What happens if TDS is deducted by employer but not deposited
Posted Date : 17-Apr-2024 , 08:36:05 am | Posted By
S.Mahajan
At times, employees discover that although their salary has been subjected to Tax Deducted at Source (TDS), their employer has not deposited this tax with the government. A judgment from the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) highlights that it's the responsibility of the empl...
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Category : TDS |
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Do's And Don'ts while filing TDS return
Posted Date : 14-Jul-2023 , 08:56:26 am | Posted By
NIKITA AGARWAL
While filing TDS Return, A Return Preparer should keep in mind the following Do's and Dont's:- Do's: 1. Read the instructions carefully: Familiarize yourself with the guidelines and instructions provided by the Income Tax Department for filling TDS returns. 2. Use updated forms: Always use ...
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Category : TDS |
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Comprehensive overview of Tax Deduction at Source (TDS)
Posted Date : 13-Jul-2023 , 06:34:24 pm | Posted By
NIKITA AGARWAL
This article provides a comprehensive overview of Tax Deduction at Source (TDS), covering various aspects such as forms, returns, challans, due dates, and related information. TDS is a mechanism employed by tax authorities to collect taxes at the source of income. This aims to explain the concept of...
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Category : TDS |
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TDS on Sale / Purchase of Property - Steps to Pay TDS through Challan 26QB and to Obtain Form 16B
Posted Date : 08-Jun-2023 , 09:22:49 pm | Posted By
S.Mahajan
If Seller/Deductee is a resident of India:
The Finance Act 2013 introduced section 194IA applicable w.e.f. 01.06.2013, wherein TDS is applicable on sale of immovable property where the sale consideration of the property is equal to or exceeds Rs. 50,00,000/- (Rupees Fifty Lakh). TDS @ 1...
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Category : TDS |
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TDS on payment of Rent by Individual/HUF in Excess of Rs. 50,000 per month
Posted Date : 02-Jun-2018 , 01:23:56 pm | Posted By
GURMUKH KOTWANI
This section is applicable w.e.f 01/06/2017.
Any individual/HUF whose books of account are not required to be audited u/s 44AB of Income Tax Act, 1961 in the immediate preceding F.Y. and paying to a resident, rent of land and building, is liable to deduct tax u/s 194-IB. However, no t...
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Category : TDS |
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TDS
Posted Date : 12-May-2017 , 12:09:21 pm | Posted By
AADESH
TAX DEDUCTED AT SOURCE
Tax deducted at source (TDS) is a way of collecting tax.
Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment.
The onus of compliance lies with the PAYER who make...
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Category : TDS |
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SOME FAQ ON TDS/ TCS
Posted Date : 14-Jan-2017 , 07:53:47 pm | Posted By
Anshu Agarwal
Q1. What is TDS/ TCS? TDS (tax deduction at source)/ TCS (tax collection at source) is a means of collection of Income Tax. Under TDS, certain amount of tax is deducted by a payer from the income of payee according to applicable law of the income tax. Whereas under TCS, certain amount of tax is coll...
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Category : TDS |
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Online submission of form 15G and 15H
Posted Date : 20-Jun-2016 , 06:17:50 pm | Posted By
Anshu Agarwal
Submission of Form 15G/ 15H to Income Tax Department
There are certain provisions in the income tax act for deduction of tax at source (TDS) out of certain income like dividend, interest, rent etc. There are certain flat rates for deduction of TDS if such income exceed a certain fixed amount...
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Category : TDS |
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All about Tax Deduction at Souce (TDS)
Posted Date : 09-May-2015 , 11:23:54 am | Posted By
CA Kapil Goel
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under the Indian Income Tax Act of 1961. It is controlled by the Central Board for Direct Taxes (CBDT) and is part of the Department ...
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Category : TDS |
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TDS on Rent u/s 194I
Posted Date : 09-May-2015 , 11:19:56 am | Posted By
CA Kapil Goel
Any person who is not an Individual or HUF, who is paying any income to resident by way of rent is liable to deduct tax at source only in case the aggregate of the amount of such rent credited or paid or likely to credited or paid during the financial year by the aforesaid person to the accoun...
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Category : TDS |
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TDS RATE CHART FOR F.Y 15-16
Posted Date : 04-May-2015 , 05:21:53 pm | Posted By
Rinki
Here is a article of TDS rate for f.y 2015-16. Financial Year 2015-16
Nature of Payment Made To Residents
Threshold (Rs.)
Company / Firm / Co-operative Society / Local Authority
Individual / HUF
If No / Invalid PAN
Section - Description
Rate (%)
Rate (%)
Rate (%)
192 - Salar...
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Category : TDS |
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Basic Conditions for filing 15G & 15 H
Posted Date : 19-Apr-2015 , 08:38:35 am | Posted By
Vimmi
The basic conditions for filing 15G are—the final tax on estimated total income computed as per the Income Tax Act should be nil; and, the aggregate of the interest (excluding interest earned on securities) received during the financial year should not exceed the basic exemption slab of Rs 2...
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Category : TDS |
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Revised and Latest TDS Rate Chart For FY 2015-16 and AY 2016-17
Posted Date : 03-Mar-2015 , 08:41:36 am | Posted By
Vimmi
The Changes proposed by the Budget 2015-16 (Finance Bill 2015) related to deduction of tax at source under Chapter XVII of the Income tax Act, 1961 are as under:
1. Section 194A amended to expressly provide that from 1st June, 2015 the exemption provided fro...
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Category : TDS |
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