Category: TAN

Tax Account Number

Evaluate your TDS defaults using Justification report downloaded from TRACES

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

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

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 »

Consequences of TDS defaults

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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 deduct tax… 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 »