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CBDT Income Tax NSDL TCS TDS Traces

Significance of the ‘REMARKS’ in TDS Returns

For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally […]

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CBDT PAN

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

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CBDT TAN TDS TDS payment TDS return

Interest on Late Payment of TDS

In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid […]

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CBDT TDS TIN NSDL

New FVUs Version 7.7 & 2.173 released by NSDL on 12th July 2022

Owing to the new encryption certificate applicable for the File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released on 12th July 2022. FVU Version 7.7 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.173 – Applicable for quarterly TDS/TCS statements from FY 2007-08 […]

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CBDT Income Tax NSDL PAN TAN TDS Traces

Healthy Practices for Error-Free TDS Returns

Healthy practices for error-free TDS returns has been given below:  Deduction/ Collection of Tax at Correct Rates. Timely Deposit of TDS/TCS 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 Intermediate Default Communication […]

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194IB CBDT Form 16 TAN TDS TDS certificates Traces

Section 194IB – TDS on Rent (for Individuals & HUF)

Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st […]

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