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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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Income Tax TDS

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 […]

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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 […]

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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 […]

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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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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 […]

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