offices
of
NSDL
within
the
due
date.
NSDL will act as intermediary and upload the
data to the Income Tax Department's central
system.
1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
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
The PPT about GSTR-1 , How to filling GSTRR-1 Step by Step all Details here by CA Sanjiv Nanda. .
Mostly people is confused how to file GSTR-1 so this PPT help That people .
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
Presentation on TCS under section 206C (1H ) Taxmann
In this Presentation 헗헿. 헩헶헻헼헱 헞. 헦헶헻헴헵헮헻헶헮 has shared an Overview on "TCS under section 206C (1H)"
Topics Covered in this Presentation :
1. Who is liable to collect tax at the source?
A. “Seller” is required to collect tax at the source.
2. From whom tax is to be collected
A. Tax is required to be collected from buyers of goods.
3. Time of tax collection at source
4. Rate of TCS
5. When TCS is not required
6. Lower/nil TCS certificate
7. A few clarifications
8. Case-studies
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
The PPT about GSTR-1 , How to filling GSTRR-1 Step by Step all Details here by CA Sanjiv Nanda. .
Mostly people is confused how to file GSTR-1 so this PPT help That people .
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
Presentation on TCS under section 206C (1H ) Taxmann
In this Presentation 헗헿. 헩헶헻헼헱 헞. 헦헶헻헴헵헮헻헶헮 has shared an Overview on "TCS under section 206C (1H)"
Topics Covered in this Presentation :
1. Who is liable to collect tax at the source?
A. “Seller” is required to collect tax at the source.
2. From whom tax is to be collected
A. Tax is required to be collected from buyers of goods.
3. Time of tax collection at source
4. Rate of TCS
5. When TCS is not required
6. Lower/nil TCS certificate
7. A few clarifications
8. Case-studies
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
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
Various sections and sub-sections are discussed in detail for e-filling of returns. Certain sections are discussed and pan card provisions are involved.
Income Tax for New Tax Return Filers- FAQs.pptxtaxguruedu
This article provides a detailed overview of income tax, including its definition, the administrative framework, return filing period, who is liable to pay tax, how to pay tax, precautions in tax payment, advance tax calculation, income tax challans, Form 26AS, exempt income, taxable income, maintaining books of account, professions, and the period for which records should be kept. It also covers topics such as revenue receipts, capital receipts, agricultural income, and relief from double taxation.
ITR Filing Last Date 2023-24(24-25).pdfWEB ONLINE CA
Important information regarding the last date for filing income tax returns for the financial year 2022-23, which is the assessment year 2023-24. It also includes the latest updates on the deadline for ITR 7, Form 10B, and Form 10BB, which has been rescheduled from September 30, 2023, to October 31, 2023. The pdf explains the difference between the fiscal year and assessable year and provides details on the due dates for individuals, businesses requiring audit, and businesses requiring transfer pricing reports. Additionally, it outlines the penalties and interest charges for missing the ITR filing deadline and offers solutions for those who miss the deadline. This information is essential for taxpayers to ensure compliance with the tax laws and avoid any unnecessary charges or penalties.
-WEB ONLINE CA
Can I file my ITR for FY 2020-21 after 31stDecember 2021? What is a belated return? What is the penalty for late filing of return?Till when can I file the belated return?
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
4. TDS : TAX DEDUCTION AT SOURCE
Persons responsible for making
payment of income are liable to
deduct tax at source from such
payment at specified rates and
deposit the same to income tax
department within stipulated
period of time.
5. TDS : TAX DEDUCTION AT SOURCE
The recipient of income, though he gets only the
balance amount (after deduction of tax), is liable to
be taxed on the gross amount (not the balance
amount) and the tax deducted at source is adjusted
against his tax liability.
6. OBJECTIVES OF TDS
Regular inflow of Revenue for
GOVERNMENT.
Checking of TAX EVASION.
Widening of TAX BASE.
7. OBJECTIVES OF TDS
Assesses pays tax in the assessment year on the
income earned in previous year. Due to this rule the
tax collection is delayed till the completion of the
previous year. Even sometimes people conceal their
Income and tax is not paid at all.
9. PERSONS RESPONSIBLE FOR DEDUCTIONS
(PAYER)
ALL PERSONS
(Except Individuals & HUF in certain cases)
10. Contd..
W.E.F. 01-06-2002, INDIVIDUAL & HUF have to
deduct tax at source if turnover exceeds :
Rs. 40 Lacs (Business)
Rs.10 Lacs (Profession)
While making Payment U/S :
194A (other Interest)
194C (Contract)
194H (Commission / Brokerage)
194I (Rent)
194J (Professional Fees)
11. SPECIFIED DEDUCTEE (PAYEE)
All Persons Except Quantum of payment is less than the prescribed
limit.
