#How to file tds return on nsdl site

[tds-return-filing-software-blog]

TDS Software, TDS Return Software

Tax Deducted at Source (TDS) is a process launched by Income Tax Department, where person accountable for making particular payments such as wages, commissions, fees, rental income, earnings by interest, are subject to be subtracted a specific proportion of tax before making disbursement in totality to the beneficiary of the payment. The method of TDS is to deduct tax at its source. For many corporate and chartered accountants Adept Infoways has a host of Software. Among them the TDS Software and TDS return Software are the best when the Corporate is filing for taxes for all its employees.

1) What Is TAN and How to get a TAN?

TAN is the term for Tax Deduction Account Number. It is 10 figure alpha numeric entity which is a must for all persons who are accountable for subtracting or gathering tax. Under Section 203A of the Income Tax Act, 1961, it is compulsory to quote Tax Deduction Account Number (TAN) given by the Income Tax Department (ITD) on all TDS returns. The process for requesting for TAN is very easy and can be done comfortably online by filling up Form 49B. People can also refer to the NSDL Site in order to Apply For TAN.

 2) What is TDS Certificate?

TDS certificates are given by the the person who is subtracting tax to the person from whose account or salary the tax is deducted. There are primarily two types of TDS certificates given by the deductor.

Form 16: which is given     by the company to the staff member integrating details of tax deducted by     the company throughout the year, and

Form 16A: which is given     in all cases other than wages and salary.

3) When TDS can be subtracted?

In TDS process, tax is to be subtracted at the time of making payment or making the statement for payment ready, which is due, whichever is prior.

4) How much tax should be subtracted from wages?

Company responsible for paying wages is responsible to deduct tax on projected salary at set rate of 15% subject to following:

Limit of     Exemption: Tax at source is only to be deducted if the persons salary exceeds     basic exemption limit.

Exempt     allowances: Taxable salary should be calculated after deducting Allowances     such as LTC, HRA, conveyance, travelling exempt as per set limits and     other perquisites not forming part of salary .

Other     deductions: Other deductions such as deductions under section 80C, 80CCC,     80CCD, 80CCG, 80D, 80DD, 80DDB, 80E, 80EE, etc. should be taken into     account before the computation of tax on wage.

 5) What is the lowest salary one should have for TDS to be deducted by the employer?

After doing the complete calculation of permissible allowances, taxable perks and deductions under chapter VI-A, if income from wages exceeds a sum of basic exemption limit, then tax has to be subtracted by the employer @ 15% on the amount over and above the basic exemption limit. For instance, the wage of Mr. A arrives at Rs 2,80,000/- assuming that all the allowances, perquisites, and deductions have been taken into consideration, tax @ 15% on Rs 30000/- (2,80,000 – 2,50,000) shall be deducted by the employer.

Hence, requirements of TDS shall come into effect only if minimum salary is above the basic exemption limit.

For TDS Software and TDS Return Software visit Adept Infoways website www.adeptinfoways.com or call us at __________

[taxassist-india-blog]

Know everything about the Forms 15 CA and CB

NRIs transferring funds outside India and understanding taxes involved with it which is not a simple issue for them. It can become more confusing at the time of paying money across the international boundaries. When paying for salaries for goods or services rendered to a non-resident person or a non-resident entity, there are few considerations to bear in mind regarding taxes, as per the constant changing rules which is tough to know what forms or paperwork is required by you to fill out and to submit it where.

As per the rules set in the Income Tax Act of 1961, if you are looking to transfer any taxable money from India to a foreign individual or company, you require to complete the 15CA/CB. This is the only applicable on taxable transfers like salary payments or rents. It is not significant to fill out one of these forms every time you want to send someone aboard a few bucks.

Therefore, if you are transferring money to a foreign company or individual that is subject for tax, it is a crucial legal requirement that you fill out these forms, and significant that you do so before the payment is made. The reasoning is very simple, if tax which includes tax deductible at source (TDS) is to be paid, the treasury require to know and be able to extract it before the money leaves the country. Tax will be owned as it can be costly and time consuming for the treasury to pursue.

How to prepare and e-file online?

The Form 15CA has to be filled electronically in the website termed by the Income-tax Department website, printed, signed and submitted before remitting the payment.

You have attained a certificate from a registered chartered accountant only after that the 15CA form can be filed at the NSDL site. It is his duty to dissect your papers and transaction and certify that your dealings are clean and that the banker can allow you to remit or transfer money outside India. One such decent tax and accounting firm in India is NRI Invest India that can issue you a 15cb certificate within 2 days.

As per the latest format, preparing the 15cb can be very confusing, hence it’s desirable to get some kind of professional help.

When filling the form as a remitter, you will require the followings:

Your Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allocated by the Income Tax Department.

It is important to quote your Pan, if you don’t have a TAN.

Details in at least two address fields.

Name of the individual doing the remittance should be mentioned in the “Name of remitter” field.

The fields like the Area code, AO type, Range code or AO number which will be filled by the system based on your PAN or TAN.

Points to note:

Working out whether you need to submit, however, is not so simple. The following rules are important to be aware of:

First and foremost, we are talking about remittances where tax needs to be paid.

There is a stated list (see below) of the activities which do not require any confirmation to be submitted.

For the payments during a single financial year which is totalling over Rs.50,000 but less than Rs.250,000 then you require to complete part A of form 15 CA, and you do not require to attain Form 15CB.

For all other taxable payments, you require to report in Part B of form 15CA, and it is essential to attain the certificate of a chartered accountant in the form 15 CB.

Exempted areas:

According to the Notification No. 67/2013 [F. NO. 149/119/2012-SO (TPL)]/SO 2659(E), dated 2-9-2013, list of activities for which you have to submit no further information are:

Indian investment abroad - in equity capital (shares)

Indian investment abroad - in debt securities

Indian investment abroad - in branches and wholly owned subsidiaries

Indian investment abroad - in subsidiaries and associates

Indian investment abroad - in real estate

Loans extended to Non-Residents

Payment - for operating expenses of Indian shipping companies operating abroad.

Operating expenses of Indian Airlines companies operating abroad

Booking of passages abroad - Airlines companies

Remittance towards business travel.

Travel under basic travel quota (BTQ)

Travel for pilgrimage

Travel for medical treatment

Travel for education which includes fees, hostel expenses etc.

Postal services

Construction of projects abroad by Indian companies including import of goods at project site

Freight insurance – relating to import and export of goods

Payments for maintenance of offices abroad

Maintenance of Indian embassies abroad

Remittances by foreign embassies in India

Remittance by non-residents towards family maintenance and savings

Remittance towards personal gifts and donations

Remittance towards donations to religious and charitable institutions abroad

Remittance towards grants and donations to other Governments and charitable institutions established by the Governments.

Contributions or donations by the Government to international institutions

Remittance towards payment or refund of taxes.

Refunds or rebates or reduction in invoice value on account of exports

Payments by residents for international bidding

NOTE:

Please be advised that the filing such paperwork with the Income tax department can be confusing. Hence, a help from a professional CS (company secretary) or CA (chartered accountant) must be accomplished. For additional tax information and resources visit http://www.taxassistindia.com and our tax consultant will help you make sense of what to file on your tax return.