TDS Return Due Dates FY 2023-24 AY 2024-25: TDS returns are a crucial compliance requirement for TDS deductors. Filing your TDS return in a timely manner is imperative; failing to do so can lead to substantial penalties along with late payment of TDS. In this article, we will outline the TDS return due dates, TDS … Read more
>TDS Calculator AY 2024-25: This TDS calculator is applicable to payments and credits made from 01-04-2023 to 31-03-2024. The TDS (Tax Deducted at Source) calculator helps you calculate TDS on payments to deductees. It is the deducter/payer’s duty to deduct TDS when paying or crediting the deductee. In other words, the payer or deductor … Read more
TCS Rates Chart AY 2024-25: The table below shows the TCS rate for the financial year 2023-24/ Assessment Year 2024-25 under section 206C. If the collector does not receive the collectee’s PAN, tax will be collected in accordance with section 206CC at either twice the rate listed in the table or at 5%, whichever is … Read more
TDS Rates Chart AY 2024-25 (FY 2023-24): At the time of accrual or payment of certain incomes/payments to the payee, the payer deducts tax at the source at the prescribed rate. Taxes deducted/collected or paid as advance tax in the previous year are known as pre-paid taxes. Pre-paid taxes are deducted from the assessee’s total … Read more
TDS Online Payment: It is mandatory to deposit the tax deducted at source to the credit of the Central Government on or before the due date. Here we will discuss how to deposit TDS online through Challan No.281 step by step. Deductors must deposit TDS to the Government otherwise they will have to pay interest, … Read more
194J TDS AY 2023-24 & AY 2024-25: A complete explanation of section 194J TDS will be presented in this article, including TDS rates, TDS limits, procedures, threshold limits, returns, and more. In accordance with Section 194J of the Income Tax Act of India, TDS is calculated on payments made toward professional and technical fees. Professional services … Read more
TDS TCS Amendments in Union Budget 2023: The Union Budget for 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will take effect on April 1. These changes will simplify the process of filing taxes and make it easier for taxpayers to track their TDS deductions. It will also help the government … Read more
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 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
Here you get the complete detail about TDS from winning from lottery, crossword puzzles, card games etc under sections 194B and 194BB TDS from winnings from horse races. Click here for 194B – TDS from Winning from the lottery, crossword puzzle, card game Click here for 194B Important Points Click here for 194BB – TDS … Read more
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 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
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
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
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): 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
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
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
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
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