General exemption u/s.10 or specific exemption in
respective TDS provision.
Certificate issued by A.O. u/s.197.
Declaration in form 15G and 15H.
12. DEDUCTION OF TAX
Tax is to be deducted at the time of credit or at the time
of payment whichever is earlier, at the prescribed rate.
In the case of salary, TDS is on estimated income.
In the case of payments other than salary, the TDS is
on payments.
Tax to be Deducted at 20% if PAN is not quoted by
deductee.
Surcharge and Education Cess will be deductible only
upto 30.09.2009.
13. DEPOSIT OF TAX-1
In the case of SALARY–
Within One Week (7- days) from the end of the
Month.
14. DEPOSIT OF TAX-2
In case of Payments Other Than salary –
Within ONE WEEK from the end of the month.
Payments credited or paid on 31st March (last date
of Accounting Year), within two months.
15. DEPOSIT OF TAX-3
Quarterly Payments in Special Cases.
15th June, 15th Sept., 15th Dec., 15th Mar.
Prior approval of JCIT.
16. TAN:TAX DEDUCTION ACCOUNT NUMBER
The person responsible for deducting tax at
source has to apply for TAN in Form No.49B
within one month from the end of the month
in which tax is deducted for the first time.
The TAN should be quoted in all challans,
Certificates, Quarterly Returns, statements
and correspondence.
Reformatted TAN.
17. ISSUE OF TDS CERTIFICATES- (S 203 / R 31)
The
person
responsible
for
deducting tax at source has
to
issue
TDS
certificates
before the prescribed date –
Normally, within One Month
from the end of the month in
which the tax was deducted
at source.
18. Contd..
If the non-salary payment is credited or paid
on 31st March then the TDS will be deposited
by 31st May – in such cases certificate should
be issued by 7th of June.
In case of consolidated certificate, within One
Month from the end of the Financial Year.
19. ISSUE OF TDS CERTIFICATES -(S 203 / R 31)
FORM NO.
PARTICULARS
16
12BA
16A
Salary Perquisites
(Gross salary >1,50,000)
Non-Salary
16AA
Salary-cum-Return of income
(Gross salary <1,50,000)
20. FILING OF QUARTERLY TDS RETURN
Every Deductor has to file quarterly return of
TDS within stipulated time in prescribed format
giving details of name of the Deductee, type of
payment made, amount deducted and amount
deposited.
21. Contd..
e-Filing of TDS Returns is Mandatory for the
following:
An office of Government,
Company,
Person required to get his accounts
audited under section 44AB,
If number of deductees records in a
quarterly statement for any quarter of the
immediately preceding financial year is
equal to more than fifty.
23. DUE DATES OF FILING OF QUARTERLY
RETURNS
Quarter Ending
30th June
30th Sept.
31st Dec.
Due Date
15th July
15th Oct.
15th Jan.
31st Mar.
15th June
24. FILING OF QUARTERLY RETURN BY BANKS
(206A/RULE 31 AC/FORM 26QA)
Banks are required to file Quarterly Returns in
respect of the payment of interest to the deposit
holders without TDS.
W.E.F 01-06-2005 Banks are required to file
Quarterly returns in FORM 26QA in respect of
payment of interest to its DEPOSIT-HOLDERS
even if the interest amount does not exceed
Rs.5000/- (i.e. on which no TAX has to
be deducted) .
25. NO DEDUCTION IS TO BE MADE IN CERTAIN
CASES
If a declaration is submitted u/s 197A by the
recipient (Deductee) to the payer (Deductor),
then no tax is deductible in few cases. Applicable
to tax deduction on :
Interest on securities
Dividend
Interest other than interest
on securities
National saving scheme.
26. Contd..
This benefit is available to specific recipient (not
open to all) on fulfillment of certain conditions
mention in section 197A. If these conditions are
satisfied no tax is deductible on submission of
declaration form in duplicate copy.
Form 15
H
Form 15
G
By Senior Citizen
By any other
Person
27. LOWER DEDUCTION CERTIFICATE U/S 197
Can be filed by any person.
Certificate will be issued by the TDS-AO.
Application to be made in Form No.13 to the
TDS-AO.
