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Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts
Saturday, July 6, 2019
budget 2019-20: pan and aadhaar interchangeable for it returns

budget 2019-20: pan and aadhaar interchangeable for it returns

Budget 2019-20 Highlights

Direct Tax


IT returns can now be filed, using either Aadhaar card or Pan card

pan and aadhaar interchangeable for it returns
budget 2019-20: pan and aadhaar interchangeable for it returns

Good News to Indian Tax Payers, They will need to use either Aadhaar card or PAN card to file their income tax returns (ITR) from now onwards.

Union Finance Minister Nirmala Sitharaman announced during Union Budget 2019 that taxpayer who does not have Permanent Account Number (PAN) can use their Aadhaar card to file their Income Tax Return. So, People who do not have PAN, can now file their income tax return, by simply quoting their Aadhaar number.

PAN card and Aadhaar card can be used interchangeably to file income tax returns. This will allow those without PAN to file income tax by using their Aadhaar card numbers.

Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without waiting for the mandatory 180 days.

If a taxpayer has already linked his Aadhaar with his PAN, he or she has the choice to use Aadhaar instead of PAN under the Income Tax Act.
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Monday, April 29, 2019
income tax changes for ay 2018-19, ay 2019-20 and ay 2020-21

income tax changes for ay 2018-19, ay 2019-20 and ay 2020-21


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Cess on Tax


AY 2018 - 2019 : @ 3%

AY 2019 - 2020 : @ 4%

AY 2020 - 2021 : @ 4%

Standard Deduction for Salary - Section 16


AY 2018 - 2019 : NA

AY 2019 - 2020 : Rs.40,000

AY 2020 - 2021 : Rs.50,000

Deemed Let out Property


AY 2018 - 2019: Only one property allows ed as self-occupied and others are charged notional rent

AY 2019 - 2020: Only one property allows ed as self-occupied and others are charged notional rent

AY 2020 - 2021: Exempt levy of income tax on notional rent on second occupied houses

Stamp Duty valuation - section 50c


AY 2018 - 2019: Change between actual consideration and stamp duty valuation to be considered

AY 2019 - 2020: Change between actual consideration and stamp duty valuation to be considered

AY 2020 - 2021: Consider Stamp Duty Value only if it exceeds 105% of the declared consideration

Exemption under section 54


AY 2018 - 2019: Can avail against the purchase of ONE residential property only

AY 2019 - 2020: Can avail against the purchase of ONE residential property only

AY 2020 - 2021: Can avail against the purchase of TWO residential property if CG < 2 Crore

Holding Period of Investment - Section 54ec


AY 2018 - 2019: 3 Years

AY 2019 - 2020: 5 Years

AY 2020 - 2021: 5 Years

Tax on LTCG (Long Term Capital Gains) Share (Securities transaction tax) STT Paid Cases


AY 2018 - 2019 : Exempt under Section 10(38)

AY 2019 - 2020 : Taxable @10% if CG > Rs.1,00,000

AY 2020 - 2021 : Taxable @10% if CG > Rs.1,00,000

Rebate under section 87a for Resident Individuals


AY 2018 - 2019 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2019 - 2020 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2020 - 2021 : Upto Rs. 12500 if Total Income < Rs.5,00,000

Deduction in respect of interest on deposits in case of senior citizens Section 80ttb


AY 2018 - 2019: NA

AY 2019 - 2020: Rs.50000 (80TTA not available to this category)

AY 2020 - 2021: Rs.50000 (80TTA not available to this category)

Deduction under section 80D


AY 2018 - 2019 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Very Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Very Senior Citizen Rs. 30,000

Total Deduction available in respect of all above is Rs.30,000

AY 2019 - 2020 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Senior Citizen Rs. 30,000

Total Deduction available in respect of all above is Rs. 50,000


AY 2020 - 2021 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Senior Citizen Rs. 30,000


Total Deduction available in respect of all above is Rs. 50,000


Deduction under section 80ddb (Medical Treatment for specified disease)


AY 2018 - 2019 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen-Rs. 60,000
  • 3. Very Senior Citizen-Rs. 80,000


AY 2019 - 2020 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen- Rs. 1,00,000


AY 2020 - 2021 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen- Rs. 1,00,000

TDS Limit under section 194a


AY 2018 - 2019 : 

  • Rs.5000 in the case of Non-Bank and Rs.10,000 in the case of Bank and P O.


