1) TDS Interest Which section TDS interest is to be paid? TDS Interest is to be paid under section 201of Income Tax Act, 1961 When it is to be paid? When there is failure to deduct or pay TDS. So there are TWO categories of Defaults: (1) Deduction of tax at source FAILURE to de...
TDS on Fixed Deposit, Savings Accounts The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go pa...
Just like resident, If NRI’s tax liability exceeds Rs.10,000 in a financial year, he is required to pay advance tax . Interest under Section 234B and Section 234C is applicable when you don’t pay your advance tax. How is NRI recognised in ITR? In Income Tax Return Form in the Re...
The following sections list the services that TDS is applied on, as specified by the Government of India. Residents Income from salaries (Under section 192) Income from interest on securities (Under section 193) Income from dividend (Under section 194) ...
Topic 2 - Penalty, Prosecution and Compounding procedures under TDS/ TCS regime [Delayed filing of returns/ Delayed payment of taxes; Interest u/s 201 and 201(1A) etc.] Topic 3 - TDS under Section 195 on payments made to Non-Residents [DTAA vs ITA, Applicable Rates of TDS, Royalty/FTS...
Under Section 201(1) the Assessing Officer ruled that the taxpayer was considered to be an assessee in default, and the short deduction of tax was quantified at Rs. 1,05,99,465 on which interest under Section 201(1A) worked out to Rs. 51,76,587 that was recoverable from the...
Type of IncomeTDS RateSection Long-Term Capital Gains under Section 112(1)(c)(iii) 20% 195 Long-Term Capital Gains under Section 112A 10% 195 Short-Term Capital Gains under Section 111A 15% 195 Any other Long-Term Capital Gains 20% 195 Interest on Foreign Currency Loans to Government ...
Go to TDS on the left sidebar and select Liabilities. Select a liability. Click Record Challan in the top right. Enter the Amount. You can add Penalty for any delay in TDS Return filing. You can add Interest if you have failed to deduct TDS for this liability, or if you have not ...
If interest on a housing loan is claimed under Section 24(b) of the Income Tax Act for FY2020-21, the lender’s (bank’s) PAN is required. May 1, 2021byadminLeave a Comment If interest on a housing loan is claimed under Section 24(b) of the Income Tax Act for FY2020-21, the...
Section NumberSourcePayee TypeThreshold LimitTDS Rate 192Salary PaymentIndividualBasic exemption limits as per the income tax slab rates.Rates of Income Tax in force. 193Interest on securitiesResident-10% 194Deemed DividendResident IndividualRs. 2500 each Financial year.10% ...