How to ensure proper TDS deductionGautam Nayak
TDS (Tax Deducted at Source) is calculated on the interest earned or paid on a Term Deposit within a financial year, following the guidelines set by the Income Tax Department. When your bank credits the interest to your account, TDS is deducted immediately. Here are some key points regarding...
Through this method, an individual or company can make the TDS payment online by login into the e-tax portal of the TIN-NSDL via selecting any authorized bank. In TDS e-payment, you gain have 2 ways to make the payment from your respective authorized bank. The taxpayer can make the ...
In the case of Non-deduction of TDS The Penalty of 1% interest on the amount not deducted for the TDS In case of Non-remittance of the TDS to the government The Penalty of 1.5% of the total deducted amount that is calculated per month Delay in the TDS returns Filing The Penalty of a...
Step 2:-After that Open the TDS Software and Click on the 15G/15H Tab. Step 3:-Now Select the Client to which you want to submit Form 15G. Step 4:-For preparing the statement click on View/Edit Statement. If there is more than one statement prepared by you then you can check th...
After this process is complete, it is best practice to reconcile the values and verify accuracy to avoid errors. Post-payroll Process Statutory compliance:At the time of processing all statutory deductions like EPF (Employee Provident Fund), TDS (Tax Deduction at Source), and ESI (Employee State...
In the case of employees, the responsibility of online Profession Tax Payment Maharashtra falls upon the employer, who is responsible for the deduction and payment of profession tax to the state government based on the monetary threshold, if any, provided by the respective State's legislation. An...
Step 3: Calculate the payable tax amount according to the applicable tax slab.Step 4: Now, subtract the TDS amount that is deducted or the TDS, which will be deducted as per the tax slabs for different earnings.If the tax liability at any time after the deduction of TDS exceeds Rs.10,...
Note:-Now you can update your bank details online. Refer my post “How to correct/update Bank details in EPF/UAN online?“. TDS on EPF Withdrawal Rules Before jumping into know the process of submitting the Form 15G, let us first understand the rules related to TDS with respect to EPF...
Let’s take an example. Imagine you want to create a column that calculates the net donation amount after tax deduction based on the values in theDonationandTax Ratecolumns. The steps are: Go to theAdd Columntab and click onCustom Column. ...