Post by: Dinesh Pandiyan in TDS
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…
Post by: Renu Suresh in TDS
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…
Post by: Dinesh Pandiyan in TDS
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…
Post by: Renu Suresh in Income Tax
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…
Post by: Arnold Thomas in Income Tax
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…
Post by: Peter in Income Tax
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)…
Post by: Arnold Thomas in Income Tax
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.…
Post by: Arnold Thomas in Income Tax
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.…