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11 common TDS Errors and their solutions

It is time consuming to solve TDS errors while filling TDS return. In this post, we have given most common TDS errors and their solutions. Most common TDS Errors and their solutions: Tax Deducted at Source (TDS) in India is a tax collection method. In simple terms it is rate prescribed which is mandatory to be deducted and paid by the persons responsible for making payments. A person responsible for deducting and paying TDS has to make the below mandatory compliance. TDS payment has to be made for each month: by 7th of following month & File TDS return...

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Concurrent audit empanelment with SBI

SBI has invited application for  concurrent audit empanelment in some states. Concurrent audit empanelment details: The empanelment opportunity covers branches situated in the states of Delhi, uttrakhand, Rajasthan and some states of Uttar pradesh. SBI can include or exclude other branches for empanelment purpose. Chartered accountant firm or LLP should be listed on RBI panel. Experience should be considered for appointment.   Remuneration for concurrent audit: If you get concurrent audit empanelment, your firm will get following remuneration: Grade Deposit of branches Advances Remuneration 3 300 crore and above Less than 400 crore 25000 p.m. 2/3 – 400 crore and above 35000 to 50000 pm Additionally, 500 per month per account will be payable if the bank has fund and non fund basis exposure of more than 10 crore. The remuneration will be paid quarterly and no separate charges like travelling, taxes will be paid separately. Scope of concurrent audit: Compliance with RBI guidelines and guidance of FEDAI/ IBA. Compliance with ARAC norms. Reporting for compliance with RBI guidelines and if any activity is running which is prohibited by RBI. Compliance with banking regulation rules, 1949. Check compliance with norms in section 20 in banking regulation act for granting loan and advances against shares and other matters. Compliance of rule 20A , 24, 452 and 360 of banking regulation act. Verification of forex transactions. Compliance with any guidelines issued...

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Last date of filling tds return extended for some states

Last date of TDS return for Quarter 2, 2014-15 extended: Last date for filling TDS return is extended for the states -jammu kashmir, Andhra pradesha, oddissa and telangana. Last date for filling TDS return was 31 october for government deductors. But it is extended to 7th November, 2014. Similarly last date for filling TDS return for non government deductors was 15th october. It is also extended up to 31st october, 2014. Reason for extension: Reason for extension is natural calamities in the states. Relief in penalty: As due date is extended, there is relief to people of those states for late filling penalties. The deductor can file return up to last date without...

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E filling of ITR income tax return in 7 steps

Last  date for filling income tax return  is 31st July. If you have not filled return, you may be searching for tax consultant for help. You don’t need to search now. Because here I will provide you detailed guidelines for filling ITR online. For choosing return utility, read my post which return is applicable to me?   Step 1: Download ITR  utility from Income Tax Site You may also Download ITR  utility from download section of tax masala. The utility can run on windows 7 or above and Java runtime environment version 7 update 13 or above should be installed.You can google and search Java for installation of java version. Also download file – How to use ITR utility?   Step 2: Unzip the file. Open ITR utility.Read instruction. Yes You have to. 😛 Now go to personal information and fill the details.   Step 3: Filling the right details in Utility. Personal details: Fill your personal information as per PAN CARD. For details of income tax ward circle, go to income Tax Website and click know my jurisdiction. You can get details by entering your pan number. Fill your address details. Enter your mobile number and email address. It is mandatory. Fill right data because all the communications will be sent on them. Fill your tax computation information.Don’t forget to fill TDS information, bank a/c number correctly. Your refund...

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Clubbing provision for income of minor child

Q. is clubbing provision applicable for income of children? Ans. Yes, if asset is transferred without adequate consideration to minor child (not minor married daughter) , the income arising from that asset will be clubbed with income of transferor. There is also another provision under section 64(1A). According to this section, income arising to minor child shall be clubbed with income of parent. Q. will income be clubbed with father’s income? Ans. When marriage of parents subsists, Income will be clubbed with the income of parent whose total income, excluding the income to be clubbed, is greater. If marriage of parent does not subsist, income will be clubbed with the parent who maintains the minor child in the previous year. Once income is clubbed, it will not be clubbed with other parent in next year. If assessing officer is satisfied with changing the option, he allows clubbing the income with other parent after giving opportunity to be heard. Q. is there any exemption for clubbing of minor child’s income? Ans. There is exemption up to Rs. 1,500 for each minor child. Q.Is there any exemption available for income of minor married daughter? Ans. No, there is no exemption u/s 64 (1A). Q. Is there any income on which clubbing provision will not apply? Ans. Yes, following incomes will not be clubbed with parent’s income. Activity which requires special skill,...

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