28. LOWER DEDUCTION CERTIFICATE U/S 197
Certificate for deduction at lower rate (Sec 197)
Where tax is to be deducted at source u/s
192,
193,194,194A,194C,194D,194G,194H,194I,19
4J, 194K, 194LA & 195.
29. Contd..
And if the Income Tax Officer/ Assessing Officer, on an
application
made on this behalf, after being satisfied
that the total income of the recipient
justifies the
deduction of income tax at lower rate/ or no deduction of
tax, the ITO/AO shall give to him such certificate as may
be appropriate.
On receipt of such certificate, the person responsible for
deducting tax at source (TDS) shall deduct the tax at the
rates specified in the certificate.
30.
31. CONSEQUENCES OF FAILURE TO DEDUCT OR
DEPOSIT THE TAX AT SOURCE
The person responsible for deducting tax at
source will be held as assessee in default and
the tax he ought to have deducted at source or
he ought to have deposited will be collected from
such person.
32. CONSEQUENCES OF FAILURE TO DEDUCT OR
DEPOSIT THE TAX AT SOURCE
The tax along with interest shall be a charge
upon all the assets of the person / company,
responsible for deducting tax at source.
33. CONSEQUENCES OF FAILURE TO DEDUCT OR DEPOSIT THE
TAX AT SOURCE [S.40(A)(IA)]
W.E.F. 01.04.2004 ( AY 2005-06), if the deductor does not
deduct or deposit the tax at source, he shall not be allowed
deduction while computing his own total income :
Interest
Commission & brokerage
Fee for professional &
technical
services
and
contract
Rent
Payment to Contractors or
Sub-Contractors
Payment of Royalty to a
Resident
34. Contd..
IN OTHER WORDS : Non-deduction of tax
results in disallowance of such expenditure in
computing
the
taxable
income,
effectively
resulting in increase in the taxable income and
simultaneously the tax liability of the deductor.
35.
36. INTEREST U/S 201 (1A)
If the person responsible for deducting tax at
source does not deduct tax at source (wholly or
partly) or after deducting fails to deposit the
same as required by the Act, he is liable to pay
interest @ 1% per month u/s 201(1A). Even if
the delay is by one day, you will have to pay one
month’s interest.
37. PENALTY U/S 271C
If any person fails to deduct
the whole or part of the tax,
then such person shall be
liable to pay, by way of
penalty,
a
sum
equal
to
amount of tax which such
person failed to deduct or
pay as aforesaid.
38. FAILURE TO FURNISH THE TDS RETURN272A(2)(c)
If
the
deductor
fails
to
furnish the TDS RETURN
within due date, he shall be
liable
for
penalty
of
Rs.100/- per day for the
period of default.
39. FAILURE TO FURNISH A COPY OF CERTIFICATE272A(2)(G)
If the deductor fails to furnish a certificate to
the payee within the prescribed time, he shall
be liable for penalty of Rs.100/- per day for
the period of default.
40. FAILURE TO APPLY FOR TAN- 272BB
If
the deductor fails to apply for TAN
the prescribed time, he shall
penalty of Rs.10000/-.
within
be liable for
41. PROSECUTION U/S 276B
If the deductor fails to deposit
the tax deducted
by him at
source, he shall be punishable
with
rigorous
imprisonment
for a term from three months
to seven
fine.
years along with
42. FOLLOW TDS PROVISIONS
Deduct TDS as per INCOME TAX norms and
deposit into the Government Treasury by due
date, obtain TAN, issue TDS CERTIFICATE and
file the return in time.
OR else face PENAL CONSEQUENCES by way of
Interest, Penalty and Prosecution and also
disallowance of Expenditure.
43. ON LINE TAX ACCOUNTING SYSTEM (OLTAS)-1
All India Data base of tax paid by the tax
payers.
It has a facility to check any payment made
by the tax payer in the Government Account.
Important resource in giving credit to the tax
payers while processing IT/TDS return.
44. ON LINE TAX ACCOUNTING SYSTEM (OLTAS)-2
Important FeaturesOnly 2 challans.
Only 1 copy with detachable counterfoil.
For Advance tax and Self- Assessment tax –
Challan No.280
For TDS Challan No.281.
45. ON LINE TAX ACCOUNTING SYSTEM (OLTAS)-3
The counterfoil has name of the branch – 7
digit BSR Code – date of deposit – Sl. No. of
challan (5 digits).
No need to attach copy of challan with the tax
return.
Mention CIN – combination of 7 digit BSR
Code –date of deposit – Sl. No. of challan (5
digits).
PAN/TAN must be mentioned correctly .
46.
