TDS Provisions as per Budget 2016

Finance Bill proposes rationalization of TDS rates and threshold limits (w.e.f 1st June, 2016) TDS Provisions as per Budget 2016 / TDS Rate chart as per Budget 2016 / TDS Rates 2016-17 Sr. No. Section Provision Existing Provision Proposed amendment 1 192A Payment of accumulated balance from provident fund account No TDS if payment does … Read more

TDS on Provided Fund

Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952(FORM No. 19)No TDS in respect of the following cases:- Transfer of PF from one account to another PF account. Termination of service due to Ill health of member /discontinuation of Business by employer/completion of project/othercause beyond the control of member.  If employee … Read more

TDS Amendments in Finance Bill 2016

SECTION Nature of Tranasaction INCREASE IN EXEMPTION LIMIT Amendment in TDS Rates Exsiting Current w.e.f. 01.06.2016 Exsiting Current w.e.f. 01.06.2016 192A Payment of Accmulated PF to employee 30000 50000 10% 10% 194BB Winning from Horse Race 5000 10000 30% 30% 194C Aggregate Contractual Payment 75000 100000 1% /2% 1% /2% 194D Insurance Commission 20000 15000 … Read more

Service Tax, VAT & TDS Journal Entries

Accounting Entries for Service Tax, VAT &TDSBig organizations are involved in number of transactions happeningeveryday. These transactions must be recorded in efficient manner sincethey effect the business results in the long run and accordingly they mustportray the exact activity happened on that particular day withcorresponding amounts involved.So, following entries will be passed at happening of … Read more

New Return Preparation Utility (RPU 1.3) with New File Validity Utility (FVU 4.8)

Some major changes have been done in TDS/TCS return utility and it’s FVU regarding addition or correction in Challans, Removal of nature of remittance in 27Q etc.  Therefore please go through the below details before submitting TDS Return of the 2nd Quarter of F.Y. 2015-16 and onwards.  This FVU is applicable w.e.f. 29-09-2015 Key Features … Read more

TDS Details for November 2015

Notes:(A) 194ALimit is `10,000/- in respect of interest paid on Term Deposit with Bank & co. Op. Soc. Engaged in banking business & Deposit with post office under notified schemes.All TD interest Aggregated.Time for making payment of tax reckon from the date of cr. Of interest made constructively to the A/c of payee.(B) 194BB Section … Read more