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Amendment in TDS provisions wef 1.04.2010

June 3, 2010 1 comment

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No.41/2010; SO No.1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.          

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems). 

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

Sl. No. Date of ending of the quarter of the financial year Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made

 

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under

Sl. No. Category Periodicity of furnishing TDS certificate Due date

 

1. Salary       (Form No.16) Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2. Non-Salary

(Form No.16A)

Quarterly Within fifteen days from the due date for furnishing the ‘statement of TDS’

 

DSM/BY/GN

Circular 1/2010: TDS on Salary u/s 192

January 18, 2010 Leave a comment

After the releasing the notification regarding valuation of perquisites for determining the taxable salary u/s 17 in the hands of employees.

CBDT has come up with a new Circular 1/2010 to determine the TDS on salary u/s 192 as the end of the previous year draws nearer.

The circular illustrates in detail as to how to calculate the amount of TDS on salary paid during F.Y. 09-10. Various declaration forms like 16AA etc. are also annexed to the circular.

Apart from this there is also a detailed illustration to elucidate as to how calculations should be done.

To download the circular click here.

Categories: Categories, Direct Tax Tags: , , , ,

TDS rates for Individual & HUF assessees for F.Y.2008-09

September 4, 2009 Leave a comment
Particulars                  
Section Nature of Payment Criteria for Deduction If recipient is an Ind. Or HUF & payment does not exceed Rs.10,00,000   If recipient is an Ind. Or HUF & payment does exceed Rs.10,00,000
      IT SC EC Total   IT SC EC Total
194A Interest Payment in excess of Rs.5,000 p.a & Rs. 10,000 p.a. if paid by Banking Company, Co-operative Society & Post Office 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194C Contractors & CF Agents (incase of Advertising Contracts) & Payment to Sub-Contrctor Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.30 1.30   1.00 0.10 0.03 1.13
194C Contractors & CF Agents (Others) Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194C Transport Sub-Contrctor* Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Transport Contractors Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194H Commission or Brokerage Payment in excess of Rs.2,500 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194I Rent Payment in excess of Rs.1,20,000 p.a 15.00 0.00 0.45 15.45   15.00 1.50 0.45 16.95
194I Rent of Plant & Machinery Payment in excess of Rs.1,20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194J Professional Charges Payment in excess of Rs.20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33

TDS Rates for Company Assessee for F.Y.2008-09

September 4, 2009 Leave a comment
Particulars Rates
Section Nature of Payment Criteria for Deduction If the recipient is a Company or Firm & payment does not exceed Rs.1,00,00,000, or receipient is Co-operative Society   If the recipient is a  Company or Firm & payment exceeds Rs.1,00,00,000
      IT SC EC Total   IT SC EC Total
194A Interest Payment in excess of Rs.5,000 p.a & Rs. 10,000 p.a. if paid by Banking Company, Co-operative Society & Post Office 20.00 0.00 0.06 20.06   20.00 2.00 0.66 22.66
194C Contractors & CF Agents (incase of Advertising Contracts) & Payment to Sub-Contrctor Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Contractors & CF Agents (Others) Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194C Transport Sub-Contrctor* Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Transport Contractors Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194H Commission or Brokerage Payment in excess of Rs.2,500 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194I Rent Payment in excess of Rs.1,20,000 p.a 20.00 0.00 0.60 20.60   20.00 2.00 0.66 22.66
194I Rent of Plant & Machinery Payment in excess of Rs.1,20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194J Professional Charges Payment in excess of Rs.20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.66 11.66
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