Get 13 See Rules 28 And 37G Application By A Person For A Certificate Under Sections 197 And/or 206C(9)

Under Section 206C(1H), a seller who receives an amount from the buyer after the sale of goods is liable to collect TCS at the rate of 0.1% of such amount. It is only applicable if the purchase of goods exceeds 50 lakh rupees. It is only applicable if the sale of goods exceeds 50 lakh rupees.

Simple interest u/s 201(1A) at the rate of 1% or 1.5% shall be payable who does not deduct or after deducting fails to pay the tax. Interest to be paid from the date on which such tax was deducted to the date on which such tax is actually paid.

Section 197 for Lower or Nil deduction of TDS. Lower TDS Certificates u/s. 197: Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at source or at a deduction at a Lower rate of tax.

Correction statement for rectifying any error in the Challan can be done by utilising the online correction facility at .tdscpc.gov.in , this correction facility can be used by entering the correct details of the profile of the deductor with the TRACES website.

In a TDS Return, Code 'A' is to specify that TDS has been deducted on lower rate due to application of Section 197 while Code 'B' is to specify that TDS has not been deducted due to application of Section 197A.

Section 197 and 197A of the Income Tax Act, 1961 provides for the facility of NIL or lower tax rate deduction of TDS (or TDS exemption). If at the time of filing returns, the taxpayer realizes that his tax liability is considerably less than what he paid, then he can claim the refund for the same.

Since the limit did not exceed for the first time, No TDS should be deducted on Rs. 10,000. However, the threshold limit of Rs 30,000 (for professional services) is crossed while making payment for the second time. Hence, TDS shall be deducted at total Rs. 60,000 (Rs 10,000 + Rs 50,000) at the rate of 10%.

In a TDS Return, Code 'A' is to specify that TDS has been deducted on lower rate due to application of Section 197 while Code 'B' is to specify that TDS has not been deducted due to application of Section 197A.