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CBDT Income Tax TDS Traces

Computation of Income from House Property- Deduction of Interest u/s 24(b)

Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of the Assessee. Deduction of interest on borrowed capital while computing the Income from House Property is allowed as follows: House Property is self-occupied: Deduction of […]

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CBDT Income Tax NSDL PAN TAN TDS TDS certificates Traces

Preparing Salary TDS Return – Form 24Q (Q4)

Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II. – Annexure I is the regular quarterly data for the months of January to March. – Annexure II is the tax computation calculation information for each employee along with summary and tax deduction (TDS) for the […]

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CBDT Income Tax NSDL TDS TIN NSDL Traces

New FVUs Version 7.6 & 2.172 released by NSDL on 5th May 2022

As informed by NSDL, due to some technical issues in the earlier File Validation Utility (Version 7.5 & 2.171), the updated FVUs (Version 7.6 & 2.172) have been released on 05/05/2022. Applicability: From May 5th, 2022, onwards Revised File Validation Utility versions are as below: • FVU Version 7.6 – Applicable for quarterly e-TDS/TCS statement […]

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Income Tax PAN TCS TDS Traces

Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021

Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states that if the buyer deducts tax as per any other provision on the goods purchased by him, no tax shall be collected on the same […]

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194IB CBDT Income Tax NSDL PAN TAN TCS TCS payment TDS TDS payment TDS Rate Chart TDS Rates TDS Resources TDSMAN Software TIN NSDL Traces

TDS / TCS Rate Chart FY: 2022-23 (AY: 2023-24)

TDS RATE CHART FY: 2022-23 (AY: 2023-24) Section Nature of Payment  Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries –  Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest (Others) 5000 […]

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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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