- 1) What you mean by TDS ?
- 2) What is the section of TDS ?
section
|
Nature of Payment
|
Rate-HUF/Ind
%
|
Rate-Others
%
|
192
|
Salaries
|
Average rate
|
-
|
193
|
Interest on Securities > Rs.10,000Interest on Debentures >Rs. 5000/-
|
10
|
10
|
194
|
Deemed dividend u/s.2(22)(e) Dividends other than listed companies
|
10
|
10
|
194A
|
Interest other than Interest on Securities :Bank/Post office >Rs.10000/-Others > Rs.5000/-
|
10
|
10
|
194B
|
Lottery / Cross Word Puzzle > Rs. 10000/-
|
30
|
30
|
194BB
|
Winnings from Horse Race > Rs. 5,000/-
|
30
|
30
|
194C
|
Contracts:Single > Rs. 30,000 Aggregate > Rs. 75,000
| 1 |
2
|
194D
|
Insurance Commission > Rs. 20,000
|
10
|
10
|
194DA
|
(w.e.f. 01/10/2014)Payment in respect of Life Insurance Policy > Rs. 99,999/-
|
2
|
-
|
194E
|
Payments to non-resident sportsmen or sports associations
|
20
|
20
|
194EE
|
Refund of NSS > Rs.2,500/-
|
20
|
-
|
194F
|
Repurchase of units by MF/UTI
|
20
|
20
|
194G
|
Commission on sale of lottery tickets > Rs.1,000
|
10
|
10
|
194H
|
Commission or Brokerage > Rs. 5,000
|
10
|
10
|
194I
|
Rent of Machinery, Plant or Equipment > Rs. 1,80,000
|
2%
|
2%
|
Land, building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings > Rs. 1,80,000
|
10%
|
10%
| |
194IA
|
Transfer of immovable property other then agricultural Land >50 Lakhs
|
1%
|
1%
|
194J
|
Professional/ Technical charges/Royalty & Non-compete fees /payments to directors > Rs. 30,000
|
10%
|
10%
|
194LA
|
Compensation on acquisition of immovable property > Rs.2,00,000
|
10
|
10
|
194LB
|
Interest from an Infrastructure Bond
|
5
|
5
|
194LBA
|
(w.e.f. 01/10/2014)
Income in the nature of interest received or receivable from a special purpose vehicle, distributed by a business trust to its unit holders. Resident PayeeNon Resident Payee |
10
5 |
10
5 |
194LC
|
Interest to Non Resident from Indian company/business trusts engaged in certain business.
|
5
|
5
|
195/196B/196C/196D/ 196E
|
Payment to non-residents
|
Rates in force
|
Rates in force
|
Notes:-------
Government Deductors:
| |
Payment of tax without production of Income tax challan
|
On the same day
|
Payment with challan or for tax on perquisites opted to be deposited by employer
|
On or before 7 days from the end of the month, in which tax deducted.
|
Non-Government Deductors:
| |
Deductions made in the month of March
|
On or before 30 th April
|
Deductions made other than month of March and tax on perquisites opted to be deposited by employer
|
On or before seven days from the close of the month
|
3. An Individual or a Hindu Undivided Family whose total sales,gross receipts or turnover from business or profession carried on by himexceeds the monetary limits under Clause (a) or (b) of Sec.44AB during the preceding financial year shall also be liable to deduct tax u/s.194A,194C,194H, 194I & 194J.
4. No education/higher education cess is to be added on tax deducted on non-salary payments made to resident taxpayers.
5. Surcharge is applicable to deductions under section 193, 194, 194A, 194B, 194BB, 194C, 194D ,194DA, 194E, 194EE, 194F,194G, 194H, 194-I,194-IA, 194J, 194LA, 194LB,194LBA, 194LC, 194LD, 195, 196B, 196C and 196D
(a) in the case of every company, other than a domestic company:
(i) at the rate of 2% where incomes paid or likely to be paid exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate of 5% where the income paid or likely to be paid exceeds ten crore rupees.
