This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
Protect your employees and their families through this self – financing social security and health insurance scheme, Professional Tax is levied by the state government on the income earned by professionals. Get the information about Tax Deducted at Source (TDS) Returns, ESI Returns and Professional Tax Registration and the Process.
TDS related slides and how to file TDS returns and correction or modification on tds return. what is PAn what is TAN, issues faced during tds returing filling, corrections based on the notice received from income tax departments,
income tax payments, notices related to income tax and tds returns
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
Various sections and sub-sections are discussed in detail for e-filling of returns. Certain sections are discussed and pan card provisions are involved.
Know About TDS and TCS Return Due Dates for the FY 2022–2023 | Academy Tax4we...Academy Tax4wealth
Do you want to know about TDS and TCS Return Due Dates for the FY 2022–2023? Check Late filing fees, Penalty, Interest Rate for Payment of TDS and TDS Return Forms. Join Academy Taax4wealth now, because this is the best e – learning platform. Enroll now, and make your career.
For more information, you can visit us at:-
https://academy.tax4wealth.com/blog/due-dates-of-e-filing-of-tds-or-tcs-return
https://academy.tax4wealth.com/
This PDF document details all the taxes housing societies in India has to pay along with their rates, dates of submissions and filing returns. It also discusses the common problems faced by apartments to calculate their taxes and how to overcome it.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
The Main Procedures for Obtaining Cypriot Citizenship
Tax deduction at source
1. Tax Deduction At Source
ECS Foundation
(Spreading education and awareness)
2. To Whom TDS is applicable :-
• All corporate Deductors as well as Collectors
• All govt. Deductors as well as Collectors.
• Who Get their accounts audited u/s 44AB of
Income Tax Act , 1961 in the immediately
preceding financial year.
3. Process of Compliance
• Apply and get TAN (Tax deduction Account
number).
• Deduct Tax at source on applicable payment.
• Pay the deducted tax to Govt. treasury.
• File quarterly E TDS return.
• Download and issue TDS certificates to
deductees.
4. Apply and get TAN (Tax deduction
Account number).
• Application inform No.49B.
• Apply within 30 days you are liable to deduct
TDS.
• Get the TAN registered to TRACES.
5. Deduct Tax at Source on applicable payment.
• Following charts shows payments on which tax is required to
be deducted,
Section Particulars Rate of TDS On Payment
Exceeding
192 Salary As per IT slab rate Taxable Income Rs.
250000 or more.
194 A Interest other than
on securities
10 % Rs.5000
194 C Payment to
Contractors/
Subcontractor/
Advertisement
1 % for Ind./HUF
2% for Others
Rs. 30000/- for single
payment
Rs. 75000/- for
aggregate
payment during
Financial Year
6. Section Particulars Rate of TDS On Payment
Exceeding
194 H Commission or
Brokerage
10 % Rs.5000
194 I Rent of Land,
Building or
Furniture
10 % Rs. 180000
Rent of Plant &
Machinery
2 % Rs. 180000
194 IA Transfer of
Immovable
Property (w.e.f.
01.06.2013)
1 %
Rs. 50 lacs
194 J Professional /
technical services,
royalty
10 % Rs. 300000
194 LA Compensation on
acquisition of
certain immovable
property
10 % Rs. 2 Lacs.
7. • TDS at higher rate of 20% or TDS rate, whichever is higher, has
to be deducted if the deductee does not provide PAN to the
deductor.(section 206AA)
Section Particulars Rate of TDS On Payment
Exceeding
194 J (1), (ba) Remuneration /
fees/commission to
director of the
company
10 %
--
194 L Compensation on
acquisition of
Capital Asset
10 % Rs. 1 lakh.
8. Point of Deduction of TDS
& Penalty
• Salary :At the time of payment
• Other Payments :When income paid or
credited including credit to "Payable" or
"Suspense" account.
• Consequences of failure to deduct tax:
Interest - 1% of the tax deductible.
Penalty - equal to the amount of tax
deductible but not deducted.
9. Due Dates for depositing TDS
• Consequences of default :
• Interest @ 1.5% of tax not deposited is payable
u/s 201(A).
• Punishable with rigorous imprisonment for a
term which shall not be less than three months
but which may extend to seven years and with
fine under Section 276(B).
Quarter Salary Payament Other Payments
April to February 7th of next month 7th of next month
March 30 th April 30 th April
10. Issue of TDS Certificate
TDS on TDS Certificate in Due to issue
(Rule 31 A)
Penulty if form not
issued
Salary Form No. 16 31st May Rs. 100 per day
maximum up to TDS
amount.
Other Payments Form no. 16 A Within 15 days from
due of ETDS return.
11. E TDS Return Forms
Section E TDS Return in
192 Salary Form 24 Q
Others Form 26 Q
If Deductee is NRI Form 27Q
12. Due Dates for submitting Quarterly
E TDS Return
Quarter ending Due Date for others
Due date,if deductor is an
office of the Government
30th June 15th July 31st July
30th September 15th October 31st October
31st December 15th January 31st January
31st March
15th May of the financial
year immediately following
the financial year in which
deduction is made.
15th May of the financial
year immediately following
the financial year in which
deduction is made
13. Penal Provisions for failure / default in submitting
returns /statements
Section 272A(2)
Failure to submit returns
prescribed under Section
200(3)
Penalty of Rs. 100/- every
day during which the
failure continues upto a
maximum of TDS amount.
Section 234E
Failure to TDS return in
time
Fine of Rs. 200/- every day
during which the failure
continues will be levied on
deductor as long as the
default continues, subject
to a maximum of TDS
amount.
Section 271H
(i) If deductor defaults for
more than 1 year in filing
TDS Statement (ii) If
deductor furnishes
incorrect details like PAN,
TDS amount, Challan
Penalty which shall not be
less than ten thousand
rupees but which may
extend to one lakh rupees.
