Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of the Assessee. Deduction of interest on borrowed capital while computing the Income from House Property is allowed as follows: House Property is self-occupied: Deduction of […]
Month: January 2023
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 of filing a Nil TDS Statement? The benefit of this facility is that instead of filing nil TDS/TCS Statement for a particular quarter/period, one just […]
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Allocation of Interest in TDS Returns
For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department […]
TDS shall be deducted under Sec 194LB for Interest from Infrastructure Funds if the following conditions apply- The interest income is paid by an infrastructure debt fund referred to in section 10 (47). Interest income is paid to a non-resident or to a foreign company. Time of Deduction: Deduction shall be made by payer, earlier […]
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 income under section 139(1) has expired Aggregate TDS is Rs 50,000 or more in each of the two previous years Exception: These sections are not […]
Owing to some technical issues in last released TDS / TCS File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released by the department on 4th January 2023. FVU Version 8.0 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.176 – Applicable for quarterly […]