including sale of property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on pro...
An e-TCS statement should be filed under Section 206C of the Income Tax Act in accordance with the scheme dated March 30, 2005, for electronic filing of TCS return notified by the CBDT for this purpose. As per section 200(3)/206C, as amended by Finance Act 2005, deductors/collectors...
Penalty under section 234E: Under this section, the deductor will have to pay a penalty of Rs. 200 per day till the time he/ she fails to pay TDS. You must know that, the penalty amount should not exceed the TDS amount. Penalty under section 271H: Under this section, the assessing...
Under such circumstances, the TDS Returns needs to be filed again. Who are Liable to file TDS Returns online? The people who are liable to file tax returns are as follows: Persons whose accounts are audited as per section 44AB Government officials Company What is TDS Refund period? Any ...
All the requirements that are to have adhered to Form 26QB have been mentioned under Section 194-IA. They are as follows: As per Section 194-IA, the buyer ought to deduct the Tax Deducted at Source at the rate of 1% of the entire value of sales that is determined at the time of ...
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that is paid to employees and the TDS ...
a corporation founded by or under a Central Act that is free from income tax on its earnings under any law in place at the time, or a Mutual Fund as defined in section 10 clause (23D). 8. What is the best way to deposit Tax deductions at source?
In theSectionfield, enter the legal section code that the TDS concession certificate is availed under. If the section code is 197, the value "A" appears in both the "Reason for non-deduction/lower deduction" column in Form 26Q and the "Reason for non-deduction/lower deduction/gross...
Under Section 199 of Income Tax Law 1961, when tax has been deducted at source from any payment of income receivable, credit will be given to theDeducteewhile calculating the net tax payable by him and the TDS will be treated as a payment of tax on his behalf to the Central Government ...
The taxpayer must make the application under sub-section (20) of section 155 will be in Form No. 71. e-Form No. 71 Will Be Issued Electronically Form No. 71 will be provided to the Principal Director General of Income-tax (Systems) the Director General of Income-tax (Systems) or the...