Category: tds

How to calculate interest on late payment of TDS u/s 200 (1A)

TDS ( tax deducted at source) payment is one of the important task in finance due to heavy interest on late payment of TDS and heavy fees on late filling of TDS return. In this post, you will learn following points: how to calculate interest on late payment of TDS u/s 201 (1A), How to calculate interest on late deduction of tax deducted at source How to calculate fees and penalty for late filling of tds return. HOW to calculate interest on late payment of TDS u/s 201 (1A)? To understand about calculation of interest on late payment of...

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Form 15G / Form 15H : Detailed guide

April 2015 is running and you may be asked by your banker to submit form 15G or Form 15H. You can download this form here. In this article I will explain you – how to fill form 15G or form 15H correctly? and who should submit form 15G or form 15H to bank for non deduction of TDS? Let’s start. Meaning of form 15G / form 15H: Form 15G or form 15H is submitted to requrest income provider for not deducting income for prescribed income. In that form, declaration maker declares that his estimated taxable income for the same...

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TDS rate chart for FY 2015-16 ( AY 2016-17)

TDS compliance is necessary for deductor to avoid high penalties and interest. I have presented here latest TDS rate chart for FY 2015-16 (AY 2016-17) covering amedment in budget 2015. Deduct the TDS as per chart and deposit within due date.       TDS rate chart for fy 2015-16 ( ay 2015-16):   SectionNature of paymentWhen to deduct - minimum payment (Threshold limt)Threshold limit (minimum amount exceeds to deduct TDS)TDS rate 192SalaryWhen net estimated salary exceeds the basic tax free limit as per income tax slabAs per income tax slab 192APayment of accumulated balance of PF, 1952 to employees ( wef - 1/6/15)At the time of payment30,00010% 193Interest on securites*Credit or payment whichever is earlier5,00010% 194DividendBefore making payment to shareholders ( other than dividend u/s 115-0)20% 194Ainterest other than interest on securites#Deduction is required when amount credited or payment whichever is earlier. 5,000, For banks- 10,000 10% 194BWinning from lottery, crossword puzzles, card games, tv game show at the time of payment5,00030% 194BBWinning from horse racesAt the time of payment2,50030% 194C**payment to contractor / subcontractorAt the time of credit or payment whichever is earlier, 30,000 - single payment, 75,000- total annual payment1% when payee is individual/ HUF, 2% when payee is other than Individual/ HUF 194Dinsurance commissionPayment or credit whichever is earlier 20,00010% 194DAPayment under life insurace policy (including bonus)At the time of payment1,00,0002% 194HCommission/ brokeragePayment or credit...

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How to check income tax refund status online easily

You can track income tax refund status online very easily.I hope you have filed your return on time and now it is time to get income tax refund if your tax liability is less than tax deducted via TDS/TCS. . In this post You can learn how to check tds refund status online and meaning of various refund status on income tax site. How to check income tax refund status online? Income tax refund status can be track through income tax e filling site. For it, Go to following link Income tax e filling website Click on LOG in...

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TDS on rent income under section 194I

TDS on rent income is applicable in day to day transactions. TDS under section 194I is applicable on payment of rent which is more than Rs. 180000 p.a. But it is not applicable in all cases. Let’s see the provision.   Rate of TDS on rent u/s 194I: There are different rates applicable for tax deduction under section 194I for rent income from different assets. TDS rate for payment to use of plant and machinery / equipment: 2% TDS rate for any other assets like building, house, vehicle, furniture, fitting etc. : 10%   Who is liable to deduct...

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