• TDS for the works contract tax liability under TN VAT act

    In Tamilnadu, The Tamilnadu Value Added Tax, 2006 received the accent of the Governor of Tamilnadu on the 14th of December, 2006 and was enacted in the Legislature as Act No. 36 of 2006. This act repealed TNGST Act, 1959 and TNAST Act, 1970.

    Residential Status and Equalisation Levy in Income Tax Act

    Equalisation Levy in Income Tax Act

    As per sec 165 of Finance Act 2016 any Resident Person carrying Business or Profession or Non - Resident having Permanent Establishment in India have to deduct 6 % of Payment made for Online Advertisement or any provision of digital Advertisement space or any other facility or services for Online Advertisement purpose. Deduction of

  • Tedious (TDS) – practical issues By Ca Niraj Mahajan

    In business parlance these days, the word ‘TDS’ has become synonymous with ‘tedious’. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it well, they also have to take care that the other party (deductor/deductee) have played their roles efficiently.

  • Penalties under Income Tax Act

    Sec 140A(3): - When assessee fails to pay wholly or partially of Self Assessment Tax or Interest or penalty or less than, in such a case Assessing Officer may impose any amount of fine subject to Maximum of Tax in arrears.

    Sec 158BFA(2): - Minimum 100% of Tax leviable subject maximum of 300% of Tax liable on determination of Undisclosed Income.

    Sec 221 (1): - Any amount may be imposed by Assessing Officer as penalty on

  • Common Mistakes Done by Assessee while Filing Income Tax Return

    Wrong Calculation of Exemption of House Rent Allowance (HRA)

    So, Many times claim exemption of whole amount House Rent Allowance (HRA) Received even if Some portion of HRA is Taxable. Asseessee must take exemption of minimum of - 

    Actual HRA Received

    40% Of Salary or Incase of Metro Cities 50% of Salary

    Excess of Rent Paid over 10% Salary

    Note: - Here Salary means Basic plus Dearness Allowance (DA) if

  • TDS on Expense Provision by Manish Agarwal

    One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.

    Following are the views expressed by the author in this respect.

    01. The assessee must prepare his books of accounts following the mercantile system of

  • Centralised Processing of Statement of TDS 2013

    Ministry of Finance has introduced the scheme for Centralised Processing of Statement of TDS on 15th January, 2013 in exercise of powers conferred by S. 200A(1) of The Income Tax Act, 1961. The scheme mainly provides for:-


    1. Set up of Centralised Processing Cells


  • Rent which include Service Tax and TDS Liability on such Rent

    Rent which include Service Tax and TDS Liability on such Rent

    Rent may include Service Tax amount if Land lord have taxable service is above Rs. 10

  • Amendments or Changes in Income Tax for Financial Year 2018-19 (Assessment Year 2019-20)

    Standard Allowance to Salaried Employees in Place of Medical Allowance or Reimbursement, and Transportation Allowances


    Treatment up to Financial Year 2017-18 ( Assessment Year 2018 - 19 ): -


    Medical Allowance: - Any Fixed amount of Money Received by Employee from Employer every Month i.e. Medical Allowance is Fully Taxable in Hands of Employee irrespective of amount

  • No TDS on deposits doesn't mean these are tax-free

    Are you receiving emails or telephone calls from banks advising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.


    No TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government. However, the fixed deposit holder will have to include this interest income in her/his total income

  • How to close Short TDS Payment Defaults using Online Correction facility?

    CPC (TDS) -Advisory for closure of Short Payment Defaults using Online Correction facility before allowing Conso Files

    As you may be aware that at the time of filing TDS statements, it is mandatory to quote the challan particulars through which TDS payments have been made. The TDS forms prescribe quoting of such challans and the underlying deductee transactions corresponding to such challans.

    However, it is observed

  • Guide On TDS

    Honorable Finance Minister, could you please boot out tedious TDS?




    It’s that time of the year when you are preparing next year’s budget for presentation in parliament. Hopefully this Budget is not just an annual exercise but an effort to

  • How to E-Verify Your Income Tax Return

    The main difference between Forms 15G and 15H

    The conditions under which Form 15G and 15H may be filed are almost similar yet there is a significant difference which needs to be noted carefully. Actually lot of taxpayers end up filing one of these forms when they are not eligible to do so and vice versa.

    Basically, TDS is applicable to any interest above Rs. 10, 000 from most of the common investments such as bank fixed deposits. TDS, is in fact tax paid in advance and credit

  • E-Tds/Tcs File Validation Utility

    E-Tds/Tcs File Validation Utility

    The e-TDS/TCS File Validation Utility (FVU) version 4.1 and 2.137 which has been released on January 3, 2014 has

  • TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

    The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below.

    Posts Related to Below Given Amended Chart:-

    Threshold for TDS on payment of interest on debentures

    Section 194J of the Act – Tax deduction at source from payment to director

  • Sec 194DA- TDS on insurance payouts

    A new Section 194DA has been inserted w.e.f. Oct 1, 2014 to deduct tax at source on some insurance payouts, which could particularly affect people above 45 and those with single-premium policies. Under this section, life insurance companies have to deduct a two-percent tax at source on aggregate payouts exceeding Rs.100,000

  • Step By Step- How to file revised TDS return

    Procedure for Filing Revised TDS Return
    If you find any mistake in filling of the eTDS or want to make any modifications like changing the name, address, challan serial no., BSR code, challan tender date, etc, you can correct your form in simple steps. However, before going through the steps, there is something you should know:

    Update deductor details such as Name, Address of Deductor.



    The concept of Tax Deduction at Source (TDS) was there in the erstwhile VAT Laws. GST Law also mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST

  • e-TDS/TCS RPU (Version 3.9) & e Validation Utility (FVU) version 2.138 applicable from 26.04.2014

    e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are available for download from TIN website and the same is mandatory with effect from April 26, 2014.

    e-TDS/TCS RPU (Version 3.9) for Statements from FY 2007-08 is available for download from TIN website (applicable from April 26, 2014).

    Key feature of FVU