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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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TCS TCS certificates TCS payment TCS return TDS TDS certificates TDS payment TDS return TDSMAN Software

Procedure of preparing e-Returns for TDS / TCS

E-Returns for TDS / TCS was first introduced in 2002-03 and it has come a long way ever since. Currently, less than 1% are still on manually filed Returns. The generic procedure of preparing E-Return for fundamental understanding is summarized as below: Step – I The Income Tax Department has specified a data format in […]

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CBDT Income Tax PAN TCS TDS

Compliance Check for Section 206AB & 206CCA – CBDT Circular

To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the […]

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Income Tax PAN TAN TCS TDS

Sec 115BAC – New Regime for Tax Computation

The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF […]

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CBDT Income Tax PAN TCS TDS

206AB & 206CCA Compliance Check – Quick Guide

The Income Tax Department has activated the online system to determine the ‘Specified Person’ on whom the higher rate of TDS / TCS will be applicable under the newly introduced Sections 206AB & 206CCA. The Quick Reference Guide Version 1.0 (June 2021) has been uploaded. Click Here to view the PDF copy This has been […]

Categories
Income Tax PAN TAN TCS TDS

Sec 115BAC – New Regime for Tax Computation

The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF […]

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