TDS

  • Every Income Tax Return Filled by Asseessee will be Processed by Income Tax Department at Centralised Processing Centre (CPC) Bangalore without calling Asseessee.

    During Processing of Income Tax Return Income Tax Department will Compute Income of Asseessee after Making Certain Adjustments.

    Following Adjustments will be made in Income of Asseessee During Processing of Income Tax Return: -

    Any Arithmetic Error in Income

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  • a. This provision is applicable in respect of transactions effected on or after June 1, 2013.

     

    b. It seeks deduction of tax at source on transfer of certain immovable property other than agricultural land referred to in Section 2(14) of the ITA.

     

    c. Any person

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  • Section No.

    Nature of Payment

    Threshold
    Total Payment During the

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  • Form 16 for financial year 2012-13 in case of salaried employees should have been provided by May 31, 2013 and Form 16A should have been provided within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A.

     

    Although, Form 26AS is also of help, but it should be used to match the amounts

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  • In earlier article author has expressed his view that circulars issued by CBDT in respect of TDS on professional and technical fees under section 194J clarifying to deduct tax on element of service tax is wrong and need reconsideration. Author had pointed out that in circular relating to TDS from rent, CBDT has considering nature of service tax as a levy which is just collected by landlord, clarified that tax is to be deducted only from rent

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