Category: TAN

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Evaluate your TDS defaults using Justification report downloaded from TRACES

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After the submission of your TDS return you have the option to evaluate your return by downloading the Justification report from the TRACES website. This report lists out the following… Read more »

Process of using Pre-filled XML data in offline excel utility

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This year Income Tax e filing portal has provided a new facilities of “Pre-filled XML data in offline Excel utility”on their website. The process of using the Pre-filled XML data… Read more »

Persons responsible to deduct TDS and the responsibilities of the deductor

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The persons responsible to deduct TDS are mainly: Principal Officer of a company for TDS purpose including the employer in case of private employment or an employee making payment on… Read more »

Penalty Chart under the Income Tax Act, 1961

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Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty. PENALTIES UNDER INCOME TAX ACT Section Nature of Default… Read more »

Procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details

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E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the authorized banks. Please follow the… Read more »