TDS

TDS Rules Changed: Big News! Now TDS may have to be paid for withdrawing more cash, know here – what is the fixed limit and rules?

TDS Rules Changed: Now TDS may have to be paid for withdrawing more cash. According to the official website of Income Tax, if a person has not filed all or any income tax return in the last three assessment years, and he withdraws cash aggregating to more than Rs 1 crore in a financial year, …

TDS Rules Changed: Big News! Now TDS may have to be paid for withdrawing more cash, know here – what is the fixed limit and rules? Read More »

Banks are likely to get relief from a new tax rule

Soon, banks are likely to get relief from a new tax rule that effectively mandates them to deduct a 10% tax at source on the amount of debt waived by them through one-time-settlement (OTS) or some other schemes, especially involving large accounts. “The departments of revenue and financial services are in talks and a positive …

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Here's how you can upload your TDS statement on the income tax portal:

This Time Important things to note before filing TDS returns

The last date to file the tax deducted at source (TDS) return for the first quarter of FY23 is July 31, 2022. Any delay would attract a fine of Rs 200 for each day till the return is filed. TDS is basically aimed at collecting tax from the very source of income. A taxpayer or …

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Delay in TDS return filing may cost ₹10k penalty, ₹200 late fee per day

Any delay in filing of tax deducted at source (TDS) return on or before the due date, will welcome a late filing fee of ₹200 for every day till the failure continues. Also, there are possibilities a taxpayer may end up losing all the claiming amount in the TDS due to late filing fees. And, …

Delay in TDS return filing may cost ₹10k penalty, ₹200 late fee per day Read More »

TDS Rules Changed! big news! Now TDS may have to be paid for withdrawing more cash, see limit and rules here

TDS on cash withdrawal: The era of online payment is over now. But still many people deal in cash. Obviously you have to pay cash. For this, you can withdraw cash from the bank. But did you know that you may have to pay TDS on cash withdrawals after a certain limit. TDS on cash …

TDS Rules Changed! big news! Now TDS may have to be paid for withdrawing more cash, see limit and rules here Read More »

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Who Must Apply For Tax Deduction And Collection Account Number?

Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under s​ection 194IA orsection 194-IB or section 194M can use PAN in place of TAN as such person is not required to obtain TAN. (1) Section 194IA provides for deduction of tax at source from payment on …

Who Must Apply For Tax Deduction And Collection Account Number? Read More »

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At What Rate The Payer Will Deduct Tax If I Do Not Furnish My PAN To Him?

As per section 206AA​, if you do not furnish your Permanent Account Number to the payer (i.e., deductor), then the deductor shall deduct tax at the higher of the following rates: At the rate specified in the relevant provision of the Act. At the rate or rates in force, i.e., the rate prescribed in the …

At What Rate The Payer Will Deduct Tax If I Do Not Furnish My PAN To Him? Read More »

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Under What Condition The Payer Will Deduct TDS At Higher Rates?

As per section 206AB, the tax shall be deductible at the higher rates prescribed under this provision if the following conditions are satisfied: (a) Deductee has not filed the return of income for 2 assessment years relevant to the previous year immediately prior to the previous year in which tax is required to be deducted; …

Under What Condition The Payer Will Deduct TDS At Higher Rates? Read More »

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What Are Duties Of Person Deducting TDS Under Income Tax?

​Following are the basic duties of the person who is liable to deduct tax at source. He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. He shall deduct the tax at source at the applicable rate. He shall pay the tax deducted by him at source …

What Are Duties Of Person Deducting TDS Under Income Tax? Read More »

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Will Payee Face Adverse Circumstances If Payer Not Deducted TDS?

​It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, failure of the payer to deduct …

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What Are Consequences Of Not Deducting And Depositing TDS To Government’s Account?

​​​​​​​​A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- (A) Disallowance of Expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is …

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What is Tax Deducted At Source (TDS) Under Income Tax?

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the …

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What To Do If Discrepancies Appear in Actual TDS And TDS Credit As Per Form 26AS?