AY 2019 - 2020 : 

  • Rs. 5000 in the case of Non-Bank
  • Rs. 10,000 in the case of Bank and P .O. for Normal Citizens and Rs.50,000 for Senior Citizen


AY 2020 - 2021 : 

  • Rs. 5000 in the case of Non-Bank
  • Rs. 40,000 in the case of Bank and P .O. for Normal Citizens and Rs.50,000 for Senior Citizen


TDS (tax deduction at source) Limit under section 194i


AY 2018 - 2019 : Rs.1,80,000

AY 2019 - 2020 : Rs.1,80,000

AY 2020 - 2021 : Rs.2,40,000

Thanking you
Credit to 
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Wednesday, February 13, 2019
income tax slab rates for fy 2018-19

income tax slab rates for fy 2018-19


Income tax slab rates for A.Y: 2019-20/ F.Y: 2018-19 for 

Individual
Senior Citizen 
Super Senior Citizen and
Surcharge
Health and Education Cess

  • General Person earning INR. 2.5 lakh annually has been exempted from paying taxes, while those having income up to INR. 5 lakh will be charged income tax at 5 % 
  • Senior Citizen (60 - 79 years) earning INR.3 lakh annually has been exempted from paying taxes.
  • Super Senior (80 years above) earning INR.5 lakh annually has been exempted from paying taxes.


Normal Rates of Income Tax for F.Y: 2018-19




Income Tax Slab Rates for Senior Citizen for F.Y: 2018-19



Income Tax Slab Rates for Super Senior Citizen for F.Y: 2018-19



Surcharge on Income tax:

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Act, shall be increased by a surcharge for the purpose of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act,-

(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such income-tax and

(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding;-

(a) Fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Health and Education Cess

Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall be discontinued. However, a new cess, by the name “Health and Education Cess” shall be levied at the rate of four percent of income tax including surcharge wherever applicable, No marginal relief shall be available in respect of such cess.

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Wednesday, October 10, 2018
date for filing itr ay 2018-19

date for filing itr ay 2018-19


new date for filing audited balance sheet 31.10.2018
On consideration of representations from various stakeholder for further extension of due date is 30th September, 2018 for purpose of filing return of income as  well as various reports of audit pertaining to Assessment Year 2018--19 for assessees covered under clause (a) of Explanation 2 of section 139 (1) of the income tax Act, 1961 (Act), the Board, in partial modification of its order dated 24.09.2018 in file of even number, hereby, further extends the due date for filing of return of income and reports of audit pertaining to Assessment Year 2018-19 from 15th, Oct 2018 to 31st October 2018. However as specified in earlier order dated 24.09.2018, assessees filing their return of income within the extended due date shall be liable for levy of interest as per provisions of section 234A of the Act.

new due date for income tax returns
New Due Date for filing IT Returns FY: 2017-18

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Wednesday, July 18, 2018
itr forms for ay 2018-19

itr forms for ay 2018-19

ITR 1

For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

ITR 2

For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3

For individuals and HUFs having income from profits and gains of business or profession

ITR 4

For presumptive income from Business & Profession

ITR 5

For persons other than:- 
(i) Individual,
(ii) HUF,
(iii) Company and 
(iv) Person filing Form ITR-7

ITR 6

For Companies other than companies claiming exemption under section 11

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

download ITR New Validation Rules
https://www.incometaxindiaefiling.gov.in/downloads/schema

 download ITR New Excel Utility and Java Utility
https://www.incometaxindiaefiling.gov.in/downloads/offlineUtilities
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Friday, February 2, 2018
budget 2018 highlights

budget 2018 highlights

Budget 2018 Highlights 
By: A Roti, Kapda & Kisaan Proposition

1st of February indeed turned out to be a landmark day in Indian Economy. Not only did this day witness the rollout of the e-way bill (and unfortunately the deferment of the same as well), but also the first ever budget to be announced in the GST era – Budget 2018.

Finance Minister Mr. Arun Jaitley started off Budget 2018 on a positive note, as he started off with the promise that India will become the 5th largest economy very soon. Not only does the government estimate a 7.2-7.5% GDP growth in the second half of the current fiscal year, but also a steady growth rate of 7.5% over the next 3 years. With the fiscal deficit estimated to drop to 3.3% in FY 2018-19 from the current 3.5% in FY 2017-18, exports to grow by 15% and the manufacturing sector on track, the economy surely is on the right track, and that was what was highlighted in the Budget 2018 updates.

