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Tag Archives: TDS
What is e-TDS Return?
e-TDS return is a TDS return prepared in form No.24,26 or 27 or quarterly statements in electronic media as per prescribed data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A
Who is required to file e-TDS return?
As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). Besides, those persons requiring to get their accounts audited u/s 44AB and those deductors in whose records there are twenty or more deductees are also to submit statements… Continue reading
Under what provision the e-TDS return should be filed?
An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred.
What are the forms to be used for filing annual/quarterly TDS/TCS returns?
Following are the returns for TDS and TCS and their periodicity: Form No Particulars Periodicity Form 24 Annual return of “Salaries” under Section 206 of Income Tax Act, 1961 Annual Form 26 Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other… Continue reading
Whether TDS needs to be deducted on interest on Non-Resident Deposits?
Interest earned by a Non Resident Indian (NRI) from the NRO deposits is taxable in India as per the provisions of Sec 9(1)(V) of the Income Tax Act, 1961 and TDS has to be effected as mentioned in the Finance Act. The rate at present is 30% plus surcharge and… Continue reading
At what rate TDS will be deducted on interest on Domestic Term Deposit?
If the interest paid on domestic term deposits exceeds Rs.10000/- p.a., TDS will be deducted @ 10% provided PAN is available. If PAN is not submitted, TDS will be deducted @20% as per section 206AA of Income Tax Act, 1961.
Is PAN mandatory for opening a domestic term deposit?
A PAN number has been made mandatory w.e.f. 01.04.2010 as per section 206AA of Income Tax Act, 1961.
How to avoid the deduction of TDS from my term deposit interest income?
As per section 197A of IT Act, 1961, TDS need not be deducted in respect of persons who submit a declaration in Form 15G (Regular) and Form 15H (Senior Citizens). Form No.15G/15H shall not be accepted in the case of NRO a/c holders. Declaration in Form 15G/15H, if submitted, shall… Continue reading
What are the rights of a tax payer (deductee)?
Tax payer is entitled to obtain a certificate from the tax deductor u/s 203 of Income Tax Act, 1961 in Form 16-A specifying the amount of tax deducted and other prescribed particulars. TDS certificate in Form 16-A shall be treated as valid only if it is downloaded by the deductor… Continue reading