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TDS

Changed Threshold Limit of TDS after Budget 2010

March 6, 2010

Every person is responsible for deduct tax at source on the payment of any specified amount to any person at the specified rates, if it is above the prescribed limit by income tax act. Each section has its own prescribed limit to deduct tax at source (TDS). However, no need to deduct tax at source [...]

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Some Ways to Reduce TDS on Salary

January 23, 2010

In this article, we will consult “ways to deduct less TDS on salary” to avoid hindrances for getting income tax refund from income tax department. It is very confusing for most of the assessees to get refund from income tax refund. I am receiving daily 30 to 40 queries regarding delay of income tax refund [...]

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Circular No. 1/2010 – Deduction of Tax Deducted at Source – Salaried U/S 192

January 17, 2010

See the latest circular for TDS on Salaried under section 192.Section 192 of the income tax act, 1961 – Deduction of tax at source – salaries – income- tax deduction from salaries under section 192 during the financial year 2009-10
Circular No. 1/2010 [F.No.275/192/2009 IT (B)], dated 11-1-2010.
Circular No.1-2010 Tds on Salaries

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TDS Provisions from Winning From Lottery, Crossword Puzzle, Card Games etc.

December 21, 2009

The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding five thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rate of 30%.
Therefore, no need to be [...]

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TDS on Rent Old and New Provisions

November 26, 2009

TDS on Rent comes under section 194-I of the Income tax Act. The newly amended 194-I section states that, the renting of Plant/Machinery/Equipments for all parties will entertain TDS at 2% and renting of Land/Building/Furniture/Fittings at 10% for all types of assessees.
Applicability
The provision are applicable only in cases where the person making the payment of [...]

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CBDT Clarify about TDS for TPAs on Payment to Hospitals

November 25, 2009

Applicability of provisions under Section 194J of Income Tax Act’61 in the case of transactions by the Third Party Administrators (TPAs) with Hospitals etc.
Circular No. 8/2009, dated 24-11-2009
A number of representations have been received from various stakeholders regarding applicability of provisions under Section 194J of Income Tax Act’61 on payments made by Third Party Administrators [...]

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How to Avoid Tax Deduction at Source (TDS) on Bank Fixed Deposit?

November 23, 2009

Most of the people are distress from the process to get an income tax refund from the income tax department. You all know when we open a fixed deposit account in the bank, the TDS will be deducted from interest paid on your fixed deposit. In this article, I will tell you, how to prevent [...]

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All About of Form 15G and Form 15H

November 22, 2009

Form 15G and Form 15H are used for averting the TDS deduction on interest earned during the financial year on fixed deposits in Banks. There are lots of hesitations in the minds of my subscribers about these forms. They usually enquire about these questions i.e. What is Form 15G and form 15H, How one can submit these [...]

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How to Deal TDS Provisions When Salary Receive from More than One Employer ?

November 1, 2009

Where during the financial year, an assessee:
(a) Is employed simultaneously under more than one employer, or
(b) Has changed the employment during the previous year,
He may furnish to the employer of his choise or the subsequent employer ( as the case may be) such details of salaried due or received by him from other employer(s), the [...]

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How to Get Registered TAN Online?

November 1, 2009

The Income Tax Department requires all deductors to register their TANs online. Authenticated access (through user ID and password) will be provided to registered deductors. On login, the following will be available to the deductors.

view of the status of all statements filed;
download of consolidated quarterly e-TDS / TCS statement for preparation of correction statement; and
other [...]

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Download TDS ebooks

October 20, 2009

Download TDS ebooks provided by income tax department website (http://incometaxindia.gov.in/)
Download ebook on TDS (Vol.1)
Download ebook on TDS (Vol.2)

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Surcharge, Education Cess, SHEC for A.Y. 2010-2011

October 12, 2009

There has been major changes with regard to surcharge, education cess, SHEC, after approval of the finance (No. 2) ACT, 2009. I have received so many queries about surcharge and education cess rates and applicability for A.Y. 2010-2011. I classified this article so that everyone can understand in a very simple manner.
All rates applicable w.e.f. [...]

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How to Verify and Submit Rectify TDS/TCS Return ?

October 9, 2009

The TDS or TCS return status will be available online within three working days after return has been filed. The return status will ensure that “Have you filed correct TDS return?”. So every deductor should check TDS or TCS return after filing the returns.
Let’s find how to check status of TDS or TCS returns step [...]

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TDS on Payment to Contractor/Sub-Contractor under New Provisions w.e.f. 1-10-2009

October 7, 2009

Provisions applicable from 1-10-2009 for TDS rates and other provision of section 194C “TDS from payment to contractors and sub-contractors as amendment made by the finance (No.2) act, 2009.
In order to reduce the scope for disputes regarding classification of contract as sub contract the act has specified the same rate of TDS for payments to [...]

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TDS Calculator for A.Y. 2010-2011 F.Y.2009-2010 w.e.f. 1-10-2009

September 21, 2009

TDS Calculator for A.Y. 2010-2011 F.Y.2009-2010 w.e.f. 1-10-2009
Calculate Tax deducted at source (TDS) for A.Y. 2010-2011 w.e.f 1-10-2009 as per new provision under the finance No.2 Bill, 2009.
Note 1 : – The nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 1% for an [...]

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Procedure of TDS in Tally.ERP

September 7, 2009

It is very easy to do all TDS procedures like entries, Challan, Payment and even TDS Returns in Tally.ERP. Tally.ERP has all options and features for statutory compliances. I think all Accountant must see the below slideshow.
The following features are highlights of TDS Procedure in Tally.ERP

Enabling Tax Deducted at Source (TDS) in Tally.
How to [...]

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