Understanding Form 26AS on the Traces website

By |2019-04-22T09:02:09+00:00April 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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TDS Challan 281

By |2020-03-16T10:23:12+00:00July 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 [...]

Form 15G 15H

By |2017-07-12T12:28:23+00:00July 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 |2020-03-16T10:28:35+00:00July 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 [...]

Tax Deducted at Source (TDS)

By |2020-03-16T10:32:09+00:00July 4th, 2017|Categories: TDS|

Introduction TDS abbreviates Tax Deducted at Source is a means of indirect tax collection by the concept of pay as you earn” and “collect as it is being earned” by Indian authorities according to the Income Tax Act, 1961 and it is managed by the Central Board of Direct Taxes (CBDT), which comes under the Indian [...]

Excess Tax Deducted at Source (TDS)

By |2017-07-14T05:46:50+00:00June 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 |2017-07-19T06:04:04+00:00June 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, [...]