E-TDS Consultancy

29/06/2022

08/09/2019

IMPORTANT: New TDS rule on cash withdrawal w.e.f.1st Sept’19!
Dear Customer,
We would like to update you about the new TDS Rule on Cash withdrawals as per amendment in the Income-tax Act.
A TDS of 2% on Cash Withdrawal will be applicable if
• Total cash withdrawal across all bank accounts under your PAN exceeds INR 1 Cr in a financial year
• TDS will be charged only on the amount withdrawn above INR 1Cr.
• The cash withdrawal limit for this financial year will be considered from 1st April 2019
• If you have already withdrawn above INR 1 Cr before 1st Sept, then TDS will be charged on any subsequent cash withdrawal
Here is the list of persons and entities who are exempt from TDS on cash withdrawal:
1. Government;
2. Banking company or co-operative society engaged in carrying on the business of banking or a post office;
3. Business correspondent of a banking company or co-operative society engaged in carrying on the business of banking;
4. Any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India;
5. Such other person(s) as the Central Government may notify.

19/11/2018

All Govt DDO must take GST Registration as Deducor

08/03/2016

Tax on Provident Fund to be withdrawn, says Finance Minister Arun Jaitley in LS

16/02/2016

As you are aware, NPS is a Government of India initiative for effectively planning for retirement. NPS allows you an additional tax deduction on saving of Rs. 50,000 over and above the limit of Rs. 1.50 lakhs available under section 80C of the income tax Act, 1961. The exclusive tax benefit of Rs. 50,000 u/s 80CCD(1B) has made NPS an attractive investment option for saving tax. With the ending of the financial year round the corner, NPS should be considered as an investment option while planning for tax savings. To take the benefits of this tax saving plan, you may approach the Nodal Office or visit www.npstrust.org.in for making online contribution.

Thanks & Regards,

02/03/2015

Local business

02/03/2015

Fees for Late filing of TDS Return u/s 234E should be waived

for Q1, Q2 & Q3 if TDS return file within due date of Q4 TDS

return

Anilkumar Prajapati

Income tax department should waive the fees for late filing TSD return u/s 234E for Q1, Q2 and Q3 if TDS return

file within due date of Q4 TDS return because in the writ petition decided by Bombay High court, department has

taken the stand that due to not filing of TDS return they are not able to give tax credit to deductee within time limit

and because of this deficiency they have to bear extra cost which is now compensated by levying late filing fees

u/s 234E.

But if TDS return for Q1, Q2 and Q3 is file before due date of Q4 TDS Return then department is not required to

bear any extra cost because Income Tax return is need to be filed annually under Income Tax Act 1961.

Therefore department should waive the Fees for late filing of TDS return u/s 234E for Q1, Q2 and Q3 on natural

justice basis if TDS return file within due date of Q4 TDS return.

31/05/2014

http://www.incometaxindiapr.gov.in/incometaxindiacr/tpp_index.jsp

31/05/2014

http://feedproxy.google.com/~r/blogspot/qrIv/~3/tzhVVOYzOcU/all-about-online-tds-return-correction.html?utm_source=feedburner&utm_medium=email

31/05/2014

http://feedproxy.google.com/~r/blogspot/qrIv/~3/MHaFJ_T4xcc/no-need-to-submit-provisional-receipt.html?utm_source=feedburner&utm_medium=email

31/05/2014

http://feedproxy.google.com/~r/blogspot/qrIv/~3/_NryoMUWCCA/it-department-share-assets-of-assessee.html?utm_source=feedburner&utm_medium=email

31/05/2014

http://feedproxy.google.com/~r/SimpletaxIndia/~3/8KjCO59cjOs/details-of-assets-in-wealth-tax-return.html?utm_source=feedburner&utm_medium=email