Income Tax

Any person responsible of paying compensation or enhanced compensation or consideration or enhanced consideration on compulsory acquisition of immovable property other than agricultural land is required to deduct tax at the rate of 10% at the time of payment to a resident. No surcharge, education cess or SHEC shall be added to the rate of TDS. This means it should be deducted … [Read more...] about TDS on payment of compensation on compulsory acquisition of Immovable property – Section 194LA

A deductor must issue TDS certificates to the deductee for deduction of tax at source. To get started, the person who has to deduct tax must first obtain TAN or Tax Deduction and Collection Account number.Newly registered companies are not required to apply for TAN separately as it gets allotted at the time of company registration. To know your company TAN, please check … [Read more...] about When and how to issue TDS certificates

TDS return has to be filed by each deductor for deducting tax at source. After deducting tax from all eligible payments, you are required to file quarterly statements with government to assign the deducted tax amount to deductee's PAN.In this article we will be discussing TDS return filing due dates and the forms used for filing.TDS Return formsBased on the type of … [Read more...] about TDS Return filing due dates and forms to be used

TDS or Tax Deducted at source has to be deposited with the government within the specified time limit. When tax has been deducted by any person other than government, the deducted amount has to be deposited on or before 7 days from the end of the month in which deduction is made or income tax is due u/s 192 IA.However, if income or amount is credited or paid in the month of … [Read more...] about Due dates or Time limit to deposit TDS

TDS stands for Tax Deducted At Source. TDS provisions are introduced to collect tax at the source from where certain types of incomes such as salary, interest, rent, professional fees etc. are generated.For instance in case of salary, tax has to be deducted by the employer at the time of paying it to employee. Instead of waiting for the employee to pay tax at the end of the … [Read more...] about Importance of permanent account number or PAN in TDS