TDS / TCS Compliance Reminder for August 2022

7th August 2022 – Due date for TDS/TCS payment for deductions/collections during July 2022 15th August 2022 – Due date for issuing  TDS certificate for Quarter 1 of Financial Year 2022-2023 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any professional help. Allocation of Interest in TDS Returns

Income Tax PAN TDS

Section 193 – TDS on Interest on Securities

Section 193 – TDS shall be deducted on interest paid on securities by the interest payer Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductee- The interest receiver needs to be a Resident TDS Rate- TDS at a flat rate of 10% shall be applicable. If […]

Income Tax NSDL TDS

New FVUs Version 7.8 & 2.174 released by NSDL on 23rd July 2022

Owing to some bug in last released TDS / TCS File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released on 23rd  July 2022. FVU Version 7.8 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.174 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to […]

TCS TCS certificates TCS payment TCS return TDS TDS certificates TDS payment TDS return TDSMAN Software

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 generic procedure of preparing E-Return for fundamental understanding is summarized as below: Step – I The Income Tax Department has specified a data format in […]

CBDT Income Tax PAN TAN TDS TDS Rates TDS Sections

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 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 […]


TDS Under Section 194J(a) & 194J(b)

The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related […]

Exit mobile version