Simplifying Taxation in India
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
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
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
Source: OPGC & IncomeTaxIndiaParagraph A(I) In the case of every individual other than the individual referred to in items (ii) and (iii) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of … Read more
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
It is generally found that we receive tds default notice due to wrong selection of flag in TDS returns. Therefore it is beneficial to know for all deductors regarding value of Flags which are explained below :- [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,PART-II, SECTION 3, SUB-SECTION (ii)]GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF … Read more
New / Revised TDS rates for the Financial Year 2015-16 or Assessment Year 2016-17Deductor always think about the TDS Rates. Deductor deduct TDS on behalf of Income Tax Department and deposit the same accordingly. But there is fear regarding change of TDS rates. In case TDS rates have been reduced and deductor deduct / … Read more
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
NOTE: LAST UPDATED: SEPTERMBER 18th 2015 04:10 PMSection Bill/ Pymnt Date Party Name Pan # Bill Amount (Excl S.Tax) TDS Amount Interest Rate Due Date Payment Date Delay (Month) TDS Interest Total BSR CHALLAN SR NO PAID ON DETAILS OF JOB CHARGES PAID, ACCURED TDS DEDUCTED, PAID AND LATE DEDUCTION & PAYMENTS:- ASSESSMENT YEAR: – … Read more
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