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2013

Q 1. What are the modes of filing return of income?

Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following two options:

  1. E-filing using a Digital Signature
  2. E-filing without a Digital Signature

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2013

CIRCULAR NO

4/2013, Dated: April 17, 2013

Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 — regarding

2013

Failure to deposit timely and correct TDS or TCS will now attract a penalty ranging from Rs 200 to Rs one lakh by the Income Tax department.

All the Tax Deducted at Source (TDS) range offices of the department across the country have been asked by the Central Board of Direct Taxes (CBDT) to ensure compliance in this area and also inform and make aware the authorised deductors about this new action being initiated by the taxman.

2013

CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively. The exemption was given considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.

2013

What is a TDS Certificate?

TDS certificate is to be issued by each deductor who is deducting tax and furnished to the person from whose income / payment the tax has been deducted. The certificate should specify amount of tax deducted and rate at which it has been deducted.

TDS certificate is generated in TRACES on the basis of details provided by deductor in the quarterly TDS return. TDS certificate will be generated for deductee records with valid PAN (PAN present in the Income Tax Department database) in TDS statement

Financial Management