Category: TDS payment

Points to remember regarding TDS statement

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Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report… Read more »

Tips to avoid Defaults in TDS Returns

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Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted… Read more »

Interest on Late Deduction of TDS

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The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is… Read more »

Interest on Late Payment of TDS

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In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every… Read more »

Sections under which interest for various defaults need to be paid

The sections under which interest for various defaults need to be paid are as follows: Section 234A for delay in filing the return of income Section 234B for default in… Read more »

Statutory provisions attracted on failure to deposit tax in government account after deduction

If the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest… Read more »