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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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Section 198 and 145 - Deduction and Taxability of TDS

As per basic understanding, the net income which is received by the assessee in hands shall be net of the gross income accrued and the tax deducted at source. There came some cases where assessee considered only the net amount which was received in their hands as an income and did not consider the part which was not received in hands directly but was deposited to the government directly being (TDS). To protect the interest of the revenue and to consider the deducted amount as income, the governm..

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Compliance Calendar for the month of April 2021

The new Financial year 2021-22 has began and being the first month of the financial year, April 2021 is a significant month from the point of view of the tax compliance and other statutory due dates for ROC filing, GST return filings and Income tax filing falling in the month of April 2021. Tax Compliance and Statutory Compliance calendar is helpful for every registered business and professional to be ready for compliance well in advance starting. Here, we have prepared a Compliance Calendar ..

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TDS/TCS Rates w.e.f. 1st April 2021

  1. Tentative rates of TDS Section Nature of Income Rate of TDS applicable for the period Threshold Limit for deduction tax w.e.f. 01.04.2021 14-05-2020 to 31-03- 2021 193 Interest on Securities 10% 7.50% - 194 Dividend 10% 7.50% ..

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TDS Rates applicable for FY 2021-22 or AY 2022-23

Rates of TDS Applicable for Financial Year 2021-22 or Assessment Year 2022-23   Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period (Individual /Company and others New Rate %) Remarks Individual Company Other If No Pan or Invalid PAN (Rate) 192 Salary ..

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Disallowance of Tax Deducted at Source

1. What is Section 40(a)(i)? Section 40(a)(i)- Non compliance of Provisions of TDS where payment is made to Non Resident Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession",- in the case of any assessee- (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), roya..

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FAQ on Section 194Q TDS on purchase of goods

PROVISION RELATING TO TDS ON PURCHASE OF GOODS - 194Q The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Bill, 2021, proposes to insert a new Section 194Q to provide for deduction of tax by a buyer from the purchase of goods. As sale and purchase are the flip-side of a transaction, the ..

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Section 203A | Tax Deduction and Collection Account Number

203A. (1) Every person, deducting tax or collecting tax in accordance with the provisions of this Chapter, who has not been allotted a tax deduction account number or, as the case may be, a tax collection account number, shall, within such time as may be prescribed, apply to the Assessing Officer for the allotment of a "tax deduction and collection account number". (2) Where a "tax deduction account number" or, as the case may be, a "tax collection account number"..

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Section 201 | Consequences of Non-Compliance to TDS

201. (1) Where any person, including the principal officer of a company, - who is required to deduct any sum in accordance with the provisions of this Act; or referred to in sub-section (1A) of section 192, being an employer, does not deduct, or does not pay, or after so deducting fails to pay, the whole or any part of the tax, as required by or under this Act, then, such person, shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in de..

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Section 200A | Processing of statements of TDS

"200A. Processing of statements of tax deducted at source.- (1) Where a statement of tax deduction at source has been made by a person deducting any sum (hereafter referred to in this section as deductor) under Section 200, such statement shall be processed in the following manner, namely:- (a) the sums deductible under this Chapter shall be computed after making the following adjustments, namely:- any arithmetical error in the statement; or an incorrect claim, apparent from a..

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Uber India not liable to deduct TDS for payments made to the drivers, says ITAT

Case Name Uber India Systems Private Limited Vs Jt.CIT(TDS) Appeal Number ITA No. 5862/Mum/2018 and 5863/Mum/2018 Related Assessment Year 2016-17 and 2017-18 respectively Date of Pronouncement/Judgement 04/03/2021 In the order dated March 4, the ITAT held that it can be concluded that the provisions falling under Section 194C of the Inco..

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