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Tag Archives: Tds Deduction

What if not file Statement of TDS within Prescribed Time

Charge of TDS recovered

Section 200 (1) of the income Tax Act, 1961 (‘Act’ for short) provides that any person deducting any sum in accordance with the foregoing provisions of bankruptcy XVII shall pay in the prescribed time, the sum so deducted to the credit of the central government or because the Board directs.

Sources of tax deduction can be claim while calculation of total income

Tax deductions are the claims made to reduce your actual taxable income. It arises essentially from diverse investments and fees incurred with the aid of the taxpayer. It relies upon to your investments that how a whole lot quantity of tax you may save. the principle intention at the back of tax deduction is to prevent the quantity of profits,

While filing Income Tax Returns NRIs need to know these things

Income earned by NRI from abroad is not taxable within India.Some NRIs also have an earning in their motherland country, India in the form of interest from deposits, House property , etc. This income has a basic limit of exemption, which is Rupees Two lac. If the NRI earnings from such sources cross the limit of two lakh, then they should file their tax return.

TCS on Cash Sale

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TCS on Cash Sale – Notification

Amendment in section 206C of the Income Tax Act vide Finance Act 2016 -Clarification regarding

In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees.

Why you need TDS certificates when Form 26AS provides all information

One can gather all information related to TDS in Form 26AS which is sufficient to file one’s return. This might make you doubt the importance of TDS certificates but the rationale behind introducing Form 26AS is to enable the taxpayer to cross check the details mentioned in his/her TDS certificates with those mentioned in Form 26AS and create transparency. TDS certificates are important because :

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