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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 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 NSDL PAN TAN TDS Traces

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 […]

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CBDT Income Tax NSDL PAN TAN TCS payment TDS TDS payment Traces

Online TDS / TCS / Demand Payment using Challan ITNS 281

Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is a company 0021: This […]

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CBDT Income Tax NSDL PAN TAN TDS TDS certificates Traces

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 of January to March. – Annexure II is the tax computation calculation information for each employee along with summary and tax deduction (TDS) for the […]

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