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Deduction of Tax at Source – Duty of Person Deducting Tax – Instruction Regarding Parameters for Processing of E-TDS Returns

INCOME TAX ACT Section 200 of the Income-tax Act, 1961 – Deduction of tax at source – Duty of person deducting tax – Instruction regarding parameters for processing of E-TDS Returns INSTRUCTION NO. 8/2010 [F.NO. 275/73/2009-IT(B)], DATED 8-12-2010 In the present system of processing of e-TDS returns, the returns are processed online and mismatch report showing defaults on various accounts is generated. Based on this mismatch report, the assessing officers issue show-cause notices to the deductors and .....

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 .....

Download Free Trial or Buy JS@eTDS for a Hassle Free TDS Return Filing

Tax Deducted at Source (TDS) is the payment of the tax amount in advance by deducting it from the income before it is paid to the receiver. It is to be done by the payer of the income i.e. the source from which the receiver gets the income. The payer should therefore cut the tax amount from his payment to the receiver at the rate stipulated by the Income Tax department and deposit it at .....

Tax Only When Interest Credited to Fixed Deposits: CBDT

Now no Income tax at your source will be deducted with a condition that the banks will have to make provisions for interest on fixed deposits and not paid to the depositors actually. This was clarified by the Finance Minister on 7th march. A fixed deposit is meant for those investors who want to deposit a lump sum of money for a fixed period (for a minimum period of 15 days to five years and .....

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, .....

New Changes in TDS Rules – CBDT Press Release Dt.2-6-2010

New Changes in TDS Rules CBDT Press Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010 The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st .....

TDS from Salary of Employees of Multi Branches Concerns

Clarification regarding filing of returns in respect of tax deducted at source(TDS) from salary of employees of company working at its headquarters or in Multi location branches. Clarification 1 of TDS From Salary of Employees of Multi Branches Locations 1. Under section 204(1) of the Income-tax Act, 1961, where salary is paid by a company, the person responsible for deducting tax at source under section 192 is the company itself, including the principal officer thereof. .....

Summary of TDS Amendments Applicable for A.Y. 2011-12

Most of the readers are muddled since of past amendment of TDS like, UTN, 24C and changes in TDS Returns, etc. But don’t be confused over it, Read the below composition cautiously to know the most recent applicable rules of TDS Procedures. UTN/24C has dead The latest ‘Notification no. 9/2010 dt. 18/02/2010′ makes ‘UTN/24C/’  dead. Now the Procedure and the forms ‘Form 16/16A’ of TDS will be same as earlier.  So don’t be confused over .....

Changed Threshold Limit of TDS after Budget 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 (TDS) if the amount paid don’t be exceed to prescribed threshold limit by that particular section. So as per finance .....

Some Ways to Reduce TDS on Salary

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 in my email. It is not possible to avoid whole of the TDS on salary, but yes we can reduce .....

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