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Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted

If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to action in accordance with the provisions of section 201. Sub-section (1A) of section 201 lays down that such person shall be liable to pay simple interest (i) at one percent for every month or .....

TDS Rates Chart A.Y. 2012-13/F.Y. 2011-12 [updated:June 2011]

With effect from 1-4-2010, the deductee shall furnish his PAN (Permanent Account Number) to deductor, failing which tax at the below rates of TDS or at the rate of  20% whichever is higher shall be deducted at source. Where PAN provided to the deductor is invalid or does not belong to the deductee, it shall be deemed that deductee has not furnish his PAN to the deductor and higher rate of TDS as mentioned below .....

Special Discount for etaxindia Subscribers on JS@eTDS Software for FY:2011-12

With the commencement of the new Financial Year 2011-12, comes again the task of filing all your tax returns amongst which eTDS return filing is one of them. In order to file TDS Returns conveniently on-time, you need a smart & hassle-free TDS software like JS@eTDS. For the last two financial years I have been using the JS@eTDS Software & found it extremely simple & easy to use. It is one of the most convenient software .....

File Your TDS Returns for the Fourth Quarter

The fourth quarter of the current financial year has just come to an end and it is now time for filing of the quarterly returns for the TDS / TCS. The compliances for the assesses during the month of May 2011 are as under: TDS returns for the quarter ended March 2011 to be filed by 15th May 2011 TDS certificates to be issued to parties by 30th May 2011 To file the quarterly returns .....

TDS Credit Right of Payee Decided by IT Tribunal (Mumbai)

Court : Mumbai bench of the Income-tax Appellate Tribunal Brief : Learned CIT(A) erred in not directing the AO to unconditionally grant full tax credit to the appellant f or the taxes deducted at source by Reliance Infocomm Limited of Rs 24,41,58,046 and, consequently, grant refund of the said amount as the entire addition made by the AO was deleted by the CIT(A). – learned CIT(A) erred in not directing the AO to unconditionally grant .....

File Your TDS Returns for The Third Quarter

The third quarter of the current financial year has just come to an end and it is now time for filing of the quarterly returns for the TDS / TCS. The compliances for the assesses during the month of January 2011 pertaining to this is as under: -      Tax Deducted / Collected in December 2010 to be deposited by 7th January 2011 -      TDS returns for the quarter ended December 2010 to be filed by .....

Clarification Regarding Processing of ITR-1 and ITR-2 Returns – Credit for TDS for A.Y. 2009-10

INCOME TAX ACT Section 143 of the Income-tax Act, 1961 – Assessment – General – Clarification regarding processing of ITR-1 and ITR-2 returns – Credit for tax deducted at source for A.Y. 2009-10 INSTRUCTION NO. 9/2010 [F. NO. 225/25/2010/IT (A-II)], DATED 9-12-2010 1. Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter alia, that in cases where the return is filed in ITR-1 and ITR-2 for .....

TDS Rate Doubles if You Fail to Mention Your PAN!

TDS or Tax Deducted at Source refers to the deduction which is made by the employer while granting salary to the employee. If one looks back at the pay slip, he can very well catch a glimpse of TDS which has been deducted by his employer in course of payment of his salary. Normally, the employer is held responsible for the purpose of collection of TDS from his employees and the former is required to .....

Special Offer for etaxindia.org Subscribers on JS@eTDS Software

JS@eTDS is one of the established software with over 10,000 users for the purpose of generating eTDS / eTCS returns and is economically priced at Rs. 995/-. As a special offer to all subscribers of etaxindia.org, a discount coupon of Rs. 250/- is being offered with every software package of JS@eTDS (FY:2010-11). This discount coupon can be redeemed on the next year’s package i.e. JS@eTDS (FY:2011-12). This special offer is valid till 30th October 2010. .....

Download Update TDS Software Free Trail! – NSDL Releases New FVU File for F.Y. 2009-10 and 2010-11

NSDL has released new validation utilities – FVU version 3.0 & 2.129 for quarterly e-TDS / eTCS statement. The FVU version 3.0 which is applicable for quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards filed on or after 1st October 2010 and the FVU  version 2.129 is a new validation for quarterly e-TDS/TCS statement pertaining upto FY 2009-10. To file the quarterly returns on time with the new File Validation Utility (FVU Ver. 3.0), .....

Appeal by Person Denying Liability to Deduct Tax at Source (TDS)

According to the section 248 where under an agreement or other arrangement, the tax deductible on any income (other than interest under section 195), is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government, claims that no tax was required to be deducted on such income, he may appeal to the Commissioner (appeals) for the declaration that no .....

Delay in TDS Remittance Even a Day- Interest up to 3%!

Sometimes people forget about discharging their TDS on time and this result in attraction of interest and that to @ 3% for a single day delay. The fact itself proves that how fragile things can be when it comes to timely remittance of TDS. TDS needs to be submitted within seven days from the end month on which such deduction was made and whereas the amount was paid or credited in the month of March, .....

Appeal by Person Denying to Deduct Tax at Source

Where under an agreement or other arrangement, the tax deductible on any income is to be borne by the person by whom the income is payable, and such person is having paid such tax to the credit of Central Government, claims that no tax was required to be deducted on such income, he may appeal to the commissioner (Appeals) for a declaration that no tax was deductible on such income. How appeal can be made .....

TDS Rates for F.Y. 2010-11, A.Y. 2011-12 After all Amendments

TDS Rates: The below given chart is about TDS Rates for f.y.2010-11, a.y. 2011-12 i.e from 1-4-2010 to 31-03-2011. The below give TDS after all amendments done by the CBDT notifications and circulars. The TDS rates chart has mentioned for all payment and about payee status to deduct TDS accordingly. TDS Rates Chart Rates of TDS for major nature of payments for the Financial Year 2010-11 Particulars Rates from 1.4.10 to 31.03.2011 Section Nature of .....

TDS Software: Download Free TDS Software

Download TDS Software Free, file 1st Quarter TDS Return for f.y. 2010-11 totally free. Purchase TDS Software only for Rs. 895/- . It is a known fact that every person in India who has earnings exceeding the non-taxable limit of annual income should pay income tax and file income tax returns periodically in-order to avoid being sued by the government. Filing income tax returns is actually a responsibility of every dutiful citizen. TDS – Tax .....

Income-tax (Sixth Amendment) Rules, 2010 – TDS Rules Amended for A.Y. 2011-12

Income-tax (Sixth Amendment) Rules, 2010 – Substitution of rules 30, 31, 31A, 31AA, 37CA and 37D; Form Nos. 16, 16A and 27D; insertion of Form No. 24G and omission of rule 37A. Notification No. 41/2010 [F.No. 142/27/2009-SO(TPL)], dated 31-5-2010. S.O. 1261(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, .....

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