Category Archives: TAN

Tax Account Number

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┬áDemand Quantum of demand or penalty Failure to deduct tax… Read more »

Penalty Chart under the Income Tax Act, 1961

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

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 »