However, NO TDS is deducted when The amount is paid to Reserve Bank of India, Government or any such body. Finance Corporations of Central or State. Mutual Fund u/s 10(23D). Deductee has non-deduction certificate u/s 192 of Income Tax Act. ...
The provision doesn't specify that the TDS must previously be deducted from the payment that is made or credited to the account of the supplier. The GSTR-7 return indicates the preferred deduction at the time of payment. The deduction of tax isn't required when the location of the ...
To the Government, if any excess amount is deducted and paid, a refund needs to be claimed, as this is not the amount the Government has right on. But, if the amount deducted is already added to the electronic cash ledger of the supplier, then this added amount will not be refunded ba...
TDS Not Deducting: As of the date when TDS was supposed to be deducted until TDS was deducted, you were supposed to deduct 1% per month Failure to Deposit TDS with the Government: From the date that TDS is deducted to when government payments are made, the rate is 1.5% per month. Fees...
The deductor is required to give the TDS deducted certificate issued by the government to the deductee as a fulfillment of tax liability, and must annually file TDS return in the relevant format within the Indian income department. TDS is deducted as income tax when making specific payments ...
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...
In some cases TDS is treated as income tax paid by the TDS withholding agent on behalf of the TDS withholdee. It can therefore be claimed as a tax credit when filing income tax return and reduces the income tax liability. 2. From which payments and at what rate must TDS be deducted?
Change in section code is only possible when the correction in challan is made. Reply ARUN BATRA October 25, 2017 at 9:48 am We received a demand after filing TDS returns on filing site for having short deducted and short paid tax against one of payment together with interest on short ...
TDS is a preliminary estimate of tax liability payable on a Pay as You Earn basis. It is deducted at source by a withholding agent and deposited into RGR account or RRCOs for adjustment with the final tax liability. TDS is not a
Reversal of TDS on Invoice settlement when TDS is deducted on both Invoice and Payment separately As per the Income-tax Act, TDS must be deducted on Invoice and Payment whichever is earlier. If by mistake the user deducts TDS on both Invoice and payment separately then at...