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

Section 194G – TDS on Commission on Sale of Lottery Tickets

A complete guide of Section 194G TDS on Commission etc. on sale of lottery tickets Who is Liable to Deduct TDS Under Section 194G? The persons who are paying any commission, remuneration or prize on lottery tickets to a person who has been stocking, distributing, purchasing or selling lottery tickets. What is TDS Rate under … Read more

Section 194EE – TDS on National Saving Scheme

A complete guide on Section 194EE- TDS from Payment in Respect of Deposit under National Saving Scheme etc The person responsible for paying to any person any amount standing to the credit of such person under National Saving Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon such … Read more

Income Tax and TDS Computation on Contract Based Employee

With the advent of globalization, many organizations now hire their workforce on contract basis. This means that the hired person is not a full-time employee of the company, rather the person is hired with a view to complete a certain task and then would be released or re-hired by the company later on. Income Tax … Read more