Category Archives: Finance

15 Tips for Filing TDS/TCS Returns

If you are a business owner, deducting tax at source (TDS) from your employees and vendors, paying the TDS collected to the credit of the Government of India, filing the returns on time and creating and maintaining complex reports must be keeping you on your toes always.

Here are 15 tips to relieve your tension and make your job more organized and hassle-free. If you have a finance background, following them and applying them yourself shouldn't be too much of a challenge.

Otherwise, you can always hire a professional to take care of the hassles.

1. Take note of the due dates of payment of your taxes. Typically payment is to be made by 7th of the next month for taxes deducted in the current month. Only for March, the due date is 30th April.

2. Report complete details of all the deductions without fail. Reporting the PAN details of your deductees, tax rates and challan numbers in the correct forms is vital. TDS on salary should be reported in Form 24Q and Non-Salary in Form 26Q.

3. Make sure to file the TDS/TCS statements on time. You have to file the returns quarterly. There is a penalty of up to Rs. 200/- per day for delay. Typically, TDS Returns are to be filed by 15th of the month following the quarter end with the exception of the March quarter which is 15th May.

4. As per Section 203A of the IT ACT, 1961, if you deduct/collect taxes at source, you need to apply for a Tax Collection and Deduction Account Number (TAN). You need to quote it in all the documents related to TDS payment and return filing.

5. Never quote PAN in places asking for TAN. Both have different purposes and are not interchangeable.

6. Deposit all the taxes using challan 281. It is very important that you quote the correct TAN & Assessment Year.

7. Enter correct challan details and give the proper breakup of amounts for different deductees while preparing the TDS Return. Put the correct information in the different columns.

8. Ensure that the amounts quoted in the “Deducted” and “Deposited” columns of the deductee rows in the appropriate forms, tally.

9. In case, the deductee does not have a PAN or you are unaware of it, you will have to deduct tax at a higher rate as specified by the Income Tax Department.

10. Taxes must be collected or deducted at the correct rates as prescribed by the different sections of the IT Act.

11. Use different flags like A, B, C, T, Y, etc, for exemption in deductions or deduction at lower / special rates, as may be applicable.

12. You need to deduct taxes at the time of making payment or providing credit in the books, whichever is earlier.

13. Before submitting a TDS Return, make sure that the PANs of all deductees & employees are properly mentioned. If possible, do a proper checkup to ensure there are no errors as this would lead to default alerts.

14. It is important to check that all taxes are properly deducted and deposited on time. Appropriate interest should be paid for delayed payments to avoid defaults.

15. Before paying salaries for the 4th quarter, proper tax computation for the financial year for each employee should be done and tax should be deducted. While filing TDS Returns of Salaries for Quarter 4, tax computation needs to be provided. It is very important to submit error-free TDS Returns which enable our employees & vendors to get timely tax credit and at the same time, this ensures that as a tax deductor, you have properly taken care of the compliance obligations.

A good TDS/TCS return preparation software like TDSMAN can help you minimize your labor as well as eliminate most of the errors, even as it speeds up the whole process.

15 Tips for Planning Weddings Better

wedding planning tips floral board imageMarriages are said to have been made in heaven. But, arranging a good ceremony down here is one big task. It is the 'the most important party of life' for most people.

Yet, unless you are getting married in a court and rushing off to honeymoon right after, chances are you would end up running around till the end (and even after that).

Don't let that stress get to you! Following are 15 simple tips which could simplify your preparation a bit :

Continue reading 15 Tips for Planning Weddings Better

15 Tips for Effective Mobile Websites

tips for making mobile websites imageMobile phones have become iconic devices with the proliferation of iphones, Android phones and Blackberries.

They have gathered a critical mass now and you should get a mobile web site designed as soon as possible. The competition for attention is still manageable now. It will become worse as the days pass by.

Here are 15 tips for a great mobile website:

Continue reading 15 Tips for Effective Mobile Websites

15 Tips To Secure And Manage Payday Loans

Are you a salaried person? Give this a thought- what will happen if you urgently require cash for some emergency and the next payday is quite a few days to go? If your savings are not supportive enough then you might be in a fix as to what to do in such situation.

 

However, with payday loans being made available you need not lose heart. You only need to know how to best secure the payday loans and manage them and overcome sudden cash needs while not burdening yourself.

 

Take note of these 15 tips about securing and managing the payday loans in a best manner:

 

1.      Get the loans from licensed lenders/companies: Always approach such persons/bodies making payday loans that are registered and regulated by the lending laws of state.

2.      Opt for the popular loans: Wisely opt for the particular payday loan programs that have a lot of satisfied takers.

3.      Shop around: In order to select good payday loans shop around. A number of players are there in the payday loan industry offering these special loans. Many of them have an online presence also. Searching on the Internet and browsing over the websites searched up will help you find out worthwhile lenders.

4.      Capitalize the competitive payday lending industry: There are so many concerns offering payday loans today. This makes the payday loan market a competitive one. As a customer you can advantageously get hold of better rates and fees.

5.      Compare and weigh deals: Compare and weigh the multiple deals available and finally choose the payday loan that will seem to be custom-made for you.

6.      Seek explanations and clarifications: Remember, the best loan deals will always be accompanied with explanations of all valid queries and clarifications to relevant doubts. Choose the loan deal from a concern that will suitably answer all queries coming to your mind.

7.      Check out how safe a payday loan is: People believe that the safest payday loans are also the best. Consider the interest rates and repayment terms of various payday loan packages in question. Determine whether the short-term cash you are taking as loan is worth more than the interest that is going to be paid out. If its worth is more then you can safely go ahead with it.

8.      Beware of high interest rates: Huge payday loan amounts offered at high interest rates can lead to placing you in great debts. Beware of such offers.

9.      Take advantage of no credit requirements: Since payday loans sanctioning does not require fulfillment of any credit requirements you can avail of payday loans without bothering about your credit position or credit records.

10.  Don’t worry even if you are not a salaried person: It is not only salaried persons who can avail of the useful payday loans. If you are a self-employed person then too you can get the benefits of acquiring the loans.

11.  Advantage of rolling over of loans if needed: With payday loans there is often also provided the option of rolling over of the loans to the next payday if needed, thus, further easing the headache of repayment.

12.  Apply only to a single lender: Do not apply to a number of lenders. Doing so place your application for loan at a risk to be rejected by all. Remember, every payday lender verifies the application made from a national database. So, if a particular lender to whom you have applied finds the pending application in your name made to other lenders also then they can reject your application.

13.  Apply for payday loans towards the beginning of the week: Make the applications for payday loans towards the beginning of the week and latest by Thursday. As most lenders do not work at weekends the applications submitted on Fridays will be carried over to the Monday of the following week. This will delay your obtaining of cash for meeting crucial needs. 

14.  Thoroughly read the payday loan agreement: Read over the various sections and details of the payday loan agreement thoroughly. You will learn and understand much this way. Remember, all valid queries that may be coming to your mind need be clarified prior to signing.

15.  Get over payday loan myths and misconceptions: You need to overcome the various myths and misconceptions that are associated with payday lending. The myths that payday lenders take undue advantage of people and that the payday loans are a last resort are not true. Similarly it is a misperception that payday loans are especially for sub prime customers and hence not worthy enough.

 

Payday loans provide you with a lot of benefits- no application fees, no credit check and no hassle of check bouncing. With payday loans coming in no more will botherations arise about wherefrom to secure cash for meeting emergency needs while obviating the risk of falling into some debt trap unawares.