Category Archives: Traces

Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return

The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB  to… Read more »

TDS & TCS RATE CHART (FY: 2017-18 / AY: 2018-19)

  TDS RATE CHART FY: 2017-18 (AY: 2018-19) Section Nature of Payment  Threshold Indv/ HUF Others     Rs. TDS Rate (%) 192 Salaries  –  Avg  – 192A Premature withdrawal… Read more »

Consequences for a deductor if he fails to deduct TDS or fails to deposit it to the Government’s account

A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- a)… Read more »

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… Read more »