Tag: TDS

TDS Returns – Employee details to have breakup of earnings from current employer and previous employers during the Financial Year

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From Financial Year 2013-14 (AY: 2014-15), while preparing the employee details to file TDS Returns (Form 24Q) in the 4th quarter (Jan-Mar), a provision has been made to separate out… Read more »

Details required for registration with TRACES for TDS Deductor & Tax Payer

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The following details are required for registration with TRACES: For Deductors Step-1: TAN of Deductor Step-2: 1. Token Number of the regular statement corresponding to the Financial Year, Quarter and… Read more »

Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return

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The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB  to… Read more »

TDS Computation When an Employee Works for 2 Companies (Employers) in a Financial Year

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There are 2 types of scenarios in which an individual may be working for more than one employers in a financial year. they are as follows: • When he changes… Read more »

TDS U/s 195 on payment of commission to foreign agent – not to be deducted (Judgement)

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Bengal Tea & Fabrics Ltd. Vs Dy. CIT (ITAT Kolkata) ITAT held that when no business operations of commission agent were carried on in India, commission earned by them would… Read more »

TDS should be deducted u/s 195 on transponder fees paid to non-resident

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Viacom 18 Media Pvt. Ltd. Vs Asst. Director of Income Tax (ITAT Mumbai) Viacom 18 Media Pvt. Ltd. (Assessee) has leased transponder on satellites owned by Measat, Malaysia and rentals… Read more »