47. MANDATORY e-FILING
e-Filing of TDS Returns is
Mandatory for the followingAn office of Government,
Company, Person required to
get his accounts audited
under section 44AB, number
of deductees records in a
quarterly statement for any
quarter of the immediately
preceding financial year is
equal to more than fifty.
48. OBJECTIVE
The basic objectives of computerization of TDS
Returns is to cut down the compliance cost for
deductors, to correlate deduction of taxes made
by deductors with the deposit of the deducted
tax in the Government account in a designated
bank and correlate deduction of tax by the
deductors with the corresponding credits claimed
by the deductees.
49. SCHEME FOR ELECTRONIC FILING OF TDS
RETURNS
The scheme for electronic filing of TDS returns
was notified on 26.8.2003. The Board Circular
No.8 dated 19.9.2003 clarifies the procedure in
this regard. The procedure basically envisages
that corporate deductors will prepare their TDS
returns in the new TDS return Forms 24, 26 or
27, according to the data structure notified by eFiling Administrator.
50. Contd..
The e-TDS returns in the prescribed data
structure stored on CD ROM and supported by
a duly signed control chart in Form 27A in paper
format will be submitted to an e-TDS
Intermediary appointed by the Board .
51. e-TDS ADMINISTRATOR AND e-TDS
INTERMEDIARY
The CBDT has appointed Director General of
Income-tax (Systems) as e-TDS Administrator.
Separately, M/s National Securities Depository
Limited
(NSDL),
who
are
also
the
agency
hosting TIN, have been appointed as e-TDS
Intermediary.
52. PROCEDURE FOR ALLOTMENT OF TAN
NSDL
has
been
authorized
to
receive
applications (form 49B) for allotment of TAN
at their front offices for fee of Rs.50/- to be paid
by the applicant to them. The data in respect o f
such TAN applications will be entered by NSDL
and sent to National Computer Centre (NCC) of
Income-tax Department and the respective
computer centres on-line . The allotment of TAN
will be done by the IT department centres
and communicated online to NSDL who will
intimate the same to the applicant.
53. PREPARATION OF e -TDS RETURNS
While preparing the e-TDS returns, the deductor
has to ensure that FIVE mandatory requirements
listed in Circular No.8 of CBDT dated
19.9.2003, are complied with :
54. MANDATORY REQUIREMENTS FOR e-TDS RETURNS
1. Tax deduction Account Number (TAN) of the
deductor is clearly mentioned in the TDS
return as also on Form No.27A, as required
by sub-section (2) of section 203A of the
Income-tax Act. However, in cases where TAN
is not available the e-TDS returns will also be
accepted if the same is accompanied with an
application in Form 49B for
allotment or for reformatting.
55. Contd..
2. Full
particulars relating to deposit of tax
deducted at source, in the designated bank
are correctly and properly filled in the table at
item No.6 of Form No.24 or item No.5 of
Form No.26 or item No.5 of Form No.27, as
the case may be.
56. Contd..
3. The data in the e-TDS return is as per the data
structure
prescribed
by
the
e-Filing
Administrator. This is necessary so that the
data structure of e-TDS returns is compatible
with the departmental application software for
processing the same.
57. Contd..
4. The Control
Chart in Form 27A is duly filled in
all columns, signed and enclosed in paper form
with the return on computer media.
58. Contd..
5. The Control Totals of the amount paid and the
tax deducted at source as mentioned at item
No.3 of Form No. 27A tally with the
corresponding totals in the e-TDS return in
Form No. 24 or Form No. 26 or Form No.
27, as the case may be. In case any of these
mandatory requirements are not fulfilled, the e
-TDS return will not be received by the e -TDS
intermediary.
59. FILING OF e -TDS RETURNS
The deductors should prepare their e-TDS return
as per the above procedure, store the data on a
CD ROM, enclose the control chart (Form 27A
in paper format) and submit these at any of the
front offices of NSDL. Although the scheme
permits e-TDS returns to be prepared on a
floppy, it would be preferable that these are
prepared on a CD ROM to
avoid any loss of data, viruses
etc.
60. FILING OF e -TDS RETURNS
The e-TDS return can be filed at any of the TIN
Facilitaion Centres offices being opened by
NSDL at 42 cities. At the receipt stage, these
front offices will carryout validation checks on
the e -TDS returns to ensure compliance with
above five parameters, and a provisional receipt
will be issued on successful validation.
