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TDS [20]

All About TDS Saving Forms 15G & 15H

Form 15G and Form 15H are self declaration forms required to be furnished by the Assessee to his banker to avoid the tax deducted at source (TDS) on his/her investments.As per Section 194A of the Income Tax Act, 1961, all banks and financial institut..

Posted in articles |   35 comments |   53191 Views

Taxation Entries for Vat,Excise,Service tax and TDS

Sometimes people have good idea about the taxation they know very well the provisions of tax and effectively compute the tax liability monthly/quarterly/half-yearly or yearly basis as the case ma..

Posted in articles |   132 comments |   28693 Views

TDS for the works contract tax liability under TN VAT act

In Tamil Nadu, The Tamil Nadu Value Added Tax, 2006 received the accent of the Governor of Tamil Nadu on the 14th of December, 2006 and was enacted in the Legislature as Act No. 36 of 2006. This act repealed TNGST Act, 1959 and TNAST Act, 1970. Th..

Posted in articles |   1 comments |   43605 Views

No TDS on Service Tax charged on Professional or Technical fees

We are sharing with you an important judgement of the Honble Rajasthan High Court, in the case of Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan Urban Infrastructure [2013 (8) TMI 12 RAJASTHAN HIGH COURT] on following iss..

Posted in articles |   12 comments |   9446 Views

Prosecution and interest on late deposit of TDS

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so..

Posted in articles |   8 comments |   17460 Views

Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT

It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the due date is an offence liable for prosecution under Section 276B of the Income Tax Act, 1961. The defaulter, if convicted, can be sentenced to Rigorous Imprisonment (RI) for a term which can extend upto seven years.   The TDS u..

Posted in news |   6 comments |   6317 Views

Prosecution u/s 276B for Defaults of TDS

SUBJECT: TDS/INCOME TAX ACT Default in TDS Collection and Deposit How Punishable is This Offence I ..

Posted in articles |   4 comments |   24674 Views

Detailed analysis of new TDS Section 194IA

w.e.f 01/06/2013, new TDS section brought into effect for deduction of tax while making payment for purchase of immovable property other than agricultural land in rural area in India- Following are the conditions and operational mechanism- (1) T..

Posted in articles |   33 comments |   41664 Views

TDS Certificates

Friends, Once again the season of filing income tax returns has come. Government has notified almost all Income Tax Return (ITR) Forms barring a few, which may be notified in next few days. TDS certificate is one of the most require..

Posted in articles |   3 comments |   18470 Views

TDS on Immovable Property

The Finance Bill 2013 had proposed to introduce Section 194IA to the Income Tax Act, 1961 (the ITA) which provided that the purchaser of an immovable property worth over Rs. 50 lakhs (other than agricultural land) is required to deduct..

Posted in articles |   12 comments |   15220 Views

TDS/TCS Rates Chart for A Y 2014-15

TDS Rate Chart for A Y 2014-15 on Payments other than Salary and Wages Section No. Nature of Payment Threshold Total Payment During the Year Payment to Individual or H..

Posted in articles |   6 comments |   42104 Views

Income Tax (Fifth Amendment) Rules, 2013 - Form for TDS 194IA on immovable property 26QB and 16B

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 31st May, 2013 NOTIFICATION INCOME-TAX S.O.1404(E) .— In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Cent..

Posted in news |   1 comments |   16585 Views

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