Consequences of TDS defaults
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to… Read more »
Tag: section 194A
Section 194A – TDS on Interest (Other than Interest on Securities)
TDS to be deducted on interest payable like interest on fixed deposit, interest on unsecured loan. Interest on securities are not covered under this section but covered under Section 193…. Read more »
TDS on Interest for senior citizens
As per the budget proposal of 2018-19, for senior citizens there needs to be no TDS deducted on interest upto Rs. 50,000/- under section 194A. Earlier this limit was Rs…. Read more »
Same Payment Challan can be used for TDS under different Sections/ Heads
Same Payment Challan can be used for TDS under different Sections/ Heads Payments can be made for TDS against multiple Sections in a single challan. For example a payment against… Read more »
CBDT: Initiatives for Reducing Litigation
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 15th January, 2016 Subject: Initiatives for reducing litigation- regarding. Reducing litigation with… Read more »
Due Dates for January 2016
7 January 2016 – Due date for deposit of Tax deducted/collected for the month of December, 2015. However, all sum deducted/collected by an office of the government shall be paid… Read more »