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 at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty Equal […]
Month: June 2017
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid […]
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What is form 16C?
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB) and does not have a Tax Account No. (TAN), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section […]
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What is form 26QC?
From 1st June, 2017 individuals & HUF’s who are not under Tax Audit (under section 44AB) and does not have a Tax Account No. (TAN) while paying the rent of Rs. 50,000 or more needs to deduct TDS from the rent as per section 194IB. Form 26QC is the newly introduced online Challan – cum – […]
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 5.5 – For statement pertaining to FY 2010-11 onwards FVU ver. 2.151 – For statement up to FY 2009-10 Please click on “Update Software” in “Utilities” menu to update software and FVU ver. 5.5 & FVU ver. 2.151 utilities. Click here to view […]
The Income Tax Department has released today (16th June, 2017), the following new File Validation Utilities: FVU version 5.5 – For statement pertaining to FY 2010-11 onwards FVU version 2.151 – For statement up to FY 2009-10 Click here to view the key features of FVU version 5.5 Click here to view the key features […]