61. FILING OF e -TDS RETURNS
Section 139A(5B) requires that PAN of the
deductees should be mentioned in the TDS
returns. Wherever PAN of deductees is not
mentioned by a deductor in his e-TDS return, this
fact will be recorded on the provisional receipt as
deficiency, to be removed by the deductor.
However, in such cases, NSDL will accept the e TDS returns.
62. FILING OF e -TDS RETURNS
The deficiency can be removed by the deductor
within 7 days, failing which the e-TDS returns
will be sent by NSDL to the Department
indicating the deficiency therein for appropriate
action by the concerned A.O.
63. UPLOAD CHARGES
Since e-filing of TDS returns will reduce the
voluminous paper work involved in filing of paper
TDS returns and enclosures thereby significantly
reducing the compliance cost of deductors, the e
-intermediary i.e. NSDL have been authorized to
collect service charges in respect of the various
services being rendered by them to the
deductors for upload of e-TDS returns at some
rates.
64. Contd..
Category of e-TDS Return Upload charges:
Number of Records
Upload Fee (Rs.)*
Up to 100
25
101-1000
150
More than 1000
500
*Service tax if any will be payable by deductors in
addition to the above.
66. Introduction
Tax collection at source means collection of
tax from the buyer of goods specified in
section 206C (1) at the time of sale, and also
by a person who grants lease or a license in
respect of parking lot or toll plaza or mine or
quarry.
A tax credit is given to person from whom
tax is collected for amount collected
67. Nature of Collections
Sl.
No.
1.
2.
3.
4.
5.
Nature of Goods
Rate*
Alcoholic liquor for human
consumption
(other
than
Indian made foreign liquor)
Indian made foreign liquor
Tendu leaves
Timber obtained under a
forest lease
Timber obtained by any mode
other than under forest lease
1%
1%
5%
2.5%
2.5%
* Excluding Surcharge & cess
68. Contd…
Sl. No.
6.
7.
8.
Nature of Goods
Any other forest produce not
being timber or tendu leaves
Scrap
Parking lot, toll plaza, mining and
quarrying (other than mining &
quarrying of mineral oil, petroleum
& natural gas.)
Rate*
2.5%
1%
2%
* Excluding Surcharge & cess
69. SELLER
Seller means Every Person,
Except,
Individual or HUF whose books of accounts are
not audited u/s 44AB
70. BUYER
Buyer means any person other than;
a) a
public
sector
company,
Central
Government,
State
Government,
Embassy, High Commission, Consulate &
the trade representation, of a foreign
State and Club,
b) a buyer in retail sale of such goods
purchased goods for personal
consumption.
71. Collection of Tax
Tax has to be collected at the time of debiting of
the amount payable or at time of receipt of such
amount from the buyer, whichever is earlier.
Buyer is exempt from TCS, if his income is
exempt u/s 10(26)
72. Contd…
Lower deduction can be allowed by Assessing
officer on an application made by buyer in Form 13,
in this behalf.
No tax shall be collected at source, if resident buyer
purchases goods for the purpose of manufacturing,
processing or producing any article or thing,
provided he gives a declaration in duplicate in Form
No. 27C to seller.
75. DUE DATES OF FILING OF QUARTERLY
TCS RETURNS
Quarter Ending
30th June
30th Sept.
31st Dec.
Due Date
15th July
15th Oct.
15th Jan.
31st Mar.
30th April
76. Failure to Collect or Pay Tax
Interest :-The amount of tax together with the
amount of simple interest at the rate of 1% p.m.,
or part thereof, shall be a charge upon all the
assets of seller.
77. Contd…
Prosecution :-Section 276BB, provides for
prosecution of a person who fails to pay the tax
collected at source, for a period which shall not
be less than 3 months but may extend up to 7
years and with fine.
78. e-Filing of TCS Return
e-Filing of TCS Return is Mandatory for:1. Corporate and Government collectors,
2. Any collector covered under mandatory
tax
audit or having more than 49 tax
collection
transactions
during
previous
financial year.
79. Procedure for e-Filing of
TCS Return
The procedure for filing of e-TCS return is the
same as that of e-TDS, except the forms to be
used are different. The relevant forms for filing
the e-TCS return are: Quarterly- Form No 27EQ, 27B.
80. DISCLAIMER
Our views expressed herein are based on the
facts and assumptions indicated above. The
views cannot be considered as an authorized
representation, warranty or guarantee that the
revenue authorities or the courts will concur with
the same. The views are based on the existing
provisions of law and its interpretation, which
are subject to change from time to time. The
views contained may not be used or reproduced
in whole or in part or otherwise referred to in
any document or delivered to any one without
our prior written consent.