Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments: 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 2. TDS from premature withdrawal from Employees Provident Fund Scheme (EPFS)-Sections 192A and 197A 3. TDS from interest (other than interest on securities)-Section 194A 4. TDS from […]
Month: May 2015
Deduct tax at source while purchasing property else, you’ll need to pay from own pocket with interest and penalty. On receiving a notice from the Income Tax Department, a client of Rajiv Jain, a chartered accountant, called him up and read out its contents. The letter asked the client, a chemical trader, to explain why […]
Below are the three simple steps for Tax Deductors to follow in case of TDS and TCS: 1. Deduct Correct TDS while making payment as required by law Deduct tax at higher rate in case valid and correct PAN of deductee is not available with you Failure to deduct /collect tax at source shall result […]
Below are the important information regarding TDS Certificates which deductors should take care of: Deductors who have deducted TDS and have not deposited the same by the due date, must do so immediately. All deductors must register themselves at https://www.tdscpc.gov.in (TRACES Portal) TDS certificate in Form 16A and part A of Form 16, containing 7 […]
Last date for issuance of TDS certificates for Q4 of FY: 2014-15: 1) Form 16A (Non Salary) – 30th May 2015 2) Form 16 (Salary) – 31st May 2015 Delay in issue of TDS certificate shall result in penalty of Rs. 100/- for each day of default not exceeding amount of tax deductible/collectible. Click here […]
At present, any person who is required to deduct tax at source (other than under Section 194IA) is expected to obtain a TAN and quote that TAN in the challan and the TDS statement that he is supposed to file. This is a cumbersome requirement-particularly to the individuals who acquire an immovable property from non-residents. […]