Criterias for TDS Exemption

As per the Income Tax Act 1961, the tax is payable on the collection as well as disbursement of income. The tax which is withheld on disbursement of income is called tax deducted at source; as the name suggest it is spot- deduction of tax. TDS is a method of collection of tax where a certain percentage (1%-30%) of the [...]

By | March 17th, 2017|Categories: TDS|Comments Off on Criterias for TDS Exemption

What is conso file? How do I download conso file to make corrections?

A consolidated file is a consolidated data of the statements that are processed (regular and correction) for the relevant financial year, quarter and the form type. Deductors/collectors are required to furnish a quarterly TDS (Tax Deducted at Source) / TCS (Tax Collected at Source) statement as per the Income Tax Department (ITD) guidelines. For any changes in the quarterly TDS [...]

By | January 10th, 2017|Categories: TDS|Tags: , |1 Comment

Is TDS to be deducted on the Amount of Service Tax?

According to the Indian Tax Laws, the receiver of service is required to do two things at the time of making any payment: Pay Service Tax on the services received Calculate TDS online and deduct it from the payment made But a confusion always arises as to whether TDS on service tax is liable to be deducted or the TDS [...]

By | January 10th, 2017|Categories: TDS|Tags: |0 Comments

Why is it Important to Collect TDS Certificates?

The income-tax act provides for collection and recovery of income-tax in multiple ways, the deduction of tax at source in respect of income by way of salaries, interest on securities, interest other than interest on securities, winnings from lotteries and crossword puzzles, winning from horse-race, insurance commission, dividends, payment to contractors or subcontractors and payments to non-resident, being one mode [...]

By | January 5th, 2017|Categories: TDS|0 Comments

What is the due date to file TDS return?

Due date for TDS payment and what is the interest liabilities on late payment One of the modes of collecting income tax at source of income under the income tax act, 1961 is TDS and the very basic reason behind this are, “ pay as you earn “ and “ collect as it earned  “. The concept of TDS requires [...]

By | January 4th, 2017|Categories: TDS|0 Comments

What are the common TDS provisions?

One of the modes of collecting income tax at source of income under the income tax act, 1961 is TDS and the basic concept behind it is, “pay as you earn“ and “collect as it earned”. An assessee who has deducted the TDS at the time of incurring any expenditure is liable to make TDS payment. The due dates for [...]

By | January 4th, 2017|Categories: TDS|0 Comments