Major Budget 2018 highlights:

Agriculture
  • Farmers’ income to be doubled by 2020
  • Farmers’ Minimum Support Price (MSP) to be increased to 1.5 times
  • Centres for Direct Sales to be opened for farmers
  • Farm Credit to be increased by 10% to INR 11 Lakh Crore
  • INR 2,000 Crore to be allocated to the Agricultural Development Corpus
  • INR 500 Crore to be allocated to Operation Green – a new mission to take the agricultural sector forward
  • Agricultural Exports to be liberalised
  • Allocations in Krishi Yojana and Food Processing to be doubled
  • INR 10,000 Crore to be allocated to fisheries


Rural Economy
  • 8 Crore women to get free gas connection
  • 2 Crore toilets to be built as part of Swachch Bharat campaign
  • 51 Lakh new houses to be constructed
  • 75 Crore houses to get power
  • INR 12.34 Lakh Crore to be allocated for rural infrastructure and housing
  • Loans to rural self-help groups to be increased


Education
  • INR 1 Lakh Crore to be allocated to RISE – an education initiative to be started and to be completed by 2022
  • Eklavya Schools to be set up in each block with substantial population of Scheduled Tribes
  • PM Research Fellowship Programme to identify 1000 B. Tech. students each year, who will be provided grants and opportunities to pursue in IITs and IISc, while also teaching undergraduate students once a week at that time
  • New Rail University to be set up in Vadodara
  • 13 Lakh untrained teachers to get trained
  • Initiatives will be explored to move towards digital education


Healthcare
  • INR 1,200 Crore to be allocated for the Aayushman Bharat Programme, under which 1.5 Lakh health centres are to be set-up- 1200 Crore
  • INR 5 Lakh cover per family per year to be provided under the Rashtirya Bima Yojana, the flagship National Health Protection Scheme. This will benefit over 10 Crore families – roughly 500 million people – as far as secondary and tertiary medical care and hospitalisation is concerned
  • 1 medical college to be set up in every 3 constituencies
  • 1 government medical college to be present in every state. Under this, 24 new government medical colleges to be set up
  • INR 600 Crore to be allocated for TB nutritional support


Infrastructure
  • INR 2.04 Lakh Crore to be allocated for Smart City Mission – 99 cities identified under the same
  • 9,000 Km of national highways to be completed
  • 36,000 Km of railway tracks to be renewed
  • 4,267 unmanned railway crossings to be eliminated
  • Escalators to be installed in all railway stations
  • INR 1,48,528 Crore to be allocated for the digitization of 600 railway stations
  • INR 17,000 Crore investment boost to be given to Bengaluru Metro Rail and INR 11,000 Crore investment boost to be given to Mumbai Rail
  • Airport capacities to be raised to accommodate 5 billion trips in a year
  • 5 lakh Wi-fi hotspots to be set up


Pollution Control

It was heartening to find a few pollution control initiatives as part of the Budget 2018 highlights:
  • Special schemes to be rolled out for Haryana and NCR to control air pollution
  • 187 projects approved for River Ganga clean-up project


MSME & Welfare Financing

Some of the major Budget 2018 highlights with respect to MSME and welfare financing were as follows:
  • 372 basic business reforms to be introduced across all states
  • INR 56,919 Crore allocated for welfare of SCs
  • INR 48,081 Crore allocated for welfare of STs
  • Online loan sanctioning to be introduced for quicker set-up of small businesses, including automatic linkage to GSTN on formation
  • INR 3,794 Crore to be allocated to the MSME sector in the form of capital support and interest subsidy as part of Mudra Yojana
  • Jan Dhan Yojana to cover all 600 million bank A/C s
  • INR 7,148 Crore to be allocated for textiles
  • Kaushal Kendras to be set up for skill development of youth

