Profile cover photo
Profile photo
TDSMAN
40 followers -
Preparation of returns made easy with TDSMAN
Preparation of returns made easy with TDSMAN

40 followers
About
TDSMAN's posts

Public
TDSMAN updated with FVU ver. 5.4 & FVU ver. 2.150 >> http://blog.tdsman.com/2017/02/tdsman-updated-fvu-ver-5-4-fvu-ver-2-150/

Public
Key Features – File Validation Utility (FVU) version 2.150 >> http://blog.tdsman.com/2017/02/key-features-file-validation-utility-fvu-version-2-150/

Public
Key Features – File Validation Utility (FVU) version 5.4 >> http://blog.tdsman.com/2017/02/key-features-file-validation-utility-fvu-version-5-4/ 

Public
Where TDS is applicable and how to avoid it

Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying tax himself.

TDS rate: As applicable to individual based on his income and deductions.

Interest income: TDS is deducted by banks on FDs and RDs if the interest exceeds Rs 10,000 a year. TDS does not end tax liability. Someone in a higher tax slab will need to pay additional tax. Those in lower income bracket can seek a tax refund.

TDS rate: If PAN has been provided, TDS is 10% of income. Otherwise it is 20% of income.

EPF withdrawals: Withdrawals from Employee Provident Fund are subject to TDS if you withdraw before five years of service. However, no TDS is deducted on withdrawals of less than Rs 30,000.

TDS rate: If PAN has been provided, TDS is 10% of the withdrawal. Otherwise it is 20% of the amount.

Property sale: TDS is applicable if the value of the property exceeds Rs 50 lakh. If instalments are being paid TDS is deducted on each instalment. The buyer must obtain a Tax Deduction Account Number to deduct TDS. TDS has to be de -posited along with Form 26QB within a week from the end of the month in which TDS was deducted. Buyer must give TDS certificate to the seller.

TDS rate: If PAN has been provided, TDS is 1% of sale value. Otherwise it is 20% of the sale value.

On NRIs: NRIs are not permitted to submit Form 15G/H for NRO deposits and TDS is mandatory on all incomes. In case of resident Indians, TDS kicks in only if interest exceeds Rs 10,000 a year. But there are no such threshold for NRO deposits. Easwar committee has recommended easing of TDS rules for NRIs.

TDS rate: 30% on interest income from bank deposits, 20% from corporate deposits, 15% on short-term capital gains if securities transaction tax (STT) has been paid and 10% on longterm capital gains. If no STT is paid on short-term gains, TDS is 30%. Flat rate of 20% on sale of property.

How to avoid it

TDS can be avoided by submitting Form 15G or 15H. Form 15H is for senior citizens. It can be submitted if there is no tax on total income. Form 15G is for everybody else, except NRIs. It can be filed if tax on total income is nil and total interest income is less than the basic exemption limit.

http://blog.tdsman.com/2017/02/tds-applicable-avoid-3/

Public
Budget 2017: Paying rent over Rs 50,000 a month? Get ready to deduct 5% TDS:

Individuals and HUFs paying rent of Rs 50,000 or more per month will now have to deduct 5% tax at source i.e TDS at the rate of 5%, as per Budget 2017 proposals. This move is aimed at ensuring that recipients of large rental incomes come into the tax net as they would be forced to report the full rental income in their tax returns in order to claim benefit of the TDS amount. This change is proposed to be made effective from 1.6.2017.

The existing provisions of section 194-I of the Act provide for TDS at the time of credit or payment of rent to the payee beyond a threshold limit. Currently, this provision is applicable to Individuals or Hindu undivided family (HUF) which is liable for tax audit under section 44AB.

However, Individuals and HUF other than those liable for tax audit were not liable to deduct tax at source under this section i.e. section 194-I of the Act. In order to widen the scope of tax deduction at source, it is proposed to insert a new section 194-I B in the Act to provide that Individuals or an HUF (other than those covered under 44AB of the Act), paying to a resident, rent of over Rs 50,000 per month, shall deduct tax at source of 5%.

However, to make this rule tax -payer friendly and easy to comply with, it is proposed that the payer need not obtain a TAN and is required to deduct the tax only once in a financial year.

It is proposed that tax shall be deducted at the time of credit of rent, for the last month of the financial year or the last month of tenancy if the property is vacated during the year to the account of the payee.

http://blog.tdsman.com/2017/02/budget-2017-paying-rent-rs-50000-month-get-ready-deduct-5-tds/

Post has attachment
Public
TDS Returns Software for FY: 2017-18 Released >> https://www.tdsman.com/pricing.asp?coupon=TMNEW

Order TDSMAN (FY: 2017-18) now to get special ‘Early Bird’ discount of Rs. 400. Use Coupon Code ‘TMNEW’ to avail this discount.

Click here to place your Order now >> https://www.tdsman.com/pricing.asp?coupon=TMNEW
Photo

Public
TDSMAN (FY: 2017-18) released – avail Early Bird offer >> http://blog.tdsman.com/2017/02/tdsman-fy-2017-18-released-avail-early-bird-offer/

Public
Make TDS payments for January 2017 by 7th February 2017 >> http://blog.tdsman.com/2017/02/make-tds-payments-january-2017-7th-february-2017/

Post has attachment
Public
Today (31st January, 2017) is the last date of TDS return filing for Quarter 3 of FY: 2016-17. Order TDSMAN Now >> https://www.tdsman.com/pricing.asp
Photo

Public

Facilities available through Online Correction >> http://blog.tdsman.com/2017/01/facilities-available-online-correction/
Wait while more posts are being loaded