TDS Rates Chart {Updated} [F.Y.2019-20 A.Y.2020-21]

TDS Rates [F.Y.2019-20 A.Y.2020-21] {Updated} Category A – When recipient is resident Notes Payee should provide his PAN to Payer so that payer can mention in TDS certificate and in TDS returns. It will help indirectly to payee to get refund easily and fast. But Now w.e.f 1.4.2010 payee must tell his PAN to the … Read more

Download Free e-book of TDS on Salary A.Y.2019-20

CBDT has published detail instruction PDF file for the guidance on TDS on Salary. Circular No.1/2019: Dated – 01-01-2019 For Financial Year: 2018-19 Download Here CBDT has released the e book on TDS amended up to Finance Act 2010. You can download it totally free because it made especially for taxpayers.  You don’t need to … Read more

Penalty for Late & Non Filing of TDS Returns [Updated 2019]

Every deductor (Who deduct TDS on behalf of a payee) has the duty to deposit TDS within the prescribed limit to the account of Income Tax department as per rules by Income Tax Act. Where a persons fails to deduct or pay tax, he shall be liable to pay penalties as per income tax act. … Read more

194J – TDS on Professional or Technical Services A.Y.2019-20 [Updated 2019]

Professional services means services provided by professional persons like by advocates, chartered accountants, engineers or architect. Technical services means, the services which is in nature of technical, managerial and consultancy. Here, we will discuss about exemption limit, time of deduction of TDS, time limit to deposit TDS, TDS Returns, form 16a and more about TDS … Read more

TDS on Rent [A.Y. 2019-20 & 2020-21] – Updates After Budget 2019-20

Rent means any payment made to owner of land, building, machinery and plant using it for your own purpose up to the time specified in the rent agreement, lease agreement or any other agreement or arrangement. In this article, we will discuss all detail provisions for deducting tax (TDS) from rent in a very easy … Read more

Time Limit to Deposit TDS & TDS Certificate – A Complete Guide

Now, you all know who is responsible to deduct TDS and on which payment they are liable to deduct TDS in our previous articles. But now it is the primary duty of the deducter to deposit TDS to the government account on behalf of deductee/payee. So deductees can claim it on their income tax returns. … Read more

SMS Alerts to Increase TDS Transparency – A Good Initiative by CBDT

sms alert for TDS

Employer deducts TDS from the taxable salary of the employee i.e. if an employee makes certain investments which qualify for deduction from income that an employee can declare in new form introduced by income tax department- Form 12BB. Arun Jaitley, our Finance minister announces to launch Quarterly SMS service for salaried persons about TDS deductions. … Read more

TDS on Payment to Non-Residents and Foreign Company [A.Y.2017-18]

Any person responsible for paying to a non-resident, no being a company, or to a foreign company, any interest or any sum other than salary shall deduct TDS as per the provision or procedure given below. Please read the complete article to know the procedure to deduct TDS on payment to Non-residents and Foreign company. Person … Read more

Specified Payments on Which TDS is to be Deducted

In previous article, we have discussed about persons responsible to deduct TDS. In this article we will discuss about on which payment they have to deduct TDS. Not every payment is liable to deduct TDS. The income tax act specified some payment on which the deductor is responsible to deduct TDS and deposit the same … Read more

Form 16 – FAQ on Form 16 – All Confusion Cleared!

form 16

When it comes to online filing of income tax, it becomes focal to ensure that Form 16 is maintained with the assessee for simplifying the return filing procedure. Form 16 is also known as Salary TDS Certificate. The TDS certificates have to be issued within the prescribed time in the prescribed forms as under: Form … Read more

25 Most Asked Questions on TDS – All Clarified with Examples!

25 most asked questions on tds

FAQs on Tax Deducted at Source (TDS) Q.1) What is tax deducted at source? For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system … Read more

25 Most Common Questions Asked on TAN – All Confusion Cleared!

TAX QUERIES

Q.1) What is TAN? TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment … Read more

TCS Rates Chart for A.Y. 2019-20, F.Y. 2018-19

Every seller who comes under the specified goods as prescribed by Income tax act collect TCS from the buyer at prescribed rates and deposit the same in the account of Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows nature of payment, TCS rates and status of … Read more

TDS Returns and Payment Due Dates F.Y.2018-19

Every person who are responsible to deduct TDS or Collecting TCS shall furnish a quarterly statement/return and deposit TDS for the period ending on 30th June, 30th September, 31st December and 31st March of each financial year. This TDS Calendar due dates chart  (F.Y. 2017-18) or (A.Y.2018-19) will help you to file your TDS return … Read more

Consequences of Failure to Deduct or Pay TDS u/s 201

Here you will get the complete detail about Consequences of failure to deduct or pay TDS – Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS)/Withholding Tax – Income Tax SECTION 201(1): FAILURE TO DEDUCT OR FAILURE TO PAY TDS If any person who is liable to deduct TDS does not deduct … Read more

Section 193 – TDS from Interest on Securities – Quick Summary

TDS from Interest on Securities u/s 193 – Quick Summary Person Responsible to Deduct Tax Government/ Local/ authority/ statutory corporation company  Central Govt. in case of 8% (taxable saving bonds) Exemption Limit Exempt Categories monetary limit of Rs. 5,000 in case of listed or unlisted debenture; otherwise no minimum Rs. 10,000 in case of 8% … Read more

TDS on Salary: Easy Way to Calculate TDS on Salary

The most confusing concept in whole TDS is “TDS on Salary” as readers always asked questions about the topic. In this article, we will cover all the topics related TDS on salary like how to deduct TDS on salary, how to calculate tds on salary, deposit TDS, submission of statements, time of deduction, annual salary … Read more

Who is Liable to Deduct TDS for F.Y.2018-19

Any persons responsible for making specified payment (check here specified payment) as prescribed in income tax are liable to deduct tax at source.  The obligation to deduct tax at source is upon the person responsible for paying the income/amount which is subject to TDS. What is the rate of TDS? Its depends on the nature … Read more

Section 194H – TDS on Commission & Brokerage

A complete guide of section 194H – TDS on Commission and Brokerage for A.Y.2017-18. Who is Liable to Deduct TDS under section 194H? Any person who is liable to pay commission or brokerage shall deduct TDS. Here we will not talk about insurance commission. The TDS on insurance commission under section 194D has discussed here. … Read more