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’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally […]
Tag: TDS returns
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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 payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department […]
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at higher rates mentioned under Section 206AA, if PAN is not furnished by the recipient. Rate of TDS: A recipient who fails to furnish PAN to […]
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at higher rates mentioned under Section 206AA, if PAN is not furnished by the recipient. Rate of TDS: A recipient who fails to furnish PAN to […]
Categories
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 payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department […]
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’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally […]