Posts Tagged ‘tax deducted at source’

New & improved JS@eTDS Software released

June 16th, 2011

The JS@eTDS Software for the F.Y. 2011-12 has been released with many new features & added improvements and is economically priced at Rs. 1195/- only.

Newly added features in JS@eTDS (F.Y. 2011-12):

  • Integrated NSDL FVU
  • Auto download of CSI file
  • FVU generation in a click
  • Data import from FVU files
  • Reports in PDF/Excel/Word
  • Web based instant updation

Use the JS@eTDS Software for convenient filing of your eTDS and eTCS returns on time. Click here to Order Now

You can also start processing your first quarter returns for F. Y. 2011-12 at no cost using the new Trial Version of JS@eTDS. Click here to download the Trial Version

Interest for non payment of TDS after deduction

December 30th, 2010

The interest rate on default on TDS compliance has been amended by the Finance Act 2010, according to which an assessee is regarded to be in default on the following instances:

 a)     Does not deduct the tax at source (either wholly or partly) from payments on which tax is required to be deducted under the Act.

b)    After deducting does not pay the same into the Government Treasury.

The Finance Act, 2010 has amended the said provisions and interest shall be levied as under:

•   At one percent for every month or part of a month from the date on which such tax was deductible to the date on which such tax is deducted; and

•   At one and one-half percent for every month or part of a month from the date on which such tax was deducted to the date on which such tax is actually paid.

The amended provisions are effective from 1st July, 2010.

TDS / TCS Rates – FY:2010-11

July 25th, 2010

View the complete document of TDS / TCS rates for Financial Year 2010-11 from the following link:

TDS-TCS-rates-FY-2010-11

New Changes in TDS Rules – CBDT Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010

June 5th, 2010

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are:

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No.

Category

Periodicity of furnishing TDS certificate

Due date

1.

Salary (Form No.16)

Annual

By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

2.

Non-Salary
(Form No.16A)

Quarterly

Within fifteen days from the due date for furnishing the ‘statement of TDS’

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made

Modifications in the e-TDS/TCS data structure and new File Validation Utility applicable from October 1, 2009

September 4th, 2009

The data structure of quarterly e-TDS / TCS statements has been modified by the Income Tax Department to incorporate certain additional fields and validations to further improve the data quality.

Key changes in the data structure of both regular and correction e-TDS/TCS files are indicated below:

  1. The types of deductor in the data structure have been further bifurcated. For e.g. State Govt., Central Govt., Company, Firm etc.

  2. The following fields have been added: -

    • Ministry name,
    • PAO / DDO code,
    • PAO / DDO registration no.,
    • State name,
    • Name of the utility used for return preparation.

In addition to the new fields, certain functionalities as under have been built in the FVU:

  1. Functionality to verify the challan details quoted in the e-TDS / TCS returns with the challan details uploaded by banks is provided.

  2. In case of failure of verification of challans, a warning file containing details of challan mismatch will be generated.

  3. Statistic report generated by FVU will contain details of verification of challans and bifurcation of payment by Government deductors (transfer voucher / challan)

All deductors are required to ensure that quarterly e-TDS/TCS returns filed from October 1, 2009 is as per the new data structure. Any statement filed as per the old data structure will be rejected at TIN w.e.f October 1, 2009.

However, e-TDS / TCS correction on regular returns filed as per the old data structure (validated with FVU version upto 2.126) should be validated with FVU version 2.126 only.