Consequences of TDS defaults
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit): Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax… Read more »
Monthly Archives: June 2016
Rights of Tax Payers
Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been… Read more »
Duties of TDS Deductors
Deduct Tax at Correct Rate and deposit in Government Account-Sec 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever… Read more »
Simplification of procedure for Form No. 15G & 15H -Clarifications
F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No 9/2016 New Delhi, 9th June, 2016 Subject: Simplification of… Read more »
New Dates for filing of TDS Returns w.e.f 1st June, 2016
CBDT has vide notification no. 30/2016 dated 29-04-2016 has revised the due date for filing TDS Returns for Government and Non-Government Deductors w.e.f 1st June, 2016. The New Dates for TDS Return filing effective from… Read more »
Tax deduction at source is not applicable to reasonable per diem allowances paid to employees for overseas trips
Background The Income-tax Act, 1961 (the Act) provides exemption from tax in respect of allowances granted by an employer to its employees in order to meet specific expenses to the… Read more »