(b) in the case of every person other than company at the rate of 10%, where the aggregate incomes paid or likely to be paid
exceeds one crore rupees;
exceeds one crore rupees;
6. w.e.f. 01-10-2009 No deduction u/s194C are required on payments to a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his PAN u/s194C. Nil rate is applicable if the transporter quotes his PAN.
7. As per section 206AA, the Rate of TDS will be 20% in all cases,if PAN is not quoted by the deductee (including transporter) w.e.f. 01-04-2010
8. Deduction at lower or nil rate requires certificate u/s.197,which will take effect from the day it is issued. It cannot be usedretrospectively.
9. If TDS certificate is lost, duplicate may be issued on aplain paper giving necessary details marking it as duplicate.
10. Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor who has failed todeduct tax will be liable to pay interest and penalty.
11. Consequences of Default
• Interest @ 1.00% p.m. from the date on which tax was deductible to the date of deduction. (Section 201)
• Penalty equal to the tax that was failed to be deducted or remitted. (Section 271C)
• In case offailure to remit the tax deducted, rigorous imprisonment ranging from 3 monthsto 7 years and fine can be levied.
(Section276B)
(Section276B)
• Failure to file quarterly TDS Returns in time- late fee @ Rs. 200/- per day (maximum of TDS amount) Section 234E
12. The due dates for filing TDS quarterly Returnsare as per the following table:
Quarter
|
Period
|
Government Deductor
|
Non-Govt. Deductor
|
Q1
|
1 Apr - 30 June
|
31st July
|
15th July
|
Q2
|
1 July - 30 Sept
|
31st Oct
|
15th Oct
|
Q3
|
1 Oct - 31 Dec
|
31st Jan
|
15th Jan
|
Q4
|
1 Jan - 31 Mar
|
15th May
|
15th May
|
3) What is The Date of TDS Return ?
The dates of submitting TDS for every quarter are:
In case you have not deposited TDS by the correct date, the following penalties are applicable:
| Quarter | Quarter ends on | Due date of TDS payment | Due Date of TDS filing |
|---|---|---|---|
| April to June | 30th June | 7th July | 15th July |
| July to September | 30th September | 7th October | 15th October |
| October to December | 31st December | 7th January | 15th January |
| January to March | 31st March | 7th May | 15th May |
- Late filing fee (if you do not file by the deadline)
- Interest (if you do not deposit the TDS amount in time)
- Penalty (if TDS is not filed within one year of the due date)
Late Filing Fee
Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.
For example, say that your payable TDS amount is Rs 5000 on 13th May and you pay it on 17th November (i.e. 189 days, counting 17th November). Then the calculation comes out to Rs 200 x 189 days = Rs 37800, but since this is greater than Rs 5000, you will have to pay only Rs 5000 as the late filing fee. Added to this, you also have to pay interest which is covered in the next section.
Interest
Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit. Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month.
For example, say that your payable TDS amount is Rs 5000 and the date of deduction is 13th January. Say you pay TDS on 17th May. Then the interest you owe is Rs 5000 x 1.5% p.m. x 5 months = Rs 375.
"Month" has not been defined in the Income Tax Act, 1961. However, in a number of High Court cases, it has been mentioned that it should be considered as a period of 30 days and not as an English calendar month.
This amount is to be paid from the date at which TDS was deducted, not from the date from which TDS was due.
For example, let the due date of TDS payment be 7th May and you have deducted TDS on 19th April. Say you have not deposited TDS by 7th May. Then you will be required to pay interest starting from 19th April and not 7th May.
Also consider the case in which you deposit tax one month after the due date. Say you have deducted TDS on 1st August. Then the due date is 7th September. Now say you deposit tax on 8th September (i.e. one day after the due date). Then interest is applicable from 1st August to 8th September i.e. for a period of 2 months. You now have to pay interest of 1.5% p.m. x 2 months = 3%.
