Category: TDS/TCS
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TDS on Fixed Deposits?
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000. Bank itself should deduct and deposit the TDS with the government..
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What is Form-15G and 15H?
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000. If the income of assessee does not fall into tax limit, he can submit a Declaration Form 15G/15H to bank stating that he doesn’t have any taxable…
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Fixed Deposits or Recurring Deposits?-benefit analysis
Fixed deposit or Recurring deposit, which yields more? Financial planning is important in the current economy, where expenses run over income and savings are relatively small or nil. Financial planning will reap rewards in future. There is always a doubt zone where to invest your surplus fund in fixed deposit or in Recurring deposit. Both…
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Default in depositing TDS before due dates will leads to prosecution
Tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the due date is an offence punishable u/s 276B of the Income Tax Axt, 1961.rigirous…
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TDS-due dates
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…
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TDS/TCS-Forms
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…