Allocation of Interest in TDS Returns
For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS… Read more »
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… Read more »
TDS Applicability U/S 194Q On Purchased Goods
In the Finance Act of 2021, the Indian government inserted Section 194Q. The Indian government’s intention behind enacting this law was to generate a trail of high-value purchases and sales… Read more »
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’… Read more »
Salary Details (Annexure II) : Form 24Q-Q4
Vide Notification No. 36/2019 by the Income Tax Department it had substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from… Read more »
TDS in case of Salary Payment made in Foreign Currency
As per Section 192 of the Income Tax Act, “any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time… Read more »