What can you do to make sure bank does not deduct TDS on interest, if your total income is not taxable? The simple thing you can do is:- Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income if you meet the conditions mentioned in… Read More »
For AY 2017-18, As amended by Finance Act, 2016: (adsbygoogle = window.adsbygoogle || []).push({}); TDS has to be deducted when you purchase a property (house, plot, bunglow, shop, villa, pent house, etc.) except agricultural land in rural area. Section 194IA has come into effect from June 01, 2013. It is important to understand the applicability of… Read More »
PAYMENT OF TDS SUBSEQUENTLY The procedure for paying the TDS amount into the Bank subsequently, i.e. not immediately after furnishing the purchase transaction details online: Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches.… Read More »
PAYMENT THROUGH e-TAX PAYMENT OPTION IMMEDIATELY The procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details: E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Please follow the steps as under… Read More »
What is TDS on property? The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Who is responsible to deduct the TDS on… Read More »
As we are kindly aware that ICAI, being a partner in nation building, has always supported the efforts of the government to achieve its objectives to optimize tax collection and prevent tax avoidance/evasion on one hand and to ensure timely compliance of statutory obligations by the tax payers on the other hand. It has also… Read More »
Amendments regarding changes in TDS & TCS rates, threshold limit(cut-off amount) w.e.f. 1st day of June, 2016 in Budget 2016. Based on the Budget 2016-17 proposals, the revised TDS & TCS rates & threshold limits of TDS applicable for the Assessment Year 2017-18 (Financial Year 2016-17) w.e.f. 01-06-2016 is tabulated below: Changes in TDS Threshold Limits… Read More »
Income Tax Rule 30 prescribes the due dates for deposit of TDS i.e. time and mode of payment of tax deducted at source to the account of Central Government. Prescribed time of payment/deposit of TDS to the credit of Central Government account is as under: In case of an office of Government: Sl No. Description Time… Read More »
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 S. 201 and shall be deemed… Read More »
S. 196D deals with tax deducted on income in respect of securities referred to in clause a of Sub-section (1) of S. 115AD. Any person making payment to Foreign Institutional Investors shall, at the time of credit of such income to the account of payee or at the time of payment in cash, cheque/draft, etc whichever is earlier… Read More »