Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The concept of TDS was introduced with the aim of collecting tax from the very source of income. As per this concept, a person (deductor) liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The […]
To put it briefly, PAN is a ten-digit identification number assigned to individuals who have applied for it. The purpose of introducing PAN was to keep track of financial transactions that are taxable. PAN card acts as a form of identification and helps prevent tax evasion. Companies, banks, and other business commodities can verify an […]
What is Form 16B? The amount of money deducted as property TDS is essentially shown by Form 16B. In this instance, the buyer must essentially deduct the TDS from the property at the time of sale. The amount deducted as TDS on the sale property that the buyer had deposited with the Income Tax Department […]
Summary of 15G and 15H Forms Form 15G and 15H are submitted to the bank by individuals requesting that their interest income not be subject to TDS. In order to do so, you must provide your PAN. Online forms are available on some banks’ websites. Form 15G Form 15H Any HUF, resident individual, trust, or […]
Income Tax Appellate Tribunal (ITAT) of Amritsar bench, engaged via M.L. Meera (Accountant Member) and Anikesh Banerjee (Judicial Member) kept the decision of the Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) for imposing the late fee on the taxpayer on filing Tax Deduction Source (TDS) late. The taxpayer furnished an appeal in […]
Simple Definition of the Form 15CA Form 15CA declares that a tax has been deducted from the payment made to an NRI. Instead of leaving the NRI taxpayers to file and pay income tax papers, this helps the Indian government collect tax efficiently at the time of the remittance. Different Components of Form 15CA Part […]
Simple Definition of File Validation Utility (FVU)? File Validation Utility, also known as the FVU facility, will allow you to validate your e-TDS/TCS return file. NSDL provides this utility as part of its services. The FVU verifies return files generated by deductors in accordance with prescribed formats. Using this utility, you can easily submit an […]
Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assesses who want to pay the TDS without a challan must deposit the TDS collected on the same […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) removed the charge of late fees of Rs 40,000 concerning the period of the tax deduction before 1/06/2015. The two-member bench of Rahul Chaudhary (Judicial Member) and M. Balaganesh (Accountant Member) laid on the decision of Karnataka for the case of Fatehraj Singhvi Vs. Union […]
