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CBDT Income Tax NSDL PAN TAN TCS payment TDS TDS payment TDSMAN Software Traces

TDS / TCS Compliances Reminder for April 2024

7th April 2024 – Due date for TCS payment on collections made during March 2024 30th April 2024 – Due date for TDS payments on deductions made during March 2024 *Please ensure timely compliance to avoid interest and/or penalties TDS / TCS Compliances Reminder for April 2024 Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without […]

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Income Tax NSDL TDS Traces

TDS Deduction on EPF Interest (New Rule)

Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not […]

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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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Income Tax NSDL TDS Traces

TDS Deduction on EPF Interest (New Rule)

Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not […]

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CBDT Income Tax NSDL TDS Traces

TDS on Hotel Accommodation – Section 194I of the Income Tax Act

The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions […]

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CBDT Income Tax PAN TDS Traces

Section 194LC: TDS on Income by way of Interest from an Indian Company or a Business Trust

Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of credit or payment, whichever is earlier. Rate of TDS- 5%. In addition to the same, the Education Cess and SHE Cess is to be added […]

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