Submitting a Correct Statement : Regular Return
Type of submission a. E-Filing: 1. Mandatory: [refer Rule 31A] From FY 2003-04, it is mandatory to all corporate deductors to file the TDS return electronically. From 30-6-2005, e-filing is mandatory to Government deductors also. From 01-09-2007, e-filing has been extended to All deductors who are liable for audit under section 44AB o
Read moreHow to verify a paid Challan status?
On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System) return within 3 working days. Once deductor makes the payment, he should cross-verify the Amount and CIN that has been uploaded by the receiving Bank to NSDL.This should be cross-verified by the ded
Read moreHow to make correct Challan Payment?
It is the Duty of the deductor to pay Tax deducted within the prescribed time to the “credit of the Central Government” [Refer section 200].Points to be considered before making a challan payment:a. Type of Deductee:The deductees are of 2 types, namely, “Companies” and “Other than Companies”. Use separate challans for depositing tax d
Read moreDeduct correct TDS
a. How to deduct correct TDS? The sections 192 to 196 of Income Tax Act, directs “Any person responsible for paying any income chargeable to tax” to deduct income-tax thereon at the rates specified respectively. Salaries: While making the payment of Salary, deductor should consider the following and deduct correct TDS from the payment bein
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