- How can I get back my TDS amount?
- Is TDS deducted on debit note?
- What is TDS 194c?
- What is the minimum amount for TDS deduction?
- Who is liable for TDS deduction?
- Is TDS return mandatory?
- Is TDS deducted on annual maintenance charges?
- What happens if TDS not deducted?
- Can we deduct TDS on software purchase?
- Is TDS deductible on electricity expenses?
- Is TDS applicable on vehicle maintenance?
- What is the limit for TDS deduction?
- Is TDS applicable on service charges?
- How is TDS penalty calculated?
- Can we deducted TDS on repairs and maintenance?
How can I get back my TDS amount?
You must file your income tax returns in the normal manner.
The excess tax that was deducted will be the refund amount due, and this needs to be shown in the returns filed.
The TDS refund is processed by the Income Tax department within a few months of filing returns.
Usually, it takes about 6 months’ time..
Is TDS deducted on debit note?
So,TDS is not calculated on Purchase debit note. Thanks & Regards. 20 October 2008 The TDS is applicable only on actual labour charges after allowing the deductions for rejection.
What is TDS 194c?
Section 194C states that any person responsible for paying any sum to the resident contractor for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: a. The Central Government or any State Government.
What is the minimum amount for TDS deduction?
Rs. 30,000Minimum Amount of Payment for Deduction of TDS under Section 194C. If the payment that is being made to the contractor does not exceed Rs. 30,000, No TDS on payment to contractor is required to be deducted. However, if the total of all such payments made or to be made during a financial year exceeds Rs.
Who is liable for TDS deduction?
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
Is TDS return mandatory?
Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.
Is TDS deducted on annual maintenance charges?
Any payment made for any professional and technical services would attract TDS under section 194J of the Act and if the payments have been made for works contract or any contractual payment, the same would be covered within the purview of section 194C of the Act.
What happens if TDS not deducted?
For delay/non-deduction of TDS, an interest of 1% per month or a part thereofon the amount of such tax from the date on which it was deductible, to the date on which it is deducted is required to be paid; … And for delay in filing of TDS returns a late filing fee of Rs.
Can we deduct TDS on software purchase?
Royalty includes payment received for transfer of all or any right to use computer software. Royalty includes payment received for transfer or granting of license for computer software. On purchase of software from a resident TDS shall be deducted @10% under section 194J.
Is TDS deductible on electricity expenses?
For the payment of Electricity expenses, it’s simply a reimbursement of expenses to landlord if payment is made on the basis of bill of electricity department. … On the basis of above decision, TDS is deductible at source in respect of payment of income comprising an element of income.
Is TDS applicable on vehicle maintenance?
Income Tax Officer, held that the reimbursement of car running and maintenance charges paid to employees would constitute perquisite for which, the employer is liable to deduct tax at source (TDS) under the provisions of the Income Tax Act, 1961.
What is the limit for TDS deduction?
Section 192- TDS on Salaries: TDS on salaries is deducted at the rate of the income tax slab for the relevant year. For the assessment year 2020-2021 the exemption limit for an individual is Rs 2,50,000.
Is TDS applicable on service charges?
Everyone except an individual/HUF who is liable to make the following payments to any resident is liable to deduct TDS Under Section 194J: Fees for professional services and for technical services or. … Non-compete fees u/s 28(VA)
How is TDS penalty calculated?
You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS. For example: … Then the calculation comes out to Rs 200 x 105 days = Rs 21,000, but since this is greater than Rs 5000, you will have to pay only Rs 5000 as the late filing fee.
Can we deducted TDS on repairs and maintenance?
TDS on repair and maintenance is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.