A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is […]
Month: November 2019
Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement, verification keys from challan data should match with the corresponding fields in regular statement Verification keys for Non Nil Statement-Last transfer voucher number, Last Bank-Branch […]
7th December, 2019 is the due date for TDS and TCS payments for the deductions made in November 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of […]
What is Form 26A/27BA? As per Notification No. 11/2016 and 12/2016 a procedure for furnishing and verification of Form 26A/27BA is introduced for removing of default of Non Deduction/Collection Transaction of tax at source. User may request for Non Deduction/Collection transactions from FY 2016-17 onwards. This request will be raised on or after 1st April, […]
Due date for issuance of TDS certificates for Q2 of FY: 2019-20 – 15th November, 2019 Note: The above is applicable for deductors other than the Office of the Government Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.
1. What is a conso file? It is the consolidated data of the statements processed (regular & correction) for the relevant Financial Year, Quarter and Form Type. 2. Why is a conso file required? While filing correction for a particular Financial Year, Quarter and Form Type, conso file provides details about all the previous corrections […]