If you are a tax payer, you might have received an email from
the income tax department with a calendar containing important income
tax-related dates. It would bode well for you if you create an alert for these
dates or mark them on your personal calendar. Doing so may help you avoid penal
consequences of late filing of income tax returns (ITR) or tax deducted at
source (TDS) returns and also help remind you to collect your TDS or tax
collected at source (TCS) certificates. For instance TCS is applicable when you
purchase a car worth more than Rs 10 lakh.
What is more, from September 1, 2019, individuals have to
deduct tax on the payments made to professionals, contractors and so on.
Further, those paying monthly rent of Rs 50,000 or more are required to deduct
tax, as per income tax laws. These dates will also help you keep a check on
whether the TDS that has been cut from your income (salary or interest etc.)
has been deposited against your PAN with the government. The deductor has to
issue a TDS certificate within the specified time period, as per current income
tax laws.
Apart from salary, if any other payment received by an
individual is subject to TDS, then he/she should get a quarterly TDS
certificate for the same. For instance, if your bank has deducted tax on
interest paid to you, say in the month of September, then the bank is required
to issue TDS certificate within 15 days of deadline for filing TDS returns for
that quarter, i.e., November 15."
FOR MORE DETAILS...
AIAT Pvt. Ltd
Add:- 15 Bhande Plot, Umred Road Nagpur.
Email:- info@aiatindia.com
Cont:- 9604121000
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