As per Circular No. 01/2012 dated 09.04.2012, it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from TRACES website. TDSMAN is integrated with TRACES and helps downloading of TDS certificates from the software itself.
Category: Traces
The process of filing a Revised Return is the same as filing an Original Return. The only difference is that in the Excel utility (Return Preparing Software), you need to select the ‘Revised’ return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to […]
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E – Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long […]
Failure to issue TDS certificate within the time allowed, attracts penalty of Rs. 100/- per day of default (Sec 272A(2)(g)). However, penalty will not exceed the amount of tax deductible or collectible, as the case may be. For more details on Consequences of TDS defaults, Click here
Following are some important list of the proof used for taking advantages of deductions under sec 80 C of IT act :- 1. Life Insurance Premium : Proof-Premium payment receipt having name of the insured, sum assured and payment date. 2. Provident Fund (PF) : Proof-Receipts of contribution in PF with details of total contribution […]
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax at source while making such payments. In addition to the deduction and payment of taxes to the credit of the government, there is also an obligation to file TDS returns, which would […]