Due dates for TDS/TCS related compliances were extended on 24.06.2020 by CBDT (Central Board of Direct Taxes). The chart attached below is giving the information regarding the Extension of Due Dates for TDS/TCS Related Compliances Nature of compliance Original Due Date New due dates notified on 24-06-2020 Filing of TDS/TCS Statement (Form 24Q, 26Q, 27Q & 27EQ) […]
Month: July 2020
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 […]
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending […]
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to […]
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which interest was not paid before filing TDS Return Case #2: The interest component was present in the Challan, but the ‘interest was not allocated’ Case […]
Given below are some do’s and don’ts for filing of TDS returns: Do’s Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee […]