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2014

The CBDT has decided that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source on the amount paid/payable without including such service tax component.


2013

Till recently TDS deductor were submitting TDS return for a Quarter even if they have not deducted and paid any TDS for a specific Quarter, called NIL TDS Return.

CBDT has now provided that -
TDS statement cannot be filed without quoting any valid challan and deductee row.
Which implies that, Nil TDS return is no more permissible.

2013

In Recent past it has been noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS.

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.

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