Penalty for not Applying for Permanent Account Number (PAN Number) or Penalty for not quoting PAN Number in Financial Transaction or Penalty for not giving PAN Number to Income Tax Department or Penalty for not giving PAN in TDS return or to TDS Deductor or Penalty for double applying for PAN card .i.e already holding… Read More »
Now View, Check and Download your Form 26AS- Income Tax credit statement / TDS Deduction Status. The TDS / TCS deducted by a deductor is reflected in Form 26AS of the respective PAN and this helps in identifying any discrepancy / error. You can check TDS/TDS Statement through three different websites 1) Income tax India website Account… Read More »
If a person fails to deliver or caused to be delivered a statement within the time prescribed in section 200(3) or furnishes an incorrect statement, in respect of tax deducted at source on or after 1.07.2012, he shall be liable to pay, by way of penalty a sum which shall not be less than Rs. 10,000/- but which… Read More »
Section 194IA is a newly introduced section applicable from 1st June, 2013 which deals with tax deducted at source on sale of immovable property (other than agricultural land) costing more than Rs. 50 lakhs. This tax will be called as withholding tax. Any person being a transferee responsible for paying to a resident transferor by way… Read More »
It is a myth among people that tax which is deducted cannot be recovered, the Income tax department will not give them the refund. Tax deducted at source can be recovered. If your income is below the taxable limit or TDS paid is more than the tax paid, then you can claim for refund by… Read More »
Section 194I deals with tax deducted at source on payment of rent. TDS has to be deducted where the total amount paid or credited to the account of the recipient exceeds Rs. 1, 80,000 during the financial year. Any person making payment of rent to resident shall be liable to deduct tax at source… Read More »
As per the Finance Act, 2014, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head “Salaries” for the financial year 2013-14 (i.e. Assessment Year 2014-15). The amount of income tax deductible is required to be calculated at the average rate of income tax computed on… Read More »
Penalty & Interest Liability for failure to deposit TDS with Government. 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… Read More »
Due dates for Payment of TDS 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… Read More »
TDS is one of the forms of collecting tax. It is based on the scheme “Pay as you earn”. Tax must be deducted at the time of payment in cash or cheque or credit to the payee’s account whichever is earlier. Payee’s account refers to deductee’s account in this case. Find the table below for… Read More »