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

How to download Form 16B from TRACES portal? What is Form 16B? In simple words, Form 16B is a certificate for tax deducted at source under section 3 of the Income Tax Act on the sale of Immovable Properties. TDS is deducted on the sale of immovable property under TDS Section 194IA @ 1% if the sale consideration of the property is more than or equal to Rs 50,00,000. TDS is to be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment the b..

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Step by step procedure of filing TDS Return | TRACES portal

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 found tedious by many. Therefore to make it quite easy, I am describing step by step procedure of filing TDS Return using the utility available on NSDL. The procedure is as follows: 1- The very first step is Registration on Traces and E-filing. First of all, you need to register your TAN number on Traces. But you cannot register on ..

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Govt's push to align TCS with TDS: Insights from Chief Economic Advisor

The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official. The move also comes at a time when the government is set to impose a 20 percent Tax Collection at Source (TCS) on certain international spends from July 1. Generally, TCS is the tax collected by a seller at the time of sale o..

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MSSC scheme exempted from TDS on interest earnings

TDS (tax deducted at source) will not apply to interest earned on Mahila Samman Savings Certificate (MSSC), but interest income will be added to total income for tax calculation. A Finance Ministry notification says the MSSC will be a scheme under "sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961". Section 194A deals with provisions relating to TDS on interest other than interest on securities. Tax is to be deducted under section 194A if in..

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Form 15G and Form 15H: Save TDS on Interest Income

Form 15G and Form 15H are self-declaration forms that can be submitted by individuals to their banks or financial institutions to request exemption from tax deduction at source (TDS) on interest income earned from fixed deposits, recurring deposits, and other investments. Form 15G is meant for individuals below 60 years of age, while Form 15H is meant for senior citizens above 60 years of age. When to submit Form 15G/15H? Form 15G and Form 15H needs to be submitted at the beginning of e..

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Section 194DA: TDS on Payment of Life Insurance Policy

Section 194D of the Income Tax Act requires tax to be deducted at source on any commission or reward paid for procuring insurance business. The deduction must be made at the time of payment or crediting of the commission. Rate of TDS u/s 194DA Section 194D of the Income Tax Act specifies different rates at which tax is deducted at source based on the type of payee. For individuals, the rate is 5%, while for domestic companies, the rate is 10%. If the payee does not provide PAN, the rate is..

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TDS Rate chart for FY 2023-24 (AY 2024-25)

Tax Deduction at Source (TDS) is a crucial compliance requirement for Income Tax Assessees. The Income Tax Law contains several sections that specify varying TDS rates, payment types, and threshold limits for TDS. The Budget 2023 has introduced some significant changes concerning TDS. These changes include a higher limit of 3 crore for TDS on cash withdrawal provided to co-operative societies, removing the minimum threshold of INR 10,000 for TDS related to online gaming, and reducing the TDS rat..

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Most Commonly Used TDS Sections along with TDS Rates and Threshold Limit

Tax Deducted at Source (TDS) is a mechanism of collecting income tax at the source of income itself. TDS is applicable to various types of payments such as salary, interest, commission, rent, etc. The TDS rates vary depending on the type of payment and the status of the recipient. In this article, we will discuss the most commonly used TDS rates applicable to various types of payments.   MOST COMMONLY USED TDS SECTIONS WITH TAX RATES AND THRESHOLD LIMIT ..

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Auto Calculate & Automatic IT Preparation Excel Based Form 16 for FY 2022-23 and AY 2023-24

Everything you need to know about Form 16: TDS Certificate for Salary Employers issue Form 16 TDS certificates to their employees. It is proof of the deduction of tax at source from the worker's salary. Furthermore, the genesis of this form can be seen in section 203 of the Income Tax Act 1961 as TDS. It is a part of the income under the "salary" heading. When is Form 16 issued? Form 16 is issued on the employer's tax deduction from the employee's salary. The tax d..

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CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Official copy of the circular has been mentioned below Circular No. 04 of 2023 ..

