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TDS


TRACES Login | How to log in to TRACES portal and download Form 16B?

TRACES portal- Step by step guide to download Form 16B and TDS TRACES login..

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Step by step procedure of filing TDS Return | TRACES portal

TRACES - Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been ..

Posted in articles |   11 comments |   8704 Views


Sec-194O: TDS on Payments made to E-Commerce Participants

Section 194O has been introduced in the Union Budget 2020. According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant. TDS on e-commerce operators under section 194-O is applicable from 1st October 2020. Definition of E-Commerce Operators and Participants <img alt="Definition of E-Commerce Operators and Participants" class="img-fluid" src="/edit..

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TDS on fees for professional or technical services

Dear Friends as you are aware that we are a republic state and the government is a representative of the people of India. We Indians choose our government every five years and the government will work for the welfare of all Indians. The main sources of income of government are the collection and levying of various types of taxes. The Government after collecting taxes expend amount on welfare, security, scientific development, infrastructure development, etc. It is necessary for the Government..

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How should the e-TDS/TCS return be prepared?

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website (www.incometaxindia.gov.in) and NSDL-TIN website (www.tin-nsdl.com). There is a validation software (File Validation Utility) available along with the data structure which should be used to validate the data structure of the e-TDS/TCS return prepared. The e-TDS/TCS return should have following features: e-TDS/TCS return file should b..

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All about Equalisation Levy

Equalisation Levy was introduced in India in 2016 via Chapter VIII of the Finance Act 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. Why Equalisation Levy? Over the last decade, Information Technology has gone through an exponential expansion phase in India and globally. This has led to an increase in the supply and procurement of dig..

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TDS ON FOREIGN REMITTANCE

IS ANY KIND OF TAX APPLICABLE (WHILE RECEIVING FUNDS OR WHILE REMITTING) IN CASE OF ONE SECURES A CONSULTANCY CONTRACT FOR SHIP REPAIRS FROM ONE FOREIGN COMPANY FOR WORK TO BE DONE/SUB-CONTRACTED IN ANOTHER FOREIGN COMPANY. THE PAYMENT WOULD BE RECEIVED FROM SAY SINGAPORE IN TO INDIA AND MUCH OF IT WILL HAVE TO BE FORWARDED TO CONTRACTORS/CONSULTANTS IN UAE WHERE THE ACTUAL WORK WILL BE DONE. NONE OF THE FOREIGN COMPANY'S HAVE ANY BRANCH/REPRESENTATION IN INDIA. 1. WILL GST BE APPLICABLE..

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Tax Deducted at Source (TDS) provisions under GST

TDS is a familiar term as far as it relates to income tax. Now, it prevails in Goods and Service Tax (GST) after the notification number 50/2018-Central Tax, Government notified the applicability of TDS from 1st October 2018 as the date on which the provisions of section 51 of the CGST Act comes into force. TDS is the deduction at a specified rate by the deductor. Section 51 of the Central Goods and Services Tax (CGST) Act lays down the provisions of TDS. The section starts with the..

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Section 194N - TDS on Cash Withdrawal

1. What is Section 194N? Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. The tax will be deducted by the payer(Any Bank, post office, etc) while making payment to any individual in cash from a bank account on the amount in excess of Rs 1 crore. The limit of Rs 1 crore in a financial year is with respect to per bank or post office. For example, a person having five bank..

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TDS Under Section 194N- Cash withdrawal

To reduce the black money generation and flow, cash transactions need to be reduced. For this purpose, the government has taken various steps like demonetization. Section 194N is also a step taken by the Government for this purpose. Section 194N was introduced through Finance (No. 2) Act 2019 with effect from 1 September 2019. Description of the provision introduced through finance bill 2019 dated 5th July 2019. This section applies on Specific entities responsib..

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CBDT issues clarification on exemption under TDS Section 194N

Circular no. 14/2020 F. No. 370142/27/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Room no. 147B-II, North Block,&nbsp; New Delhi, dated 20th July, 2020&nbsp; Subject: Clarification in relation to noti..

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Section 194N| TDS on Cash Withdrawal

1. What is TDS Section 194N? TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020. The section covers provisions regarding&nbsp;TDS on cash withdrawal. By introducing the section, the Government aimed to discourage&nbsp;cash transactions. This is a small step by the Central Government towards a cash-less economy. 2.&nbsp;What is the rate of TD..

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