Understanding Form 26AS on the Traces website

By | April 22nd, 2019|Categories: IT Assessment, TDS|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

During the whirlwind season of Income Tax Return Filings, you come across two income tax forms most frequently. These are Income Tax Form 16 and TRACES 26AS or Form 26AS. Where Income Tax Form 16 specifies details of your salary income and tax deducted and deposited by your employer.  TRACES 26AS is an annual consolidated tax summary that you need [...]

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Return Filing of TDS

By | July 5th, 2017|Categories: TDS|

TDS Return form is required to be filed by the individual who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, type of payment, PAN No. etc. TDS Return Form Form Particulars Form 24Q Statement [...]

TDS Challan 281

By | July 4th, 2017|Categories: TDS|

Introduction TDS Challan 281 is used for depositing TDS and TCS by corporate as well as non-corporate entities. TDS is a mechanism introduced by the Government in which the person (deductor) before making the payment of specified nature (such as salary, rent, etc.) to the payee shall deduct tax at a specified percentage of such amount [...]

Understand Form 26AS

By | July 4th, 2017|Categories: TDS|

Introduction It is a consolidated tax credit statement issued to a taxpayer and shows the Income tax that has been deposited with the government with respect to the taxpayer and Form 26AS is required to be issued Under Section 203AA of the Income-tax Act, 1961. Form 26AS Contains all the details of the taxes paid and [...]

Form 15G 15H

By | July 4th, 2017|Categories: TDS|

Introduction  Form 15G 15H are the forms which you can submit to make sure TDS is not deducted from your income if you meet the conditions mentioned below. Also, it is mandatory to have a PAN card before applying for these forms. Form 15H is applicable for senior citizens, those who are 60 years or older; [...]

Form 16A

By | July 4th, 2017|Categories: Other Sources, TDS|

Form 16A refer as a  TDS Certificate which specifies TDS amount deducted and deposited on other payments except salary. Although TDS on salaries is deducted at the average rate of estimated income (according to the Slab rates ), TDS on all other payments like TDS on interest, TDS on Rent etc. is to be deducted at the rates [...]

Excess Tax Deducted at Source (TDS)

By | June 27th, 2017|Categories: Income Tax Refund, TDS|

Many times it may happen that the deductor deducts excess TDS so in that case, the taxpayer can claim excess TDS  refund. Under the Section, 244A provides for levy of interest on excess TDS  refund granted to the taxpayer. If excess TDS deducted at the end of a financial year, a TDS refund arises. E-Filing TDS In [...]

Form 16: Part A and Part B

By | June 23rd, 2017|Categories: Other Sources, Salary, TDS|

Introduction Form 16 is a certificate, in which employer is certifying details regarding the salary and the deduction of TDS of the employee during the year.Form 16 is issued once in a financial year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.It has two parts, [...]