be filed within 7 days from the month in which the TDS was deducted by the buyer.

Details

Information with respect to the buyer and seller (name, address, PAN, status), details of the property, consideration and TDS payable must be entered in the form.

Payment

One can choose to pay either through Netbanking or at the branch of the bank. If the taxpayer chooses e-tax payment on subsequent date at the bank branch, an acknowledgement number is generated. This number must be retained by the taxpayer to be presented to the bank while making the payment.

Process

Once the form is filed and payment made to the income tax authorities, approved form 26QB or form 16B can be downloaded by logging into TRACES as a tax payer. Form 16B must be provided by the buyer to the seller as a proof of deposit of TDS.

Points to note

  1. Dealings in agricultural land are excluded from the requirements of these provisions.
  2. If the consideration is being paid in installments, TDS must also be deducted on each installment.
  3. If PAN is not provided by the seller, TDS @ 20% is deductible.

Source: The Economic Times

facebooktwittergoogle_plusredditpinterestlinkedinmail

TDSMAN (FY: 2017-18) – New Additional Features

TDSMAN (FY: 2017-18) Software is now packed with more additional features which will help you to prepare error free TDS Returns.

Pay Tax Online (Challan 281) – Auto Fill: This feature allows the company details to be auto filled while making TDS payment. To use this feature, go to utilities menu > Pay Tax Online (Challan 281) – Auto Fill

Auto Backup: Users can now set auto backup of their data through the software at a specified date and time. To use this feature, go to utilities menu > Backup / Restore > Set Auto Backup

PAN Verification: PAN verification is now re-enabled to let users verify their PAN and avoid default notices. To use this feature, go to utilities menu > PAN Verification

facebooktwittergoogle_plusredditpinterestlinkedinmail

  • RSS
  • Facebook

Subscribe to get Latest Updates


Save your time and get all new posts and updates delivered to you in your Mailbox