TDS on interest of Fixed & Recurring Deposits
When we talk about TDS on interest then interest comes either from your savings account which is not eligible for TDS on FD/RD. RD is basically a kind of Fixed Deposits (FD) which deposited in the bank at regular installments as per the scheme. While FDs are for those who have a large sum to secure, RDs are good for those who [...]
Process to revise TDS returns
Introduction Once you have filed your TDS returns with NSDL, you might realize that there is an error in the returns. These errors can be because of various reasons like incorrect deductions or incorrect challan details or incorrect PAN details of a deductee. The revise TDS returns are necessary. To revise TDS returns, you will need to have the consolidated [...]
Responsibility of TDS deductor
The article will tell us some of the duties of TDS deductor who is deducting the tax and deposit to the government account is required to follow: Tds Deductor is required to deduct tax at correct rate and deposit it in Government Account Every person is responsible for deducting the tax at source, at the time of payment or of [...]
Implications for Non Compliance with TDS Provisions
The non compliance with TDS provisions attracts different types of penalties if a person fails to deduct or pay TDS on the payment for which he was required to deducted TDS. TDS is required to be deducted in the specified cases as per the provisions of the Act. TDS is however collected as a means in order to keep a stable [...]
Section 194J: TDS on Professional Fee
Section 194J of the Income Tax Act of 1961, states that An individual should deduct TDS on professional fees paid by him to a resident exceeding Rs. 30,000/- Deductor Deductor of TDS on professional fees is a person (other than individual or HUF who is not liable to audit under section 44AB) who is paying to resident: Fees for Professional Services Fees [...]
Best TDS Return Filing Software
Introduction TDS (Tax Deducted at Source) is an indirect system of deduction of Tax by Indian authorities according to the Income Tax Act, 1961 at the point of generation of income tax. A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. It has details of TDS deducted and deposited by you. [...]
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