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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

By |2020-03-16T09:30:13+00:00February 6th, 2019|Categories: TDS, Uncategorized|Tags: , , , , , , , , , , |

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 [...]

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Process to revise TDS returns

By |2020-03-16T09:24:05+00:00July 19th, 2017|Categories: TDS|

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 [...]

Responsibility of TDS deductor

By |2020-03-16T09:28:18+00:00July 19th, 2017|Categories: Return Filing, TDS Certificate, TDS Laws, TDS Rates|

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 [...]

Implications for Non Compliance with TDS Provisions

By |2020-03-16T09:28:00+00:00July 18th, 2017|Categories: TDS Laws|

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 [...]

Section 194J: TDS on Professional Fee

By |2020-03-16T09:26:33+00:00July 18th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

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 [...]

TDS Payment Challan 281

By |2020-03-16T09:21:00+00:00July 18th, 2017|Categories: Return Filing|

TDS Payment Challan/Challan 281 is the challan for payment of TDS by companies as well as Individuals. TDS is the mechanism introduced by the government in which tax is deducted at source in the specified cases while making payment by the deductor at a specified rate and then it is payable to the Income Tax Department. Due date [...]

Section 194H: TDS on Commission Income

By |2020-03-16T09:27:24+00:00July 18th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

As per Section 194H of the Income Tax Act, TDS on commission income is required to be deducted by every person who is making the payment of such commission or brokerage. Deductor For the purposes of section 194H, a deductor is a person who is making the payment in the form of commission or brokerage to [...]

Consolidated file and Downloading Procedure

By |2020-03-16T09:20:08+00:00July 18th, 2017|Categories: TCS, TDS|

Introduction Conso 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 have to furnish a quarterly TDS (Tax Deducted at Source)/TCS (Tax Collected at Source) statement as per the Income Tax Department guidelines. For any changes in the quarterly TDS/TCS statement, [...]

Section 197: TDS Exemption Certificate

By |2020-03-16T09:26:48+00:00July 17th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

Introduction Section 197 of the Income Tax Act, 1961 provides for the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). This section strikes a delicate balance between the requirement of cash flow to the taxpayer and realizing the government dues at the earliest. We all know that, TDS is a method of [...]