As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available.
Income Tax Department press release dated January 20, 2010 on TDS
February 26th, 2010 by admin 10,644 comments »Income-tax ( First Amendment) Rules, 2010 (TDS/TCS Rules)
February 25th, 2010 by admin 21,316 comments »Notification has been issued by Ministry of Finance, CBDT, amending the rules regarding Time and mode of payment to Government account of tax deducted/collected at source or tax paid under Section 192/206C, Certificates of tax deducted/collected at source or tax paid, Quarterly statement of deduction/collection of tax.
New Changes to Remember
January 4th, 2010 by admin 12,494 comments »- Prepare Quarterly e-TDS/TCS Correction statement with RPU version 2.0 as per new data structure (with effect from October 01, 2009).
- Prepare correction statement as per old data structure (accepted in TIN as per the old data structure) with RPU version 1.8.
Taxpayers can now view details of paid refund in their Annual Tax Statement (Form 26AS)
December 15th, 2009 by admin 10,602 comments »Taxpayers who have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds received during the selected A.Y. will be displayed in Form 26AS. For instance, refunds pertaining to A.Y. 2005-06 which are received in F.Y. 2009-10 (A.Y. 2010-11) will be displayed in Form 26AS for F.Y. 2009-10 (A.Y. 2010-11).
