TDS

tds certificate
Income Tax
CA. Kavit Vijay

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

According to the Income Tax Act provisions, Tax deducted at Sources (TDS) deduction is mandatory while making payments. Application for lower TDS deduction rates can be made from 28th February 2020. The taxpayer who is making the payment, has to deduct the TDS and deposit it to the Income Tax Department before the assigned due date of depositing TDS. At times TDS is deducted from the total revenue/ inpayer i.e receiver whereas the taypayer’s total tax liability is computed on the profit of that financial year. It is in accordance with the prevailing Income Tax Rates/Rules, which may be less

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Section269SU
Information
CA. Kavit Vijay

Section 269SU Online Compliance on e-Filing Portal – Due Date | Penalty for Non Compliance

The Income Tax department is sending email notifications to the taxpayers with more than Rs. 50 crore turnover about the applicability of section 269SU. Taxpayers need to furnish an online report on the e-filing website from their own account. The due date to file the report is 31st January 2020. The Finance Act 2019 has come up with a new section, namely, section 269SU. A person with businesses having a turn over of more than Rs 50 Crore mandatorily need to offer facilities for payments through electronic transactions. Section 269SU actually became effective from the 1st November, 2019. As per

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TDS/TCS return
TDS
CA. Kavit Vijay

Time Limit to Deposit TDS/TCS Liability: Late Fee, Penalties

No filing or late filing of TDS/TCS return can take you into a wholesome of troubles. As the taxation rules suggest, taxpayers come under two penalties in case of non-filing of TDS returns or statements.  The first penal consequence the taxpayer will have to face comes under section 234E (Fee for default in furnishing statements), and the second one falls under section 271H (Penalty for failure to furnish statements). However, you will have to pay the late filing fee and interest as well in case of late filing. Here in this article, we are going to discuss all the important

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