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TDS-Rates-for-FY-2018-19-&-2019-20-(AY-2019-20-&-2020-21)
TDS

An amount of TDS or Tax Deduction at source is deducted for various incomes under the Income Tax Act 1961. But, do you know the rates at which such deduction is required to be made? Is it required to be done at one single rate or different rates?? The rates are prescribed in the law depending upon the nature of income like Income from SalaryInterest IncomeReceiving Professional FeeGetting a prize or Lotteryetc Find below detailed understanding on the sections, nature of payment, who needs to deduct TDS, and the TDSSEE DETAILS

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Make-TDS-payment-online
TDS

The assessee is required to pay the taxes on his income. Tax is collected by two modes: 1) Deduction or collection of tax at source (TDS / TCS) 2) Direct payment by assessee i.e. Advance tax/ self- assessment tax. In this blog, we will take an in-depth understanding on how to make TDS payment. TDS or Tax Deduction at Source is the amount of tax already deducted from the income of a person before the income is transferred in the hands of the receiver. Consider this example for a betterSEE DETAILS

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gst-calendar-due-date
GST (Goods and Services Tax) India

Goods and Services Tax has been introduced in India from July 2017. Since then the due dates have been changing. Hence it becomes even more important to keep proper tracking on the upcoming due dates. For the ease of readers and to save them from avoidable penalties and hardships we have consolidated the GST calendar for all due dates coming up in the Year 2019 at one place. IMPORTANT GST RETURN DUE DATES Returns Period Quarterly/ Monthly/ Yearly Due Dates Due Date (Extended)           GSTR 1SEE DETAILS

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GST (Goods and Services Tax) India

GST i.e, Goods and Services Tax has been introduced to replace multiple indirect taxes levied by the State and Central Government in India. This in result has simplified the indirect taxation system. Various indirect taxes subsumed in GST are VATSales TaxService TaxEntertainment taxOctroiCVDetc By amalgamating a large number of Central and State taxes into a single Tax GST has emerged out as biggest taxation reform in the economy post independence. Being an indirect tax GST is inclusive in the MRP of goods purchased or fee of service paid by aSEE DETAILS

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GST (Goods and Services Tax) India

GST or Goods and Services Tax, the most awaited and biggest taxation reform in Indian economy has been in buzz for numerous reasons. While everyone has their own opinion the majority is still unable to figure out their take on as to GST is a boon or bane. Well, the reasons might differ from person to person but we bring to you the most common, the prima facie advantages and disadvantages of GST, having broadly an equivalent impact on everyone. Advantages – The pros of GST Let us take theSEE DETAILS

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TRACES challan status
TDS

Being a private company or a government deductor you would always be required to import and match your TDS challan details at the time of filing of quarterly TDS or TCS returns. You can do the same by making TRACES login to your account. After making the login follow this process Click on Statements or payments optionSelect challan status in the drop downNow you have two options to check the detailsOption 1: Enter the period for which you want to see the challans and Select the challan status to beSEE DETAILS

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TDS

How Deductor can login on TRACES? A deductor needs to log in his account on TRACES to perform a number of activities like Downloading Form 16 / 16A of the taxpayer,Generating conso file Manage account on TRACESView PAN masterValidate certificatesCheck TDS refundCheck Challan statusOnline and offline corrections etc For knowing the seamless step by step login process and queries relating to locked in account, forgetting password and other related issues read our blog In order to login on the TRACES (TDS) website, you need to follow the following steps: OpenSEE DETAILS

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Latest News, TDS

If you do not have an account on TRACES website read this blog for step by step registration process and all related FAQs For registering on TRACES first you need to choose whether you are a Deductor Tax Payer or PAO Tax Deductor or Collector (Deductor) If you are deducting Tax at source or collecting any, you are required to register at TRACES website for availing a number of utilities. Get a detailed understanding below on how you can register and the need to register as a Deductor on TRACESSEE DETAILS

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TDS/TCS

Person deducting tax under GST is required to get compulsory Registration? Yes, the person deducting tax needs to take compulsory registration under section 24 of CGST or SGST Act, 2017. In this case, registration has to be taken without any threshold limits. Also, the same can be taken only with TAN and having PAN (Permanent Account Number) is not mandatory. Whether the status of Registration application be tracked online? Yes, it is possible to track the status of a registration application by the process mentioned below Click on GST websiteSEE DETAILS

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Composition

What is the meaning of Composition Scheme under GST? Composition scheme is an alternative taxation levy under GST. It is an optional scheme introduced to benefit the small taxpayers. This will save them from the hustle of lengthy tax compliances like maintenance of detailed records, the filing of multiple returns monthly etc. Also, the procedures in terms of the issue of invoices etc are very minimal and simplified. Under this scheme, a registered taxpayer would be required to pay tax(GST) on their turnover based on the prescribed percentage. The taxSEE DETAILS

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