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TDS on sale of property under migrated E-filling portal

As per section 194 IA of Income tax Act, 1961, TDS is applicable on sale of immovable property, if the consideration of property exceeds or equal to Rs. 50,00,000/- (Rs. Fifty lakhs). The rate of tax under the above section is 1% which is to be deducted and need to be deposited by buyer. Steps to be taken by buyer, if he purchases property of Rs. 50,00,000/- or more He must have PAN (Permanent Account Number) issued by income tax department. He must collect PAN (Permanent Account Numb..

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TDS on virtual digital assets aggregates to Rs 157.9 crore for FY 2022-23

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23 The Direct tax collected by way of tax deducted at source under section 194S of the Income-tax Act, 1961, on payments made upon transfer of Virtual digital Assets (VDA), aggregates to Rs. 157.9 crore upto 20/03/2023 for FY 2022-23. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha toda..

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TDS on all winnings from online gaming to come into effect from 1st April

The TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023 as against an earlier provision of 1 July, 2023. This comes as the online gaming industry stakeholders had approached the Central Board of Direct Taxes (CBDT) and the Prime Minister's Office (PMO) to oppose changes in TDS and Goods and Service Tax (GST) on the sector. On 23 February, three online gaming industry bodies, including E-Gaming Federation (EGF), All India Gaming Federatio..

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TDS Rate Chart for FY 2023-24

TDS (Tax Deducted at Source) is a tax collection mechanism in India where the person making payment (the deductor) deducts a certain percentage of tax from the payment and deposits it with the government. TDS is applicable to various types of payments such as salaries, interest, rent, commission, professional fees, etc. The rate of TDS varies depending on the type of payment and the status of the recipient.    TDS Rate Chart for FY 2023-24 Section Nature o..

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TDS on transfer of immovable property

Section 194IA of the Income Tax Act, 1961 Any person (i.e. Individual, HUF, Partnership firm including LLP, AOP, BOI, Company, Local authority, Artificial Juridical person) being a transferee of immovable property, other than the agricultural land, responsible for making payment to a resident transferor as consideration for transfer of any immovable property, shall deduct TDS @1% of such payment. Note: Where stamp duty value of the property is higher than the consideration for transfer, 1%..

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Section 194J: Fees for professional or technical services

Section 194J of the Income Tax Act pertains to the TDS on fees for professional or technical services. According to this section, any person, including an individual or a company, who is responsible for paying to any sum as fees for professional or technical services, is required to deduct TDS. Different types of payments are covered under Section 194J   Section 194J of the Income Tax Act covers various types of payments made for professional or technical services. Some examples of..

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CBDT issued circular on TDS from salaries u/s 192 during FY 2022-23

CIRCULAR NO: 24/2022 F. No. 275/15/2022-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated the 7th Dec, 2022 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-23 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. *****   Reference is invited to Circular No. 04/2022 dated 15.03.2022 whereby the rates of deduction of income-tax from the payment of income under the head &quo..

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Steps to e-pay Income Tax, TDS through Income Tax Portal

Last week 7th of Nov 22 was the due date for payment of TDS deducted during the month of October 2022, whereas most of them would have noticed that in tin-nsdl portal ( only few banks were allowed for making tax payments be it Income tax payment vide Challan ITNS 280 or TDS Payment vide Challan ITNS 281 or others. There was also this message on scrolling bar that few banks have been migrated from OLTAS e-Payment of Taxes facility ..

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Types of correction in TDS return

Introduction The TDS idea was introduced with the intention of collecting tax at the source of revenue itself. Tax filing is a time-consuming process that is subject to unavoidable mistakes. The TDS returns and statements must be accurate. However, the Income Tax Department has introduced a procedure for submitting revised TDS return "correction returns/statements" in order to correct any error in the original returns or statements.The mistakes can be informational, computational, o..

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Mismatch Of TDS With 26AS

Generally, every entity (individual or company) that has deducted taxes must credit that amount to the government via banks. Banks must upload these TDS details into the Tax Information Network (TIN) central system. Based on these details, the TIN central system matches information related to tax payments before converting it into a comprehensive ledger for the concerned PAN. This is Form 26AS. Therefore, Form 26AS s provides a consolidated view of the total income earned by you from all the sou..

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