Section 194J: TDS on Professional Fee

By |2017-07-19T05:46:07+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 [...]

Section 194H: TDS on Commission Income

By |2017-07-19T05:43:04+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 [...]

Section 197: TDS Exemption Certificate

By |2017-07-19T05:43:25+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 [...]

Form 26QB: TDS on Sale of Immovable Property

By |2017-08-21T06:23:51+00:00July 17th, 2017|Categories: Return Filing, Return Filing Forms, TDS|

Introduction From June 1st, 2013, when a buyer buys immovable property (not agricultural land) that costs more than Rs. 50lakhs, then the buyer will deduct the TDS while making payment to the seller under section Income Tax Act. For paying TDS, the seller will obtain Form 16B and Form 26QB for the buyer. Provisions The buyer will [...]

Section 194C: TDS on Payment of Contractor

By |2017-07-19T05:43:33+00:00July 15th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

TDS on contract is required to be deducted at the time of making any payment by the person who is making the payment for the contract. Under the Section 194C of Income tax which deals with any TDS on payment of contractor & Sub-Contractor. Section 194C: TDS on Contract If any individual is liable for paying [...]

Form 27Q: TDS return for NRI

By |2017-07-25T10:38:16+00:00July 14th, 2017|Categories: Return Filing, Return Filing Forms, TDS|

Introduction Non-Resident Indian (NRI) is determined by the residential status of the person under the income tax. We need to check the basic and additional conditions and other criteria’s prescribed u/s 6. In this section, only Non-residents are covered not the RNOR (Resident but Not Ordinary Resident). Form 27Q is for the TDS on Non-resident payments. [...]

Section 194A: TDS on Interest earned on Deposits

By |2017-07-19T05:43:44+00:00July 13th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

Section- 194A Section 194A deals with a deduction of TDS on interest other than interest on securities like Interest on Fixed Deposits, Interest on Loans and Advances other than banks. Under section, 194A TDS is deducted only when payment is made to a resident person Payment made to a non-resident person then tax is to be [...]

Section 192: TDS on Salary Income

By |2017-07-19T05:43:59+00:00July 12th, 2017|Categories: Return Filing, Return Filing Forms, TDS, TDS Laws, TDS Rates|

Tax Deduction at Source (TDS) or TDS on Salary is mandatory for employers in India paying salaries to employees on which income tax is applicable. For any income chargeable under the “Salaries” classification, the employer must deduct the applicable income-tax on the estimated income of the employee and deposit the same with the Government. In this article, we [...]

Form 26Q: TDS Return filing for Non Salary Deductions

By |2017-07-19T05:46:52+00:00July 10th, 2017|Categories: Return Filing, Return Filing Forms, TDS|

Introduction It is applicable for TDS deducted under section 200(3) of Income Tax for TDS under sections from 193 to the 194 being interest on securities, Dividend Securities, professional fees, directors' remuneration etc. Deductor has to prepare the quarterly statement of all the payment made by him and it is done under TDS return form 26Q [...]

Form 27D: TCS Certificate

By |2017-07-19T05:47:09+00:00July 10th, 2017|Categories: Return Filing, Return Filing Forms, TDS Certificate|

Introduction Form 27D  is a certificate for Tax Collected at Source (TCS) u/s 206 of Income Tax Act, 1961. It is the certificate for the return filed in Form 27EQ. The filing of Form 27D requires details of both PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number). Form 27D is filed by a seller of goods, not by [...]