Every person deducting tax at source has to furnish the details of tax deducted by him to the Income-tax Department. The details will cover the name of the deductee, Permanent Account Number of the deductee, amount of tax deducted, amount paid to the deductee, date of payment of TDS to the credit of Government, etc. …

What To Do If Discrepancies Appear in Actual TDS And TDS Credit As Per Form 26AS? Read More »

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Income Tax Compliance Calendar For June 2022

Income Tax Compliance Calendar For June 2022 7 June 2022 – ​Due date for deposit of Tax deducted/collected for the month of May, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of …

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How To View Form 26AS Through Net Banking

This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank’s internet banking website and click on the option provided to view …

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How To View Form 26AS Through Income Tax E-filing Portal

Perform the following steps to view or download the Form-26AS from e-Filing portal: Step-1: Logon to ‘e-Filing’ Portal https://www.incometax.gov.in/iec/foportal/ Step-2: Go to the ‘My Account’ menu, click ‘View Form 26AS (Tax Credit)’ link. Step-3: Read the disclaimer, click ‘Confirm’ and the user will be redirected to TDS-CPC Portal. Step-4: In the TDS-CPC Portal, Agree the …

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TDS Deposited Under Wrong PAN. How Can I Claim TDS Now?

TDS credit must be checked in Form 26AS before filing of Income-tax return. If it is not reflected correctly there may be several reasons like: TDS is not deposited by deductor TDS is deposited but return is not filed by deductor TDS is wrongly deposited under some other PAN TDS credit is not updated in Form 26AS …

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Amounts Paid By Way Of Reimbursement Of Expenses Do Not Constitute Income in The Hands Of Recipient: ITAT Cochin

In the case of ACIT vs. St. Mary’s Rubbers Private Ltd, ITAT Cochin has held that: The Tribunal, while giving the above decision, had also considered the effect of CBDT Circular No.715 dated 08.08.1995 and also ruled that the said Circular was applicable only where consolidated bills were raised inclusive of contractual payments and re-imbursement …

Amounts Paid By Way Of Reimbursement Of Expenses Do Not Constitute Income in The Hands Of Recipient: ITAT Cochin Read More »

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Bankruptcy Process Can Not Be Initiated Against Companies On The Basis Of TDS Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that insolvency proceedings cannot be initiated against any company on the basis of tax deducted at source (TDS) arrears. The NCLAT set aside an order of the Kolkata Bench of NCLT, saying that an operating lender of the company cannot use the process of Insolvency and …

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Income tax return: Non-ITR filers? Be ready to face higher TDS

If you are among those individuals who have not filed the income tax return (ITR) for financial year 2020-21, then you will be on the list of non-tax filers and have to face higher tax deduction at source (TDS) from this financial fear. The Central Board of Direct Taxes (CBDT) has issued a circular regarding …

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New rule related to TDS is changing from July 1, may have to pay more tax

From July 1, the new rule of deduction of tax linked to TDS is coming into force. Under this, a new section 194R was added in the Income Tax Act in the budget, under which if any profit of Rs 20,000 or more is given in a year, then 10 percent TDS will have to …

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TDS Rate Chart for FY 2022-23/AY 2023-24

Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way

Income Tax Department has made this easier to let you know whether TDS on cash withdrawal is applicable to you or not. For this you just have to fill your PAN and mobile number. On the next page you have to fill OTP as received on mobile number entered in the website. After verifying the …

Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way Read More »

Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way

Income Tax Department has made this easier to let you know whether TDS on cash withdrawal is applicable to you or not. For this you just have to fill your PAN and mobile number. On the next page you have to fill OTP as received on mobile number entered in the website. After verifying the …

Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way Read More »

TDS Status

Tax Deducted at Source –TDS Meaning, Filing, Return & Due Dates

TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. In this article, we will discuss in detail the TDS provisions under the Income Tax Act. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time …

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Alert: Not filing ITR can result in higher TDS next year; Know more

Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022.Let’s not wait for the last day! FileNow Pl visit: https://t.co/GYvO3n9wMf What Might Happen If You Don’t File ITR By March 31? Under Section 270 of the Income Tax Act, 1961, the I-T …

Alert: Not filing ITR can result in higher TDS next year; Know more Read More »

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ITR filing: Check TDS rates applicable on salary, interest, other incomes

ITR filing: Check TDS rates applicable on salary, interest, other incomes Individuals must have noticed a certain amount deducted on their incomes like salaries, interest, commission received, dividends etc. Short for ‘Tax Deducted at Source’, TDS was brought in to collect tax at the source from where an individual’s income is generated. Basically, the entity/person making a …

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TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

Every year there are some changes in the rates of TDS applicable for a financial year. Now for Financial Year 2022-23, two new sections 194R and 194S are inserted in the Income Tax Act 1961 which are related to TDS (in Union Budget 2022-23). Section 194IA of the Income Tax Act 1961 related to TDS …

TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24) Read More »