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...
Section 194: Payment of any dividend 10% Section 194A: Income in the form of interest (other than interest on securities). 10% Section 194B: Income by way of lottery winnings, card games, crossword puzzles, and other games of any type 30% Section 194BB: Income by way of horse race ...
Salary and all other positive incomes under any head on income (Section 192) Interest on securities (Section 193) Interest other than interest on securities (Section 194A) Payments to contractors and sub-contractors (Section 194C) Winnings from Lottery or crossword puzzles (Section 194B) ...
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 ...
under section 194C, 194H, or 194J. 194M 5% 5% 20% 30 E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. 194O 500,000.00 1 Example of TDS on Salary If you work and your income is above basic exempt...
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 the interest is for particular Deductee or particular section then right way is to enter the amounts in interest or penalty columns in Tds correction statement ..Need not use traces ..Tds correction statement automatically nullify the demand Leave...
5.2.3DividendIncome15 5.2.4InterestIncome16 5.2.5IncomefromOtherSources16 PARTII 6.DEDUCTION,TDSCHEQUES,DEPOSIT,ACCOUNTING& ADJUSTMENTOFTDS,FINES&PENALTIES17 6.1Deduction17 6.1.1AgenciesresponsiblefordeductingTDS17 6.1.2WhenshouldTDSbededucted?17 ...
An NRI is allowed to claim standard deduction of 30%, deduct property taxes and take benefit of a interest deduction if there is a home loan. The NRI is also allowed deduction for principal repayment under section 80C. Stamp duty and registration charges paid on purchase of a property can ...