Direct Taxes

The Budget 2018 updates with regards to direct taxation, had a plethora of initiatives:
  • INR 6.4 Lakh Crore total tax collection in FY 2014-15 has increased to INR 8.47 Lakh Crore total tax collection in FY 2016-17
  • Taxpayer base has increased – 85.51 Lakh new taxpayers who filed income tax returns in FY 16-17
  • INR 80,000 Crore disinvestment target to be set
  • 100% Tax Deduction to be provided to farmer producer companies with turnover of up to INR 100 Crore, for 5 years
  • Reduced Corporate Tax of 25% to be extended to companies with turnover of up to 250 Crore
  • Government to contribute 12% of new employee wages as part of EPF for next 3 years
  • New women employees’ contribution to EPF to be reduced from 12% to 8%
  • Personal income tax slabs to remain unchanged
  • Standard deduction of INR 40,000 to be re-introduced in lieu of the medical reimbursement worth INR 15,000 and transport allowance worth INR 19,200 which are currently available. Thus the net benefit will only be INR 5,800, which will reach over 2.5 Crore tax payers
  • Health And Education Cess to be increased from 3% to 4%
  • Host of tax benefits to be provided for senior citizens
  • Capital gains tax at 10% to be re-introduced on gains of over INR 1 lakh on long-term investments
  • E-assessment platforms to be rolled out across all touch-points to reduce human intervention


Indirect Taxes
This was the first budget to be presented in the GST era, and also probably the first budget with no substantial indirect tax component, as most of the initiatives were already being notified by the GST Council from time to time. Nevertheless, a few Budget 2018 highlights pertaining to indirect taxes, are as follows:

  • As per the budget news, the GST revenue shortfall is to be balanced by higher direct tax and disinvestment collections. Overall INR 21.57 Lakh Crore transferred as net GST to states as against projection of INR 21.47 Lakh Crore
  • GST compensation cess has been budgeted at INR 90,000 Crore for FY 18-19, while revised estimates for FY18 are at INR 61,000 Crore. The GST compensation cess funds are to be kept under public accounts
  • GST collections projection are pegged at INR 7.43 Lakh Crore in FY 18-19 as against INR 4.44 lakh Crore in nine months of the current fiscal
  • Central Board of Excise and Customs to be renamed as Central Board of Indirect Taxes and Customs
  • Excise Duty – As per the Budget 2018 highlights, the price of petrol and diesel has effectively come down by INR 2 per litre due to the cut in excise duty
  • Imports & Customs Duty – A social welfare surcharge of 10% has now been introduced on imported goods. In addition, the following rate changes were declared:


In conclusion, Budget 2018 India Inc. was largely a pro-agriculture, pro-healthcare and pro-rural budget, which aims to improve the quality of life of the financially backward sections of the society. At the same time, as per the Budget 2018 highlights, the government will also be looking forward in terms of investment in modern fields – robotics, AI, Block Chain and Cyber Security, which will surely bolster the Indian economy in times to come.

Thanking you to
A Roti, Kapda & Kisaan Proposition

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Thursday, January 18, 2018
income from house property ay 2018-19

income from house property ay 2018-19



I.Basis of Charge [Section 22]

The annual value of any property comprising of buildings or lands appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head “Income from house property”.

Exceptions: Annual value of the following properties are chargeable under the head “Profits and gains of business and profession”-
  • (i) Portions of property occupied by the assessee for business or profession carried on by him.
  • (ii) Properties of an assessee engaged in the business of letting out of properties


II. Determination of Annual Value [Section 23]


(1) Annual Value of let-out property [Section 23(1)]


Add caption


(2) Annual Value of one self-occupied property [Section 23(2)/(3)]: 

Where the property is self-occupied for own residence or unoccupied throughout the PY owing to his employment, business or profession carried on at any other place and residing at that other place in a building not belonging to him, its Annual Value will be Nil, provided no other benefit is derived by the owner from such property.

(3) Annual Value of deemed to be let out property [Section 23(4)]:

If more than one property is so self-occupied/unoccupied, the assessee may claim benefit of Nil Annual Value in respect of any one property at his option. The other property(s) would be deemed to be let out, in respect of which Expected Rent would be the GAV.



(4) Annual value where the property held as stock-in-trade etc. [Section 23(5)]:

Where property is held as stock-in-trade and the whole or any part of the property is not let out during the whole or any part of the PY, the annual value of property or part of the property, for the period upto 1 year from the end of the F.Y. in which certificate of completion of construction of the property is obtained from the competent authority, shall be taken as “Nil”.

III.Deductions from Net Annual Value 

[Section 24]




Notes –
  • (1) Pre-construction interest allowable as dedn in 5 equal installments from the P.Y. of completion of construction.
  • (2) If a portion of the property is let out and a portion self-occupied, then, income will be computed separately for let out and self-occupied portion.


