TCS Rates Chart F.Y.2019-20 A.Y.2020-21

TCS Rates Chart: 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 … Read more

Section 194E – TDS from Payment to Non-resident Sportsman

Section 194E – TDS from Payment to Non-resident Sportsman or Entertainer or Sports Association: If you are responsible to pay any amount in the way of income to any non-resident sportsman (including an athlete) who is not a citizen of India, you are required to deduct tax at source @ 20% plus surcharge as applicable … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H

First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more

Section 194C – TDS on Contract Payments [A.Y. 2019-20] Up to Date

There is a duty of payer to deduct TDS u/s 194C on making of payment/credited to contractor. Contractor includes a sub-contractor. In this article we will discuss about the TDS deduction and related procedure on payment to contractors & sub contractors. The article is up to date with latest amendment as per finance act 2019. Quick … Read more

Section 194A – TDS Interest other than Interest on Securities F.Y.2019-20

Here we will discuss about the complete detail about TDS deduction on interest other than interest on securities u/s 194A. You can find here TDS rates, exemption limit, responsible persons, time of deduction, TDS returns, time limit for deposit TDS and more. Quick Summary Person Responsible to Deduct Tax All Assessee except those individual and HUF … Read more

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

Here is the TDS Rates Chart for F.Y.2019-20/A.Y.2020-21 (From 1-4-2019 to 31-3-2020). You can check here compact TDS rates chart & detail TDS rates chart. The compact TDS rates chart to check TDS rates fast without any delay. You can also save the image of TDS rates on your computer or mobile for future references. … 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

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

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

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!

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!

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!

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