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Tds Return Filing Related Articles

Oct - 2024

17

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates The Section 194J (i.e. Fees for Professional or Technical Services) is divided into two sub-sections, 194J(a) and 194J(b), effective from August 7 2020. Section 194JB of Income Tax Act made provisions for Tax Deducted at Sou ...

Aug - 2024

22

TDS on FD Interest: How Much TDS is Deducted on Fixed Deposit?

TDS on FD Interest: How Much TDS is Deducted on Fixed Deposit?

TDS on FD Interest: How Much TDS is Deducted on Fixed Deposit? “TDS on FD interest is currently 10% if your annual interest income from fixed deposits exceeds Rs. 40,000 (Rs. 50,000 for senior citizens). However, this rate jumps to 20% if you haven't submitted your PAN to the bank.” Tax Deducted ...

Jul - 2024

25

Penalty for Late Filing of TDS Return

Penalty for Late Filing of TDS Return

Penalty for Late Filing of TDS Return Tax Deducted at Source (TDS) is a crucial mechanism in India's taxation framework that helps collect income tax directly from the source of income. This method is applied to various income types, including salaries, interest payments, and rent. TDS plays a signi ...

May - 2024

31

Section 197 Certificate: Lower Deduction Certificate (LDC)

Section 197 Certificate: Lower Deduction Certificate (LDC)

Section 197 Certificate: Lower Deduction Certificate (LDC) The Section 197 Certificate, often called the Lower Deduction Certificate (LDC), is a significant provision under the Income Tax Act. It enables taxpayers to benefit from a Nil or reduced Rate of Tax Deducted at Source (TDS) on their income ...

Aug - 2023

08

Guide to TDS Return Filing in India

Guide to TDS Return Filing in India

Guide to TDS Return Filing in India TDS return filing, an integral part of the tax system, involves reporting and submitting details of tax deductions made at the source. It ensures smooth tax collection and helps individuals comply with tax regulations. In this guide, we will look at the TDS return ...

Mar - 2020

26

TDS Conso File - TRACES Portal

TDS Conso File - TRACES Portal

TDS Conso File - TRACES Portal Conso file download feature has been made available in TRACES from the Financial Year 2007-08. Basically, Conso file is a consolidated data of the TDS or TCS statement, both regular and correction, which is processed for the relevant Financial Year, quarter and form t ...

Sep - 2019

24

TDS Default - Revised Penalty & Prosecution Norms

TDS Default - Revised Penalty & Prosecution Norms

TDS Default - Revised Penalty & Prosecution Norms The Central Board of Direct Taxes (CBDT), India has reworked specific norms that dictate the prosecution of tax defaulters. According to a circular released on September 9, the Ministry of Finance (MoF) informed new time limits had been set unde ...

Jul - 2019

16

Section 194M - TDS

Section 194M - TDS

Section 194M - TDS The 2019 budget has proposed a new Section 194M in TDS, to deduct tax for the services availed from resident contractors or professionals by an individual or HUF. Section 194M will take effect from 1st September 2019. Purpose of Section 194M To widen and formulate a deep struc ...

Jun - 2019

17

OLTAS TDS Challan Correction

OLTAS TDS Challan Correction

OLTAS TDS Challan Correction The deductor, while depositing TDS through challan, is required to provide various information like PAN / TAN, relevant assessment year, appropriate major and minor head code, nature of payment and amount of TDS to be deposited. While providing all such details, there a ...

Dec - 2018

27

Form 27EQ - TCS Return

Form 27EQ - TCS Return

Form 27EQ - TCS Return Form 27EQ contains all details pertaining to tax that is collected at source. According to Section 206C of the Income Tax Act 1961, this form must be filed every quarter. The form has to be submitted by both the corporate and government collectors and deductors. In this artic ...

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