TDS/TCS Provisions – Union Budget 2021
The pragmatic Budget of 2021 introduces new TDS/ TCS provisions with a view to not only minimize tax evasion, insinuate higher TDS/TCS rates in case of non-filing of Income Tax… Read more »
Category: Income Tax
Difference between Late Payment & Late Deduction
The difference between late payment and late deduction: Late payment: After the tax is deducted at source it has to be deposited into the government account by 7th of the… Read more »
Statutory provisions attracted on failure to deposit tax in government account after deduction
If the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest… Read more »
Preparing Salary TDS Return – Form 24Q (Q4)
Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II. – Annexure I is the regular quarterly data for the months… Read more »
Fees for Late Filing of TDS Returns
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay… Read more »
TCS on sale of goods – Amendment from 1st October 2020
In the Finance Act 2020, a new sub section has been added which is vide Section 206C (1H) to give effect to the Tax collected at source (TCS) on sales… Read more »