Penalty for Late & Non Filing of TDS Returns (A.Y.2023-24)

Penalty for Failure/Delay in Filing TDS/TCS Returns (A.Y.2023-24): In accordance with Income Tax Act, every deductor (who deducts TDS on behalf of a payee) must deposit TDS within the prescribed limit to the account of the Income Tax department. Persons who fail to deduct or pay tax are liable for penalties under the Income Tax … Read more

TDS on Rent (Sec 194I) *AY 2023-24*

TDS on Rent u/s 194I (A.Y. 2023-24 F.Y. 2022-23): Rent here means any payment made to the 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 detailed provisions … Read more

TDS on Payment to Contractor [Sec 194C] [AY 2023-24]

TDS on Payment to Contractor (Sec 194C) (AY 2023-24): Any person who is paying any payment to any resident contractor for doing any work is responsible to deduct TDS on that payment. Tax is deductible under section 194C only if payment is made in pursuance of a contract between a specified person and resident contractor. … Read more

TDS From Insurance Commission (Sec 194D) (AY 2023-24)

TDS on Insurance Commission u/s 194D: As per the provision of section 194D any person who is paying insurance commission is required to deduct tax at source. In this article, we will discuss the complete procedure of how to deduct TDS, TDS returns, TDS rate, TDs exemption limit,  TDS payment u/s 194D etc. Please read … Read more

TCS Rates Chart F.Y.2022-23 A.Y.2023-24

TCS Rates Chart AY 2023-24: Every seller who comes under the specified goods as prescribed by the Income-tax act collects TCS from the buyer at prescribed rates and deposits the same in the account of the Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows the nature … Read more

194J – TDS on Professional or Technical Services A.Y.2023-24

Professional services mean services provided by professional persons like advocates, chartered accountants, engineers or architects. Technical services mean the services which are in nature of technical, managerial and consultancy. Here, we will discuss the exemption limit, time of deduction of TDS, the time limit to deposit TDS, TDS Returns, form 16a and more about TDS … Read more

Time Limit to Deposit TDS & Issue TDS Certificate AY 2023-24

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 deductor to deposit TDS to the government account on behalf of the deductee/payee. So deductees can claim it on their income tax … Read more

TDS on Payment to Non-Residents and Foreign Company [A.Y.2023-24]

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 is given below. Please read the complete article to know the procedure to deduct TDS on payments to Non-residents and Foreign companies. … Read more

TDS Returns – All You need to Know about TDS Return [F.Y. 2022-23]

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

TDS on Interest other than Security Interest (Section 194A)

TDS on Interest other than Security Interest (Section 194A): Here we will discuss the complete detail of 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, the time limit for deposit TDS and more. The information given here … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H?

Avoid TDS on FD: You can avoid tax deduction/TDS on your interest income if you are an individual, who is resident in India by furnishing, a declaration in writing in Form 15G/15H. You can only submit form 15G or 15H if your income is below the exemption limit. There are some provisions to submit 15H … Read more

Section 193 – TDS from Interest on Securities – Quick Summary

TDS from Interest on Securities u/s 193 – Quick Summary Person Responsible to Deduct Tax Government/ Local/ authority/ statutory corporation company  Central Govt. in case of 8% (taxable saving bonds) Exemption Limit For debenture issued by public company to Individual/HUF if interest does not exceed Rs.5000 during the previous year and the same is paid … Read more

TDS on Commission of Sale of Lottery Tickets (Section 194G)

A complete guide of Section 194G TDS on Commission on sale of lottery tickets. Check here the exemption limit, TDS rates, time limit, TDS certificate, TDS return and persons responsible to deduct TDS. Who is Liable to Deduct TDS Under Section 194G? The persons who are paying any commission, remuneration or prize on lottery tickets … Read more

Form 16 – FAQ on Form 16/16A – All Confusion Cleared!

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

Section 194H TDS on Commission & Brokerage AY 2023-24

A complete guide of section 194H – TDS on Commission and Brokerage for A.Y.2023-24. Who is Liable to Deduct TDS under section 194H? Any person who is liable to pay commission or brokerage shall deduct TDS. Any person other than individual & HUF Individual and HUF required to deduct TDS, if last year turnover exceed … Read more

Who is Liable to Deduct TDS for F.Y.2022-23

Any persons responsible for making specified payment (check here specified payment) as prescribed in income tax are liable to deduct tax at source.  The obligation to deduct tax at source is upon the person responsible for paying the income/amount which is subject to TDS. In simple language Two parties i.e. Payer and Payee. Payer makes … Read more

TDS on Salary: Easy Way to Calculate TDS on Salary

The most confusing concept in whole TDS is “TDS on Salary” as readers always asked questions about the topic. In this article, we will cover all the topics related TDS on salary like how to deduct TDS on salary, how to calculate tds on salary, deposit TDS, submission of statements, time of deduction, annual salary … Read more

TDS Return Due Dates FY 2022-23 AY 2023-24

Every person who is deductor or payer is liable to deduct TDS shall furnish quarterly TDS returns. Quarterly TDS return shall be submitted in the prescribed form 24Q, 26Q, 27Q (as the case may be) within the time limit as give below. TDS Returns Due Dates FY 2022-23 AY 2023-24 Check TDS return due dates … Read more