Ask Masters Latest Questions

Sarah Harris
  • 0
  • 0

  1. No matter where you are heading, a casual dinner near your home or a long drive trip to the north side of your country, you must keep some emergency tools in your car. This is what I have always believed. I never go anywhere without any first aid kit. I have prepared a tiny box of it. Next is the flRead more

    No matter where you are heading, a casual dinner near your home or a long drive trip to the north side of your country, you must keep some emergency tools in your car. This is what I have always believed. I never go anywhere without any first aid kit. I have prepared a tiny box of it. Next is the flashlight, as you know your car might break down in the middle of the night at any place, so there must be something to look around. Apart from this, I have a backpack of clothes and essentials as my emergency tools. When it comes to my vehicle I keep a tire gauge and a tool kit. The most important thing is the spare tire. One should never go anywhere without all of these things. These are the must have essentials that I ask my friends and family to keep as well. What do you think about it?

    See less
    • 0

Sorry it's a private question.

admin
  • 0
  • 0

  1. It is mandatory to issue these certificates to Tax Payers. Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.

    It is mandatory to issue these certificates to Tax Payers. Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.

    See less
    • 0
admin
  • 0
  • 0

  1. There is no specific timeline mentioned in the income tax laws which states by when such mistakes must be rectified. However, it can take 30-45 days to reflect the deposit of TDS in the Form 26AS, depending on the efficiency of the company's (employer) accounts department.

    There is no specific timeline mentioned in the income tax laws which states by when such mistakes must be rectified. However, it can take 30-45 days to reflect the deposit of TDS in the Form 26AS, depending on the efficiency of the company’s (employer) accounts department.

    See less
    • 0
admin
  • 0
  • 0

  1. As per current law, an employee's own contribution to the EPF account is not taxable. However, effective from April 1, 2020, onwards, employer's contribution to the EPF account can become taxable if it exceeds Rs 7.5 lakh in a financial year.

    As per current law, an employee’s own contribution to the EPF account is not taxable. However, effective from April 1, 2020, onwards, employer’s contribution to the EPF account can become taxable if it exceeds Rs 7.5 lakh in a financial year.

    See less
    • 0
admin
  • 0
  • 0

  1. The TDS rate on fixed deposits (FDs) is 10% if the interest amount for the entire financial year exceeds Rs 10,000 for AY 2019-20. In the interim budget 2019, this TDS deduction limit on FD has been increased to Rs. 40,000 annually which is applicable in AY 2020-21. Under existing Income Tax rules,Read more

    The TDS rate on fixed deposits (FDs) is 10% if the interest amount for the entire financial year exceeds Rs 10,000 for AY 2019-20. In the interim budget 2019, this TDS deduction limit on FD has been increased to Rs. 40,000 annually which is applicable in AY 2020-21. Under existing Income Tax rules, the TDS rate on fixed deposit interest is 20% if you do not provide your PAN Card to the bank.For NRO (Non-Resident Ordinary) FDs, the TDS rate is 30%. For NRE (Non Resident External) and FCNR (Foreign Currency Non Resident) FDs, there is no TDS because these FDs are tax-free. The details of TDS deducted by the bank are uploaded in Form 26AS. No TDS is deducted on either Time Deposit (FD) or Recurring Deposit (RD) made with a post office. Senior Citizens (those above 60) can get up to Rs 50,000 per year in FD interest tax-free and no TDS will be deducted for interest received up to Rs 50,000 per annum for them.

    See less
    • 0
admin
  • 0
  • 0

  1. The employer deducts TDS on salary at the employee’s ‘average rate’ of income tax. It will be computed as follows: Average Income tax rate = Income tax payable (calculated through slab rates) divided by employee’s estimated income for the financial year. For example, if Mr Sharma (ageing 58 years ofRead more

    The employer deducts TDS on salary at the employee’s ‘average rate’ of income tax. It will be computed as follows:
    Average Income tax rate = Income tax payable (calculated through slab rates) divided by employee’s estimated income for the financial year.
    For example, if Mr Sharma (ageing 58 years of age) receives a salary of Rs. 1,00,000 per month during the FY 2019-20.
    We can compute His TDS on salary for FY 2019- 20 under section 192 per month as follows:
    Total income-Rs.12,00,000
    Estimated deduction-Rs.1,00,000
    Income chargeable to tax-Rs.11,00,000
    As per section 192, his TDS on salary as per the current slab rate will be Rs.1,42,500.
    After adding 4% education and higher education cess (i.e. Rs.5,700), the net tax payable becomes Rs.1,48,200.
    Average rate of TDS on salary will equal Rs.1,48,200/12,00,000*100. In other words, Mr Sharma’s rate of TDS on salary will be 12.35%
    TDS on salary under Section 192 to be deducted each month will be (Rs 1,00,000 x 12.35%), or Rs. 12,350.

    See less
    • 0
admin
  • 0
  • 0

  1. TDS Reconciliation Report The TDS Reconciliation report displays all the reconciled TDS payments. 1. Go to Gateway of Tally > Display > Statutory Reports > TDS Reports > Challan Reconciliation . 2. Click F5: Reconcile Challan. 3. Enter the Challan No. 4. Press Alt+S to set Challan Date.Read more

    TDS Reconciliation Report
    The TDS Reconciliation report displays all the reconciled TDS payments.
    1. Go to Gateway of Tally > Display > Statutory Reports > TDS Reports > Challan Reconciliation .
    2. Click F5: Reconcile Challan.
    3. Enter the Challan No.
    4. Press Alt+S to set Challan Date.
    5. Press Alt+L to show all or pending challan.
    Note: As per the NSDL department file validation tool, challan number and challan date are not mandatory. In the case of online TDS duty payment, the user can provide the challan number and challan date or leave the fields blank, and validate the E-TDS file successfully.

    See less
    • 0
admin
  • 0
  • 0

  1. Claiming Tax Deducted at Source (TDS) refund online is a simple process and involves the filing of income tax returns. It includes the following steps: 1 - Sign in or sign up on the online e-filing portal of the Income Tax Department, i.e. incometaxindiaefiling.gov.in 2 - Fill in the relevant detailRead more

    Claiming Tax Deducted at Source (TDS) refund online is a simple process and involves the filing of income tax returns. It includes the following steps:
    1 – Sign in or sign up on the online e-filing portal of the Income Tax Department, i.e. incometaxindiaefiling.gov.in
    2 – Fill in the relevant details in the applicable Income Tax Return (ITR) form.
    3 – On submission of the ITR, the portal generates an acknowledgment.
    4 – E-verify the acknowledgment through the digital signature, net banking account, or an Aadhaar-based one-time password (OTP).

    See less
    • 0
admin
  • 0
  • 0

  1. This answer was edited.

    To claim old tds Credit Received on GST Portal 1) Login to GST portal 2) Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’ 3) Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile. 4) Take action by accepting or rejecting each record, in order to take tRead more

    To claim old tds Credit Received on GST Portal
    1) Login to GST portal
    2) Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
    3) Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.
    4) Take action by accepting or rejecting each record, in order to take the credit of TCS or TDS, allocated to your GSTIN, into the Electronic cash ledger.Full Procedure to File TDS & TCS Credit Received on GST Portal
    5) Preview, cross-verify the draft form and proceed to file the details.
    6) Submit the form either using the Digital signature or the Electronic Verification Code.

    See less
    • 0
admin
  • 0
  • 0

  1. As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS/TCS.Read more

    As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS/TCS. The deductor will be liable to pay by way of fees Rs. 200 per day till the failure to pay TDS continues.

    See less
    • 0