TDS / TCS at Higher Rates for Non-filers of IT-Return
1. Section 206AB Applicability: This shall be effective from 1st July’21 Specified person has not filed the ITR for 2 previous years and time limit for filing the return of… Read more »
Monthly Archives: September 2022
Procedure of preparing e-Returns for TDS / TCS
E-Returns for TDS / TCS was first introduced in 2002-03 and it has come a long way ever since. Currently, less than 1% are still on manually filed Returns. The… Read more »
Late Payment Intimation – reasons & how to resolve?
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… Read more »
Section 194LBB – Income in respect of units of the Investment Fund
Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be… Read more »
Section 206AA – TDS on payments made to non-residents and residents not having PAN
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at… Read more »
Preparing Nil TDS Statement / Declaration
TRACES introduced NIL TDS Statement/Declaration of TDS from the FY 2014-15. This is applicable for Deductors who did not deduct any tax during the relevant quarter. What is the benefit… Read more »