CSI Download – Options through the Income Tax Portal
CSI file is provided by the Income Tax Department through its web portal for validating the Payment Challans reported in the quarterly TDS / TCS Return. CSI File is mandatory… Read more »
Category: Income Tax
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’… Read more »
Healthy Practices for Error Free TDS Returns
Preparing TDS Returns is a simple process and usually does not require any external assistance. However, it is well advised to follow few practices that ensure the correctness of your… Read more »
Section 194G – TDS on Commission on Sale of Lottery Tickets
Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is… Read more »
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 7th August 2020. u/s 194J(a) of… Read more »
Consequences of TDS defaults
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… Read more »