You are here: Home » Archives for TDS

TDS

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

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 deducted tax if the amount of winning from each lottery, crossword puzzle, card game, etc. does not exceed RS. .....

TDS on Rent Old and New Provisions

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 rent is an individual or HUF having turnover of more then Rs. 40 Lakhs from business or gross .....

CBDT Clarify about TDS for TPAs on Payment to Hospitals

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 (TPAs) to hospitals on behalf of insurance companies for settling medical/insurance claims etc with the hospitals. 2. The .....

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

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 TDS from your interest income in some conditions. Otherwise It will be mandatory for banks to deduct TDS. TDS Procedure on Fixed Deposit. If .....

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

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 tax deducted at source there from and such other particulars as may be prescribed, in Form NO. .....

How to Get Registered TAN Online?

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 functionalities related to quarterly TDS /TCS statement. Procedure and Guidelines for Registration of TAN at NSDL General .....

Download TDS ebooks

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)

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

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 both contractors as well as sub contractors. To rationalise the TDS rates and to remove multiple classifications the act .....

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

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 individual/HUF transporter and 2% for other transporters up to 31-03-2010. The rate of TDS will be 20% in .....

Procedure of TDS in Tally.ERP

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 Create Ledger of TDS in Tally ? You can also deduct TDS on lower rate according to TDS .....

Changes of TDS in Union Budget 2009 | TDS Amendments applicable for A.Y.2010-11

TDS Rates Applicable for AY 2010-11 (FY 2009-10). Major Changes of TDS Tax Deducted at Source on Rental Payment u/s 194 I, on contract payment u/s 194 C, Payment to transports. Surcharge and cess is abolished. Other various amendmendts has been done. Please see details given below for amenmendts related to TDS / Tax deducted at source.194-I: Rental Payments Earlier rates: Plant and Machinery = 10% Land or building or furniture or fittings to Individual/HUF .....

Procedure for filing e-TDS/TCS returns with insufficient deductee PAN

How do I file my quarterly e-TDS/TCS return, if I don’t have PANs of all deductees?You can file your e-TDS/TCS return for the deductees who have valid PANs and subsequently file correction return for remaining deductees whose PANs were not available with you while furnishing regular return. How do I include deductees whose details were not provided earlier due to unavailability of PAN?You are required to file a correction return in a prescribed file format .....

Revised TDS Return

Can I correct e-TDS/TCS annual return?Yes, corrected e-TDS/TCS returns can be filed. You can file corrected e-TDS/TCS return on account of any rectification or after incorporating missing PAN(s) details with any TIN-FC. What is the manner of submission of corrected annual e-TDS/TCS return?In case you are submitting corrected annual e-TDS/TCS return, you should file the entire e-TDS/TCS return (and not only the amendments to the e-TDS/TCS return) alongwith all the documents submitted at the time .....

Press Release | New TDS/TCS Rules Applicable w.e.f. 1-7-2009 Instead of 1-4-2009

Finally Board has given press release for clarification regarding new TDS and TCS rules. Board may issue it earlier but…….. one min…… this clarification only for applicability of new TDS and TCS rules not for procedures…… as you……..!all know there are so many issues about the procedure of new TDS and TCS rules. Hope board will issue clarification before the applicability of new TDS and TCS rules. No.402/92/2006- MC (11 of 2009)Government of IndiaMinistry of .....

Implementation of Form 17 | New TDS Challan from July 1, 2009

Form 17 – New TDS Challan -CBDT all set to extend date for implementation of new form from July 1, 2009 – TDS to be deposited in the old form no.281 till then. Notification being issued soon. Source: taxindiaonline.com Update: Press Release by CBDT

Detail Procedure about New Provision of TDS & TCS

Mandatory efiling of TDS for every deductor and Collector Every deductor or collector will have to deposit tax only through internet banking facility in form No. 17 (Newly Introduced Form instead of Challan No. 281) with effect from 1-4-2009.(notfication No.31/2009). The deducted or Collector will upload this form and after uploading Form No. 17 a ‘Transaction Reference Number’ will be created. Unique Transaction number (UTN) for each deductee/collectee will be created also. Unique Transaction Number .....

← Previous Entries

Next Entries →