Penalty
Under Section 271H, you will have to pay a penalty of between Rs 10,000 (ten thousand) toRs 1,00,000 (one lakh) if you fail to submit TDS return within a year of the due date or if you have submitted incorrect details (such as PAN, Challan, TDS amount) in the statement filed. For example, take the FY 2015-2016:
| TDS Statement | Due Date | Date from which penalty will be imposed |
|---|---|---|
| 30th June | 15th July 2015 | 15th July 2016 |
| 30th September | 15th October 2015 | 15th October 2016 |
| 31st December | 15th January 2016 | 15th January 2017 |
| 31st March | 15th May 2016 | 15th May 2017 |
- TDS काटने से पहले हमे कुछ बातों का ध्यान रखना चाहिए।
सबसे पहले हम यह जान लें की टीडीएस जो है वो एक ऐसा टैक्स होता है जो हम जहा पर इनकम अर्जित करते है वहीँ पर कटवाना पड़ता है। यानि की यह एक ऐसा टैक्स होता है जो हम जहाँ से इनकम अर्जित कर रहें है उसी टाइम हमारी इनकम का जो भी रेट होता है उस हिसाब से टीडीएस काट लिया जाता है।
तथा बाद मैं टीडीएस जो भी काटा गया होगा उसका रिफंड हमें इनकम टैक्स की फाइल भरते समय मिल जाता है और हम जब भी रिटर्न फाइल करेंगे तो हमें उसका बेनिफिट उसी टाइम मिल जायेगा यानि की हमारी इनकम टैक्स की रिटर्न मैं जो टैक्स बनेगा उस मै से टीडीएस काटकर उस टाइम वो बैलेंस उस वैल्यू मै से माइनस हो जायेगा इसलिए यह कटवाना सही रहता है ताकि बाद मे हमें वो रिफंड मिल सके।
- TDS काटते समय हमारे पास जिसका TDS हमे काटना है PAN नंबर जरुरी होता है।
- जिस बिल पर TDS काटेंगे उसकाAmount सही होना चाहिए।
- हमें यह भी पता होना चाहिए की हम Amount पर TDS काटते हैं उस वाले Amount का किस Section के अंदर TDS कटा गया है..
- TDS हम Bill के Amount के हिसाब से ही काटेंगे चाहे वो काम हो या ज्यादा।
- TDSकी पेमेंट लेट होने पर ब्याज वसूला जाता है जिसकी दर @ 1.5 % होती है।
- हमें यह पता होना चाहिए की किसी ने हमें गलत पैन नंबर तो नहीं दे दिया इसके लिए हम उसका पैन नंबर सही तरीके चेक कर लेना चाहिए उसके लिए हम.......................................................
{Go To The Google > Cheque PAN Number > GO To The Income Tax India e-filing gov.in > Cheque The PAN No. of Deductee.}
- Pass The Juornal Entry of the TDS?
- First method...................
Expense A/c Dr...
To Expence payble A/c
To TDS on Rent A/c
example :- suppose office rent paid of Mr. Sunit kumar 20,000
per month .
Office rent A/c Dr...20,000 (indirect expence under )
To Sunit Kumar 18,000 ( Expence Payble )
To TDS A/c 2,000 (Duties & Tax / Other )
- Second method...................
Rent A/c Dr...........20,000
To Sunit kumar 20,000
Sunit A/c Dr.............2,000
To TDS on rent A/c 2,000
- नोट :- पहला मेथड उस टाइम लगाया जाता हैं जब हमें पहले से ही टीडीएस काटने की जानकारी हो या हमें पता हो की टीडीएस उस पार्टी का बनता है उसका उसी समय काट लेंगे यानि की एक ही बार एंट्री पास करेंगे।
- दूसरे मेथड मैं यदि पता न हो की वो टीडीएस होल्डर है या नहीं बाद मै उसके बिल अमाउंट देखकर कटा जायेगा
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