Tag Archives: Tds Deduction

No TDS on GST when it is Shown Separately in the Invoice

No TDS on GST when it is Shown Separately in the Invoice
Central Board of Direct Taxes (CBDT) had issued Circular No 1/2014 dated 13.01.2014 wherein it was clarified that TDS on GST under Chapter XVIl-B of the Income Tax Act, 1961 had to be deducted on the amount paid or payable without including Service

Cut TDS from June 1 if paying rent over Rs 50,000 per month: Here’s how to do it

Cut TDS from June 1 if paying rent over Rs 50,000 per month: Here’s how to do it
An individual or HUF paying rent over Rs 50,000 per month is now required to deduct tax at source (TDS). The government recently introduced section 194IB in the Income-tax Act making it mandatory for a tenant to

How TDS on salary income works

How TDS on salary income works
Typically, in the month of April, being the start of the new financial year 2017-­18, salaried employees are asked by their employers to send ‘investment declaration statement’. The most popular and frequently used deductions are allowed under section 80C of the Income Tax Act, 1961. Few others sections for

What if not file Statement of TDS within Prescribed Time

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