Very Important Notes Note 1: The tax shall be deducted by an individual and HUF under these provisions if his total sales, gross receipts or turnover exceed Rs. 1 crore in case of business or Rs. 50 lakhs in case of the profession during the financial year immediately preceding the financial year in which sum … Read more
TCS Rates Chart: Every seller who comes under the specified goods as prescribed by Income tax act collect TCS from the buyer at prescribed rates and deposit the same in the account of Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows nature of payment, TCS rates … Read more
Section 194E – TDS from Payment to Non-resident Sportsman or Entertainer or Sports Association: If you are responsible to pay any amount in the way of income to any non-resident sportsman (including an athlete) who is not a citizen of India, you are required to deduct tax at source @ 20% plus surcharge as applicable … Read more
194D – TDS from Insurance Commission – Quick Summary Person Responsible to Deduct Tax Insurance companies Exemption Limit Rs.15,000 Time of Deduction of TDS At the time of payment or credit whichever earlier. Time for Deposit of TDS Within one week from of the day of the month of tax deduction. For month of March, … Read more
First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more
There is a duty of payer to deduct TDS u/s 194C on making of payment/credited to contractor. Contractor includes a sub-contractor. In this article we will discuss about the TDS deduction and related procedure on payment to contractors & sub contractors. The article is up to date with latest amendment as per finance act 2019. Quick … Read more
Here you get the complete detail about TDS from winning from lottery, crossword puzzle, card game etc under section 194B and 194BB TDS from winnings from horse races. Click here for 194B – TDS from Winning from lottery, crossword puzzle, card game Click here for 194B Important Points Click here for 194BB – TDS from … Read more
Here we will discuss about the complete detail about TDS deduction on interest other than interest on securities u/s 194A. You can find here TDS rates, exemption limit, responsible persons, time of deduction, TDS returns, time limit for deposit TDS and more. Quick Summary Person Responsible to Deduct Tax All Assessee except those individual and HUF … Read more
TDS Rates Chart for (A.Y.2022-23 F.Y.2021-22) – Check Here Here is the TDS Rates Chart for F.Y.2019-20/A.Y.2020-21 (From 1-4-2019 to 31-3-2020). You can check here compact TDS rates chart & detail TDS rates chart. The compact TDS rates chart to check TDS rates fast without any delay. You can also save the image of TDS … Read more
Every deductor (Who deduct TDS on behalf of a payee) has the duty to deposit TDS within the prescribed limit to the account of Income Tax department as per rules by Income Tax Act. Where a persons fails to deduct or pay tax, he shall be liable to pay penalties as per income tax act. … Read more
CBDT has published detail instruction PDF file for the guidance on TDS on Salary. Circular No.1/2019: Dated – 01-01-2019 For Financial Year: 2018-19 Download Here CBDT has released the e book on TDS amended up to Finance Act 2010. You can download it totally free because it made especially for taxpayers. You don’t need to … Read more
Professional services means services provided by professional persons like by advocates, chartered accountants, engineers or architect. Technical services means, the services which is in nature of technical, managerial and consultancy. Here, we will discuss about exemption limit, time of deduction of TDS, time limit to deposit TDS, TDS Returns, form 16a and more about TDS … Read more
Rent means any payment made to owner of land, building, machinery and plant using it for your own purpose up to the time specified in the rent agreement, lease agreement or any other agreement or arrangement. In this article, we will discuss all detail provisions for deducting tax (TDS) from rent in a very easy … Read more
Now, you all know who is responsible to deduct TDS and on which payment they are liable to deduct TDS in our previous articles. But now it is the primary duty of the deducter to deposit TDS to the government account on behalf of deductee/payee. So deductees can claim it on their income tax returns. … Read more
Employer deducts TDS from the taxable salary of the employee i.e. if an employee makes certain investments which qualify for deduction from income that an employee can declare in new form introduced by income tax department- Form 12BB. Arun Jaitley, our Finance minister announces to launch Quarterly SMS service for salaried persons about TDS deductions. … Read more
Any person responsible for paying to a non-resident, no being a company, or to a foreign company, any interest or any sum other than salary shall deduct TDS as per the provision or procedure given below. Please read the complete article to know the procedure to deduct TDS on payment to Non-residents and Foreign company. Person … Read more
In previous article, we have discussed about persons responsible to deduct TDS. In this article we will discuss about on which payment they have to deduct TDS. Not every payment is liable to deduct TDS. The income tax act specified some payment on which the deductor is responsible to deduct TDS and deposit the same … Read more
When it comes to online filing of income tax, it becomes focal to ensure that Form 16 is maintained with the assessee for simplifying the return filing procedure. Form 16 is also known as Salary TDS Certificate. The TDS certificates have to be issued within the prescribed time in the prescribed forms as under: Form … Read more
Every layman afraid from TDS because of difficult process of deduction, payment, Return, Statement etc. But we will try to make it simple as every layman can play with TDS. In this article, we will discuss about What is eTDS return, how to file TDS Return, Where to file it, How to prepare it, software … Read more
Every person who are responsible to deduct TDS or Collecting TCS shall furnish a quarterly statement/return and deposit TDS for the period ending on 30th June, 30th September, 31st December and 31st March of each financial year. This TDS Calendar due dates chart (F.Y. 2017-18) or (A.Y.2018-19) will help you to file your TDS return … Read more