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Return
Capital
Trainers – Naveen kumar
21.12.2018
TAX DEDUCTED AT
SOURCE (TDS)
T.D.S.
Income Tax Act, 1961 in its chapter XVII relating to
Collection and Recovery of Tax in Part B hascovered
two important items :
Salary
Dividend other than 115O
Interest
Contract Payments
Winning from lottery / Horse Race
Commission
Rent
Professional Fees & Royalty
Immovable Property Transfer / Compensationon
Acquisition
Payments to Non Resident
Purchase of Jewelry
Sale of Alcoholic Liquor, forest produce, Scrap
T.D.S.
Duties of person Deducting TDS / TCS
Deduct / CollectTDS
(Except of Provision made on 31st March, for which due date for payment
will be 30th April)
T.D.S.
Time line for filing of TDS / TCS return& Issuance
of TDS certificate
Quarter Last Date of Last Date for Form 16A
Ending filing Return issuance of
certificate Form 16
30th June 31st July 15TH AUGUST PartA 15TH AUGUST
30th September 31st October 15TH NOVEMBER PartA 15TH NOVEMBER
31st December 31st January 15TH FEBRUARY PartA 15TH FEBRUARY
31st March 31st May 15TH JUNE Part A & 15TH JUNE
Part B
T.D.S.
Penalties
Type of Default Interest / Penalty Section
Non Deduction of TDS 1% p.m. or part 201
Late payment of TDS 1.5% p.m. of part 201
Late filing of TDS Return (fine) 200 per day 234E
Late filing of TDS Return 100 per day 272A
Default in filing TDS return 10000 – 100000 271H
more than 1 year or non
rectification of defects in TDS
Return filed more than 1 year
Late issuance of TDS certificate 100 per day 272A
Late submission of LowerRate 100 per day 272A
certificate u/s 197A
192 Salary* Normal Rate + N.A. N.A. N.A. N.A. N.A. N.A. N.A.
3% cess
* After considering basic deduction u/Ch VIA – Individual: ₹ 2 50,000, Senior citizen: ₹ 3 00,000, Super Sr. Citizen ₹ 5,00,000/-.
Surcharge @ 10% if income is > ₹ 10 Crore.
(i) Interest on Debentures or securities 5,000 10% 10% 10% 10% N.A. N.A. N.A.
(Listed)
(ii) Interest on 8% Savings (Taxable) 10,000 10% 10% 10% 10% N.A. N.A. N.A.
Bonds, 2003
(iii) Any other interest on securities Any Amount 10% 10% 10% 10% N.A. N.A. N.A.
(Unlisted)
194 Dividend other than dividend covered by 2,500 10% 10% 10% 10% N.A. N.A. N.A.
Section 115-O to Resident
(i) Where the payer is Banking Company, 10,000 10% 10% 10% 10% N.A. N.A. N.A.
Co-operative society engaged in banking,
Post office under a deposit scheme
framed by Central Government
(ii) Others 5,000 10% 10% 10% 10% N.A. N.A. N.A.
TDS RATES
Paid/Credited to
194B Winnings from Lotteries 30% 30% 30% 30% 30.90% 31.518% 32.445%
10,000
194BB Winnings from Horse Races 30% 30% 30% 30% 30.90% 31.518% 32.445%
5,000
** The payments in a year in aggregate exceeds of ₹ 1,00,000 also attract TDS at above rates.
$ The Nil rates are applicable only if the PAN details are obtained from the TransportContractors.
194D Insurance Commission to Resident 15,000 10% 10% 10% 10% N.A. N.A. N.A.
194DA Payment in respect of life Insurance 1,00,000 2% N.A. N.A. N.A. N.A. N.A. N.A.
Policy
194E Non-Resident sportsman/ sports Any Amount 20% 20% 20% N.A. 20.60% 21.012% 21.63%
association
194EE Deposits under NSS and if the 2,500 20% N.A. N.A. N.A. N.A. N.A. N.A.
payment is to Resident
194F Repurchase of units of MF/UTI 20% 20% 20% N.A. N.A. N.A. N.A.
Any Amount
194G Commission on sale of lottery ticketsto 1,000 10% 10% 10% 10% 10.30% 10.506% 10.815%
TDS RATES
Paid/Credited to
194H Commission or brokerage to resident 5,000 10% 10% 10% 10% N.A. N.A N.A.
(b) For Land/Building 10% 10% 10% 10% N.A. N.A. N.A.
194-IB Rent under section 194IB is 50,000 P.M 5% 5% 5% 5% N.A. N.A. N.A.
liable to be deducted by
Individuals or HUFs (Hindu
Undivided Family)
194J Fees for Professional/ Technical 30,000 10% 10% 10% 10% N.A. N.A. N.A.
services to Resident
194LA Compensation to Resident for 2,00,000 10% 10% 10% 10% N.A. N.A. N.A.
compulsory acquisition of immovable
property
196B Income from units (including long-term — N.A. N.A. N.A. N.A. 10.30% 10.506% 10.815%
capital gain on transfer of such units)
to an offshore fund Non-Resident
196C Income from foreign currency bonds or — N.A. N.A. N.A. N.A. 10.30% 10.506% 10.815%
GDR of Indian company
196D Income of FII from Securities not being — N.A. N.A. N.A. N.A. 20.60% 21.012% 21.63%
dividend, long-term and short-term
capital gain
TCS RATES
Paid/Credited to
206C Alcoholic liquor for human Any Amount 1% 1% 1% 1% 1.03% 1.0506% 1.0815%
consumption
206C Timber obtained under forest Any Amount 2.5% 2.5% 2.5% 2.5% 2.575% 2.6265% 2.7038%
lease
206C Timber obtained by any mode Any Amount 2.5% 2.5% 2.5% 2.5% 2.575% 2.6265% 2.7038%
other than under a forest lease
206C Any other forest produce (not Any Amount 2.5% 2.5% 2.5% 2.5% 2.575% 2.6265% 2.7038%
being timber or tendu Leaves)
206C Parking lot, toll plaza, mining Any Amount 2% 2% 2% 2% 2.06% 2.1012% 2.163%
and mining and quarrying
206C Minerals being coal, or lignite Any Amount 1% 1% 1% 1% 1.03% 1.0506% 1.0815%
or iron ore
206C Bullion including any coin / 2 Lakh for 1% 1% 1% 1% 1.03% 1.0506% 1.0815%
article weighing 10 gms. Or Bullion & 5 Lakh
less for which Consideration is for Jewllery
received in Cash.
TDS RETURNS
Different Types of TDS return and their applicability :
Correction of Return
Revision of Return
Rectification of Return
TDS CORRECTION RETURN
Type of Correction in Challan Possible :
E-Tutorials on TRACES
Questions
???
Thanks
Capital trainers team,
Naveen kumar
Contact number :95150 72408
Mail : Naveenjupalli@gmail.com