IV.Taxability of recovery of Unrealised rent & Arrears of rent received [Section 25A]

  • (i) Taxable in the year of receipt/ realization
  • (ii) Deduction@30% of rent received/ realized
  • (iii) Taxable even if the assessee is not the owner of the property in the financial year of receipt/ realization.


V.Co-owned property [Section 26]


Self-occupied property

The annual value of the property of each co-owner will be Nil and each co-owner shall be entitled to a deduction of  Rs. 30,000 /Rs. 2,00,000, as the case may be, on account of interest on borrowed capital.

Let-out property

The income from such property shall be computed as if the property is owned by one owner and thereafter the income so computed shall be apportioned amongst each co-owner as per their specific share.
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Sunday, January 14, 2018
income tax slab rates, surcharge for ay 2018-19 and residential status

income tax slab rates, surcharge for ay 2018-19 and residential status


Income-tax is a tax levied on the TOTAL INCOME of the PREVIOUS YEAR (P.Y.) of every PERSON. Previous Year (P.Y.) is the F.Y. immediately preceding the Assessment Year (A.Y.). A.Y. is the period of 12 months commencing on 1st April every year.

SIGNIFICANT COMPONENTS OF INCOME-TAX LAW

Income-tax Act, 1961:  governs the levy of income-tax in India
Income-tax Rules, 1962: formulated for proper administration of the Act
Circulars- issued by CBDT to clarify the meaning and scope of certain provisions of the Act
Notifications-issued to give effect to the provisions of the Act/make and amend Rules


INCOME TAX RATES FOR A.Y: 2018-19


  • INDIVIDUALS
  • FIRMS
  • LLP
  • DOMESTIC COMPANIES
  • FOREIGN COMPANIES


INDIVIDUALS INCOME TAX SLAB RATES FOR A.Y: 2018-19

income tax rates for individuals resident in india_60 years_more than 80 years

FIRMS, LLP & COMPANIES (DOMESTIC & FOREIGN)INCOME TAX RATES FOR A.Y: 2018-19

income tax slab rates for companies, firm, llp for a.y_2018-19

SURCHARGE RATES FOR INDIVIDUAL/HUF/AOPS/ BOIS/AJ, FIRM/LLP, DOMESTIC COMPANY, FOREIGN COMPANY A.Y. 2018-19

surcharge for ay 2018-19_ individual_huf_firm_domestic company_foreign company


Note – Income-tax has to be computed on TI. Surcharge is computed on such income-tax. Education cess@2% and secondary and higher education cess@1% has to be computed on income-tax plus surcharge, if applicable

RESIDENTIAL STATUS AND SCOPE OF TOTAL INCOME


  • INDIVIDUAL
  • HUF
  • FIRM & AOPs
  • COMPANY

RESIDENTIAL STATUS FOR INDIVIDUALS

residential status for individuals

RESIDENTIAL STATUS FOR HUF, FIRM, AOPS, AND COMPANY

Read More about TDS on GST

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Tuesday, December 12, 2017
gst income tax basic concepts

gst income tax basic concepts


INCOME TAX - BASIC CONCEPTS - 
SHORT NOTES (AFTER GST)

INCOME TAX
(As amended by the Finance Act, 2017) Short Notes on Basic Concepts
(A.Y. 2018-19)



TAX –Tax is a fee charged by a Government on a product, income or activity. There are TWO types of taxes – Direct Taxes and Indirect Taxes.

type of taxes in india after gst


INCOME TAX: It is a tax on Income.

CHARGING (SEC.4): Every PERSON whose TOTAL INCOME of the PREVIOUS YEAR exceeds the BASIC EXEMPTION LIMIT is an ASSESSEE and chargeable to income tax at the RATES prescribed in the FINANCE ACT for the relevant ASSESSMENT YEAR.

*IMPORTANT CONCEPTS:

1. Assessee:
“Assessee” means a person by whom any tax or any other sum of money is payable under Income Tax Act, 1961, is called an Assessee.
In addition, it includes –

  • Every person in respect of whom any proceeding under this Act has been taken for the assessment of


  1. his income; or
  2. Assessment of fringe benefits; or
  3. the income of any other person in respect of which he is assessable; or 
  4. the loss sustained by him or by such other person; or
  5. the amount of refund due to him or by such other person.


