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Income Tax TDS

Section 194G- TDS on Commission on Sale of Lottery Tickets

Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is liable to pay taxes. Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductor- Any person responsible […]

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Income Tax PAN TDS

Section 193- TDS on Interest on Securities

TDS shall be deducted on interest paid on securities by the interest payer. Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductee- The interest receiver needs to be a Resident TDS Rate- TDS at a flat rate of 10% shall be applicable. If PAN is not […]

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CBDT Income Tax NSDL PAN TAN TCS payment TDS TDS payment Traces

Online TDS / TCS / Demand Payment using Challan ITNS 281

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 […]

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CBDT Income Tax NSDL PAN TAN TCS TDS TDS certificates TIN NSDL Traces

Types of Corrections in TDS Returns

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 […]