In an endeavor to reduce cash payments/withdrawals the Budget of 2019 introduced Section 194N; which states that TDS shall be deducted by the payer in case of cash withdrawal above a given threshold. Applicability: Applies in case of cash withdrawals of more than Rs 1 crore during a financial year. Applies to sum of money […]
Category: Traces
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is a company 0021: This […]
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: –1% in case if the payee is an Individual or a Hindu Undivided Family (HUF), and –2% in case of other payees (i.e. partnership firm, company, trust, […]
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details of deductor except the TAN No. can be modified. C2 Challan details: All details of the challan can be modified. C2 can include C1 type […]