Category: TDS

TDS on withdrawal from EPF – Section 192A

September 11, 2021 By Damodhar C Off

You know that Employees Provident Fund and Miscellaneous Provisions Act, 1952 are applicable to specified employers. Under EPF Schme,1952 it is liability of an employer to deposit specified amount of salary of the employee along with his share with the Provident Fund Commissioner. The contribution…

TDS on commission payment by insurance companies

August 21, 2021 By Damodhar C Off

There are a number of insurers in the market and you can opt online or offline and take insurance policy. Offline policies generally available through insurance agents /insurance intermediaries appointed by insurance companies to solicited or sale their products. These insurance companies pay remuneration to…

TDS should not be exempted on payments made to non-resident companies

August 19, 2021 By Damodhar C Off

Assessee is not responsible for deducting TDS on payments made to non-resident companies: ITAT relieves Urban Ladder Home Decor Solutions. Assessee is not responsible for deducting TDS on payments to non-resident companies: ITAT Relief for Urban Lauder Home Decor Solutions. TDS – Non-Resident Companies –…

Summary of section 194Q and 206C(1H)

July 30, 2021 By Damodhar C Off

ANALYSIS OF SECTION 194Q–PROPOSED IN BUDGET 2021-22 Whether TCS u/s 206C (1H) of Income Tax is to be collected on sales of goods above 50 lakhs as amended by Budget 2020 or TDS u/s 194Q is to be deducted by the buyer as proposed in…

TDS Excel Calculator for FY 2021-22

July 27, 2021 By Damodhar C Off

 TDS Excel Calculator for AY 2022-23 TDS Rate Chart for FY 2021-2022 (Age 2022-2023), TDS Rates in India What is TDS? Tax Deduction at Source (TDS) is a mechanism introduced by the Income Tax Department. Under this, the responsible person must deduct a certain percentage…

The simplest and easiest way to prepare a TDS return

July 23, 2021 By Damodhar C Off

TDS return is easy to prepare and usually does not require any outside help. Follow simple rules that will ensure correct filing of TDS return. This will ensure smooth passing of tax credits to the concerned employees and vendors. To avoid that subsequent process of…

How to Avoid TDS-Exemption in PF Withdrawal

July 18, 2021 By Damodhar C Off

 Provident Fund (PF) account is the investment made by the employees in their post-retirement life. It is managed by the Employees’ Provident Fund Organization (EPFO). EPFO allows advance withdrawal, though only for retirement. However, TDS (tax at source) is deductible, depending on when and how…

Check the information given in Form 26AS before filing ITR

July 17, 2021 By Damodhar C Off

 Form 26AS is also known as a consolidated statement. In certain financial transactions (SFTs), when the transactions exceed the specified limit, the information relating to the companies concerned is collected by the Income Tax Department. All this information is included in Form 26AS. Banks, mutual…

Download TDS Excel Calculator for FY 2021-22

July 17, 2021 By Damodhar C Off

 TDS Excel Calculator for Financial Year 2021-22 / Assessment Year 2022-23 It is an Excel-based TDS calculation utility, which can be used for calculation of TDS amount, remittance of monthly TDS amount to the government, and e-filing of quarterly TDS return. When we receive income…

TDS Calculation Free SoftwareTool for Professionals

July 13, 2021 By Damodhar C Off

 It is an excel based TDS calculation utility developed for professionals and tax consultants.  We can add unlimited clients and deductees to the utility.  After adding the deduction and invoice details, we report each customer for the year, quarter, month, form type, type deductee, sections,…