TRACES enables deductors / collectors to view challan status, download Conso File, Justification Report and Form 16 / 16A, view TDS / TCS credit for a PAN as well as […]
TDS - 20. page
Who can register on TRACES?
As of now, Deductors and Tax Payers can register on TRACES.
What should I do for an error ‘This type of correction can be performed only once for this statement’ at the time of filing correction for change of PAN?
Correction of valid PAN to valid PAN can be performed only once. If you have consumed all your attempts, you need to deposit short deduction default amount and file correction […]
PAN provided by deductee is invalid, Can deductor deduct TDS on higher rate ?
In case of invalid PAN, TDS should be deducted at higher rate.
Deductee is foreigner and does not have PAN. Do I need to deduct TDS
Yes. Any person who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN. In case the person does not have PAN, […]
What is the procedure for depositing tax?
A form called challan available at Income Tax Department, in banks and on the IT department website should be filled up and deposited in the bank along with the money. […]
How does the Government collect Income Tax
Taxes are collected by three means: Voluntary payment by persons into various designated Banks. For example, Advance Tax and Self-Assessment Tax Tax Deducted at Source (TDS) on your behalf from […]
How is resident / non-resident status relevant for levy of income tax?
In case of resident individuals and companies, their global income is taxable in India. However, non-residents have to pay tax only on the income earned in India or from a […]
How can I know whether a company is resident or non-resident?
A company is considered as resident if it is incorporated under the Indian Companies Act. A foreign company can also become a ‘resident’ if the control and management of its […]
Who is a resident? Income Tax
If an individual stays in India for 182 days or more in a year, he / she is treated as resident in that year regardless of his citizenship. If the […]