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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract Easily
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Form No. 26G, known as the "Annual Information Return (AIR) - Statement of TDS/TCS," is used in India for reporting high-value financial transactions involving tax deduction or collection at source. It's essential for businesses and professionals to comply with income tax regulations and provide information to the Income Tax Department. Here's a brief guideline on its use and common mistakes to avoid:
Usage:
Transaction Reporting: Form No. 26G is used to report specified financial transactions that involve Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) under Section 285BA of the Income-tax Act, 1961.
Annual Compliance: Entities, including banks, financial institutions, and professionals, must furnish this annual statement to the Income Tax Department, providing details of high-value transactions subject to TDS/TCS.
Common Mistakes to Avoid:
Incomplete or Inaccurate Reporting: Ensure that all required transactions are accurately reported in the form, including the nature, amount, and TDS/TCS details for each transaction.
Missed Deadlines: Adhere to the prescribed deadlines for filing Form No. 26G. Late filing may attract penalties.
Failure to Maintain Records: Keep comprehensive records of the reported transactions, as they may be subject to verification by tax authorities.
Non-compliance: Ensure that the transactions reported are in accordance with the relevant tax laws and notifications to avoid scrutiny or penalties.
Not Seeking Professional Assistance: If you're uncertain about the applicability or reporting requirements of Form No. 26G, consult with a tax advisor or chartered accountant for guidance.
Form No. 26G is crucial for monitoring financial transactions and tax compliance. By following these guidelines and avoiding common mistakes, businesses and professionals can ensure accurate compliance with the provisions of the Income-tax Act, 1961.