To discourage premature withdrawals from the Employee Provident Fund (EPF), the government has introduced Section 192A. According to this section, tax deducted at source (TDS) must be deducted from EPF withdrawals if certain conditions are met.The Employees' Provident Fund (EPF) is a savings plan for workers to help them save for retirement. Each month, 12% of an employee's … [Read more...] about How Does Income Tax Apply to EPF Withdrawals in India?
TDS
TDS on payment of compensation on compulsory acquisition of Immovable property – Section 194LA
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
When and how to issue TDS certificates
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 filing due dates and forms to be used
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
Due dates or Time limit to deposit TDS
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