  • Every person who is deemed to be an assessee under any provision of this Act;
  • Every person who is deemed to be an assessee-in-default under any provision of this Act.


Person: A person includes–
An Individual, (HUF), (AOP), Body of Individuals (BOI), a Firm &LLP, a Company, Local Authorities and Artificial Juridical Person etc.

Previous year (P.Y.): Previous year is the Financial Year immediately preceding the assessment year i.e., it is the financial year ending on 31st March, in which the income has accrued/received.

Assessment Year (A.Y.): means the Period of 12 months commencing on the
1st April every year. F.Y. in which you pay the tax is called A.Y.

Financial Year (F.Y.): commences on 1st April and ends on 31st March- (12 Months).


COMPUTATION OF TOTAL INCOME

income tax computation of tax payable


SLAB RATES APPLICABLE FOR A.Y: 2018-19 ARE AS FOLLOWS:

Individual/HUF/AOP/BOI/Artificial Juridical Person:




By
Sunil Ahmad
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Friday, August 4, 2017
online payment of tds on property

online payment of tds on property

TDS Payment on Rent of Property for Individual or HUF 

Income tax dept allows you to make TDS on Rent of Property Payments Through Online. 

ADVANTAGES OF E-PAYMENT
  1. No need to fill forms and cheques.
  2. Cheques, cash deposit is not required. so you can reduce your long process transactions and save your valuable time.
  3. Went to bank and waiting for acknowlegment
  4. Cheques payment takes more time than online payment. so there may be chances to penalty for late payments. So you can reduce penalty and Interests for online payment.
  5. You can complete payment with in 5-10 mins.
  6. You can make payment at any time (24X7).


STEP-1:

Click on  "Form 26QC"


Skip Tax Applicable and  Financial Year sections (Because These are automatic displayed)

STEP-2:
Select Resident/Non-Resident 
Eg: If Landlord/Lessor/Payee is resident select "Resident" else select "Non-Resident" 

> Enter and re-enter Individual or HUF  PAN number of Tenant/ Lessee/ Payer
[Tenant/Lessee/Payer address will be auto populated. If details not displayed, enter details by yourself]

Whether more than one Tenant/Lessee/Payer: Select 'Yes' if there are more than one Tenant of property, else select 'No'

> Enter and re-enter PAN Number of Landlord/ Lessor/ Payee
[Landlord/Lessor/Payee address will be auto populated. If details not displayed, enter details by yourself]

Whether more than one Landlord/Lessor/Payee: Select 'Yes' if there are more than one Landlord of property, else select 'No'


STEP-3:


> Enter category and address of Property Letout.
> Date of Payment/Credit: Select date on which Rent paid to Lanlord
> Total Amount Paid/Credited: Re-enter amount payable to the Lanlord
> Basic Tax (TDS Amount to be paid) : Enter TDS Amount to be deposited at the respective Bank. Amount should be entered in the field 'Basic Tax' (Income Tax) on the Bank's web-portal as TDS certificate (Form 16C) will be based on 'Basic Tax' (Income Tax) only.
> Date of Tax Deduction: Date on which the Tax is deducted

and enter required fields then click on Proceed button and pay the TDS amount. 

Please feel free to relay your comments, suggestions, questions or corrections.

Important Points:

  • Fields marked with * are mandatory.
  • Do now not enter double charges ("") in any of the fields.
  • etax payment immediately will direct the taxpayer to the Net Banking /Debit Card login page.
  • In case the taxpayer wish to opt for etax payment on subsequent date, ACK No. will get generated and the same has to be retained by taxpayer and presented to any of the authorized Bank for further payment.
  • Provision to enter Tax amount (i.e. Basic Tax, Interest and Fee) is given in the Bank's website.
  • Period of Tenancy will be the period (i.e. months) for which tenant is paying the rent.
  • Total value of Rent Payable is equal to the no. of month for which rent is payable * value of rent per month.
  • Amount Paid/Credited is the actual amount of the rent payable to the Landlord/Lessor/Payee for which he/she is filing Form 26QC
  • If Date of deduction is greater than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
  • If Date of deduction is less than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
  • If Date of furnishing Form 26QC is beyond prescribed due date, the same may attract late filing fee u/s 234E.
Best Regards
G.Srinivas

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