TDS (Tax Deducted at Source) will not be applied to your FD interest income as long as the interest earned is Rs. 40,000 or less in a financial year. However, if your interest earnings exceed Rs. 40,000, TDS will be deducted at the current rate of 10% on the entire interest amount...
The provisions of the Income Tax Act make it obligatory for every individual, self-employed professional, businessman, and corporate to pay Advance Tax, on any income on which TDS(Tax Deducted at Source) is not paid. Both individuals, as well as corporates, must pay this tax. Advance Tax ...
There are statutory deductions that businesses need to calculate such as TDS (Tax Deducted at Source), PF (Provident Fund),ESI (Employee State Insurance)in payroll execution. These amounts are calculated and then filed at appropriate government portals. If you do not pay these on the due dates...
Schedules TDS2: Statement of tax deducted on Income other than salary. Depending on your tax situation, you may also need to fill out supplementary schedules like TDS1, TDS2, IT, and TCS as required. After completing all the necessary sections and schedules, you must verify and sign the re...
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 sum of Rs. 200 per day for every day of the default Why Gen TDS Software for Challan-cum Statement Fo...
Tax deducted TDS/TCS creditVerificationThe taxpayer has to verify and self-attest the form at the last by signing the verification content after entering all the details such as name, parent name and PAN details.Medium To Online Furnish Income Tax Return 1 (ITR)An...
If you find yourself in this situation, don’t panic. While penalties and fees are associated with filing your ITR after the due date, it’s still better to file late than not at all. In this blog post, we’ll go through the step-by-step process of filing income tax returns after ...
When you pay your taxes, you can claim the 10% TDS that has already been deducted by the AMC and only pay the balance. You can use the TDS Calculator to calculate the tax deducted at source on dividend income earned through mutual funds. Using the TDS calculator, ensures you avoid ...
Tax Deducted on Immovable Property Sale Details under Section S194IA: BuyerIf you have purchased a property, you must subtract TDS before paying the dealer. Part F of Form 26AS contains information on the TDS that you have deducted and deposited. TDS DefaultsDefaults related to remarks processin...
and the final tax depends on the tax saving investments a person makes or if the person lives on rent or if he has a house. So to compute your taxes correctly your employer asks for a declaration at the start of financial year (in April).The TDS is deducted based on this declaration....