Online Knowledge Zone

I have gone through the Confusions and Questions of many people that "Do they compulsory required a CA for the filing of Income Tax Returns and other Tax Returns" So, today we are here to give the answer of this question You don’t need to hire any CA to file the Tax Returns (in most of the cases) but there are some cases or situations where the signature of CA’s are required. Let’s discuss about the filing guidelines of Main 3 Tax Returns in India: Income Tax Returns Income Tax is the most used Tax Concept by every group of Individuals in India. When you cross the certain criteria of Income, you need to File Income Tax Returns Every Year, Individuals hire CA’s and Tax Consultants to file their returns but over the years the government has made the process of filing so easy that every individual having basic knowledge about Taxation and General English can file it’s ITR 1. But in case of ITR 2 to ITR 7, you need to hire a Professional Tax Consultant. There are many cases where...

Basically Account Maintenance Charges are deducted by the Banks where they consider as Bank Charges and Doesn’t need to Deduct TDS on it by the service receiver But if the AC Maintenance Charges are receiving from other institution or From Vendor then it will comes under section 194 C (TDS on Contractor and sub contractor) Note: You are required to Deduct TDS only if the Transaction fulfilling one of the below conditions, otherwise not required to Deduct TDS 1. Annual Transaction increases 1,00,000 with the same vendor 2. or the Single Invoice exceeds 30,000 in any period You need to deduct TDS at the rate of 1% (if Individual & HUF) and 2% (in case of other than Individual & HUF) Note: TDS Rates for the Financial Year 2020–21 has been reduced by 25% by the government so the Rates will be (0.75% & 1.50% respectively) 

Whenever we Buy a Property worth Rs. 50 Lakhs or Above, we have to deduct the 1% of TDS (Rate for the Financial Year 2020-21 is 0.75%) from the Payment amount. TDS Always calculated on the Basic Vale of Property before Stamp Duty and other Municipal Charges. Then the Deducted amount needs to be deposited in the Govt.'s account mentioning the PAN Number of the Seller so that they can can claim the TDS credit at the time of ITR Filing. Form 26QB needs to file while making the TDS Payments on the Purchase of Property. How to Pay TDS under section 26QB (Purchase of Property)? 1. visit  TIN.NSDL  Website. 2. Under the Services Menu on The Top go to  "e-TDS/TCS Option" 3. Then a page will open. Find there  "Pay Taxes Online"  Menu and click on  "Click to Pay Tax Online" 4. A new Tab will open where we can Pay almost all type of Government Taxes like: TDS, Income Tax, Advance Tax etc. Scroll Down and find "TDS on Property (26QB)"  and Click on Proce...

We pay numerous Taxes in India on Individual, Company & other levels like Income Tax, GST, TDS, House Tax, PF and ESIC etc. Every Department has its separate sections to pay certain Taxes & the process is also different. We pay taxes and save the challans for future references but the problem arises when we mistakenly fill the wrong details on the Payment Sections because of which you will not be able to file your Tax Returns. So, Today we will Learn about the “How to modify TDS Payment Challans details online on TRACES without any bank intervention”  FYI, TDS (Tax Deducted at Source) is the monthly payment process for the Individuals or Companies having TAN (Tax Identification Number). We need to fill required details to pay TDS Online like TAN Number, Assessment Year for which the Tax is going to pay, Section etc. We have already explained the Online TDS Payment Procedure on our previous Article. Clink the link below to understand the Full TDS Payment Process Online http...

What is TDS ? TDS is Direct Tax which is a part if Income Tax In India. It is the tax deducted at source of transaction. TDS Mostly applicable on various Services but in some case it also deduct on Goods (if service amount exceeds the threshold limit prescribed by the government). If you are an Accountant in any organization in India, then you will know that: you have to Calculate TDS amount on monthly basis liable on specified Expense and deposit to govt. authorities through offline & online mode. Offline Mode:  in Offline mode of TDS Payment, people generally collect the Challan from Bank, fill the details (TAN Number of the company, Address, Assessment Year, Quarter, Amount, TDS Challan Code, Section etc.) & pay to bank along with the cheque. Then the bank will debit the payer's account with specified amount in the cheque. but, instead of visiting bank, standing in the queue & wastage of lots of time: you can simply do this process online if you have Debit Card or Ne...

Note: Filing of Online TDS Returns is done through Income Tax Website not from TRACES or NSDL Portal First : > Prepare TDS Return from Offline Utility Tool which you will find in the NSDL Portal https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Filing Process: 1. After the generation o .FVU & 27A File, Zip only .FVU file and save 2. Open Income Portal 3. Login with TAN Number & Password of the company (If you want to know the TAN wise registration process, please comment below) 4. Go to File TDS Tab in Upper Right 5. Select Required Credentials like: Quarter, Form Type, Financial Year, Return Type (Regular or Correction) then Click Next 5. Now download the DSC Utility File and generate signature file by uploading earlier saved Zip File which includes .FVU file (Digital Signature of Authorized Signatory is required to do so) 6. Save Signature File in the same location 7. Now, in the website upload ZIP file & Signature & click proceed 8. You will get the confir...