Form 16 : Basics , Part A , Part B, Procedure, PDF Form 16 is the Certificate under Section 203 of the Income-Tax Act, 1961 for Tax Deducted at Source on Salary
What is Form 16? If you're a salaried employee, you must have heard about the term TDS. It basically stands for Tax Deducted at Source. If your salary is eligible for a TDS deduction, you will come across the form 16 at some point in your career. Form 16 is essentially a certificate issued by an employer to the employee [...]
TDS and TCS under GST TDS and TCS provisions will be applicable under GST will be applicable from 1st October, 2018 with TCS rates declared at 1% of net taxable supplies.
The Central Board of Indirect Taxation and Customs (CBIC) announced TDS and TCS under GST to be applicable from the 1st of July, 2018. However, as a measure to give a relaxation period, CBIC extended the date to 1st October 2018. The board also declared the tax rates for net supplies. Read on to find out. Before, that for simplification [...]
Section 194IB: TDS on payment of rent by Individual or HUF
TDS on payment of rent by Individual or HUF is covered under the Section 194IB of the Income Tax Act. This section was inserted because the government felt that income through payment of rent by Individual or HUF should be covered under TDS Deduction. This article discusses all the aspects of TDS on payment of rent by Individual or HUF. Who [...]
Is TDS to be deducted on the amount of GST?
TDS on GST amount is a matter of confusion as a confusion always arises as to whether TDS on GST is liable to be deducted or the TDS on GST is not liable to be deducted. The confusion about whether it is liable or not will be solved by this article. The Central Board of Direct Taxes (the Board) had [...]
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 [...]
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