Section 192 – TDS from Salary

Section 192 of income tax act contains provisions regarding tds on salary. An employer is required to deduct tds from the salary payable to the employees. Topics covered in this article – Employers which are required to deduct TDS Time of Deduction Calculation of tax to be deducted Calculation of

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Declaration to Deposit Lower TDS

If as a deductor, you have reasonable reasons for lower deduction/payment of TDS in the current period as compared to previous period, then the deductor can file declaration to deposit lower TDS via TRACES. It is an advisory issued from the Centralised Processing Cell (TDS) to file this declaration if

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Rule 28AA – No TDS or TDS at Lower Rate under section 197

(1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer

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TDS Return – Due Date, Penalty and Forms

TDS Return Filing Due Date (Applicable from 1st Quarter of 2016-17) Quarter Last Date for Filing Return 1st April to 30th June 31st  July 1st July to 30th September 31st October 1st October to 31st December 31st January 1st January to 31st March 31stMay TDS Return Filing Due Date (Applicable upto

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Complete Guide for Persons who Receives Form 15G or Form 15H

Form 15G or Form 15H are the declaration forms by the assessee stating that no tax is payable by them and thus no TDS should be deducted from payments to them. The form can also be submitted through electronic process and it is mandatory for the payer to accept the

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TDS – Practical Guide with Examples

What is TDS? TDS stands for Tax Deducted Source. In TDS system, persons responsible for making payment for specified services such as commission, brokerage, professional consultancy etc are required to deduct a fixed percentage from the amount. Such deducted amount (which is called TDS) have to be deposited to the

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Form 15G and Form 15H – Comprehensive Guide

What is Form 15G and Form 15H Difference between Form 15G and Form 15H Examples to understand who can submit Form 15G and Form 15H When to File Form 15G/15H What if TDS already deducted Download Form 15G/Form 15H in Pdf, fillable Pdf, Word or Excel Formats Filled Sample Forms

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TDS on payment to contractor or sub-contractor – Section 194C

Persons required to deduct TDS under this section Any specified person responsible for paying any sum to any resident contractor for carrying out any work is required to deduct tax at source. TDS is also required to be deducted for payment to sub contractor. Tax is to be deducted even

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Collection of Tax at Source (TCS) under section 206C

The provision of this section will not apply from Financial year 2017-18. However TCS is still applicable on sale of motor car of more than Rs. 10 lakh. The Finance Act 2016  had amended section 206C to cover more transactions. The amendments brought in section 206C by Finance Act, 2016

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