Tax Professional Blogs

TDS challans are required for depositing TDS with the Indian government. Each section of the Income Tax Act requires a specific challan for depositing the collected taxes. Taxpayers who wish to pay TDS without a challan must deposit the collected TDS on the same day. This post includes important information about the two types of TDS Challans: TDS Challan 280 and TDS Challan 281.

Form 16B is a simple representation of the tax deducted on real estate transactions. In property transactions, the buyer must subtract TDS from the sale price at the time of the transaction. The TDS amount, which the buyer deducted and filed with the Income Tax Department for the property transaction, is recorded on Form 16B, which serves as a TDS certificate. TDS is subtracted from the purchase price of an immovable property, decreasing the buyer's obligation to pay the seller by 1%. The deducted sum is then submitted to the Income Tax Department.

A File Validation Utility, also known as FVU, permits you to confirm your e-TDS or TCS return file. NSDL provides this utility as part of its services. A deductor's return file must track specified structures in order to be verified by the FVU. Using this utility, you can submit an error-free TCS & TDS return. This blog post discusses the various steps for downloading and generating FVU files using Gen TDS return filing software.

SAG Infotech Private Limited introduces Gen TDS software, a critical tool for TDS and TCS return filings. This user-friendly programme, developed to comply with CPC and TRACES rules, is government-approved and includes features including TDS amount pre-determination, interest and penalty computation, late filing fee assessment, and comprehensive TDS return preparation. With Gen TDS, taxpayers may easily and accurately file an infinite number of TDS/TCS returns.

In compliance with the (Income Tax) Rules, 1962, the CBDT department is providing a new computerised application Form 71 for the purpose of crediting TDS. Examine the most notable aspect under notice number G.S.R. 637(E), to credit Tax Deduction at Source (TDS) by modifying the Income Tax Rules, 1962. The Income-tax (Twentieth Amendment) Rules, 2023, are a set of regulations that will take effect on October 1st, 2023.

Gen TDS software automates the entire process of filing returns and reduces compliance steps. Importing and exporting data of several forms makes self-filling easier. The software can be used even by clients who are not technically smart. The software is reliable and easy to use. There are multiple features are available in this software that allows user to meet all the elements on the screen through the intuitive interface. In this article, we mentioned some of the original screenshots with steps for taxpayers.