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E-Filing of TDS

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 :

 Tax Deduction at Source(TDS)


 Tax Collection at Source(TCS)

 Sec. 192 to 206CA are relevantsection


T.D.S.
 Different Income on which TDS / TCS is applicable

 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

 Deposit TDS / TCS

 Declare to government by Filing of TDS / TCS returns

 Declare to deductee by issuance of TDS / TCS


certificate
T.D.S.
 Time of Deduction

Type of deduct Time line


TDS on Salary (Resident orNon At the time of Payment
Resident)
TDS other than Salary At the time of credit or payment
whichever is earlier
TDS other thanpayable to Non At the time of credit or payment
Resident Payment whichever is earlier

TDS on payment of At the time of Payment


compensation for acquisition of
Immovable Property
T.D.S.
 Time line for payment ofTDS

Type of deduct Time line


TDS on Salary (Resident orNon On or before 7th of the next month in
Resident) which TDS wasdeducted
TDS other than Salary On or before 7th of the next month in
which TDS wasdeducted
TDS other thanpayable to Non On or before 7th of the next month in
Resident Payment which TDS wasdeducted

TDS on payment of On or before 7th of the next month in


compensation for acquisition of which TDS wasdeducted
Immovable Property

(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

(Penalty not linked to TDS amount is limited to TDS amount)


TDS RATES
Paid/Credited to

An Individual, Firm A Co-op. Soc., Domestic Company


Nature of HUF, BOI, AOP Local Authority Foreign Company Payments
Section Threshold Limit
Payment Payments

< 1 Crore >1 Crore but >10 Crore


(in ₹)
<10 Crore

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.

193 Interest on Securities to any resident

(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

194A Interest other than interest on securities

(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

An Individual, Firm A Co-op. Soc., Domestic Company


Nature of HUF, BOI, AOP Local Authority Foreign Company Payments
Section Threshold Limit
Payment Payments

< 1 Crore >1 Crore but >10 Crore


(in ₹)
<10 Crore

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

194C Payment to Resident Contractors 30,000** per 1% 2% 2% 2% N.A. N.A. N.A.


All Contracts other than payment/
Transport Contract credit

Transport Contract $ Nil Nil Nil Nil Nil Nil Nil

** 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

An Individual, Firm A Co-op. Soc., Domestic Company


Nature of HUF, BOI, AOP Local Authority Foreign Company Payments
Section Threshold Limit
Payment Payments

< 1 Crore >1 Crore but >10 Crore


(in ₹)
<10 Crore

194H Commission or brokerage to resident 5,000 10% 10% 10% 10% N.A. N.A N.A.

194-I Rent to Resident for

(a) machinery/plant/equipments 2% 2% 2% 2% N.A. N.A. N.A.


1,80,000

(b) For Land/Building 10% 10% 10% 10% N.A. N.A. N.A.

194-IA Transfer of immovable property other 50,00,000 1% 1% 1% 1% N.A. N.A. N.A.


than an Agricultural land. (w.e.f.
1.6.2013)

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

194LB Payment for interest by Infrastructure — 5% 5% 5% N.A. 5.15% 5.253% 5.4075%


Debt Fund to Non-Resident

194LC Payment of interest to non-Resident — 5% 5% 5% N.A. 5.15% 5.253% 5.4075%


(approved by Central Government)
TDS RATES
Paid/Credited to

Nature of An Individual, Firm A Co-op. Soc., Domestic Company


Section Threshold Limit HUF, BOI, AOP Local Authority
Payment Foreign Company Payments
Payments

< 1 Crore >1 Crore but >10 Crore


(in ₹)
<10 Crore

194LD Payment of interest to FII’s, Qualified — 5% 5% 5% N.A. 5.15% 5.253% 5.4075%


Foreign Investor on Interest paid
during 1/6/2013- 1/6/2015

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

An Firm A Co- Domesti <1 >1 Crore >10 Crore


Individu op. c Crore but Foreign
Threshold
Section Nature of Payment al, HUF, Soc., Compan Foreign <10 Crore Company
Limit
BOI, Local y Compan Foreign
AOP P Author y Company
ity

206C Alcoholic liquor for human Any Amount 1% 1% 1% 1% 1.03% 1.0506% 1.0815%
consumption

206C Tendu Leaves Any Amount 5% 5% 5% 5% 5.15% 5.253% 5.4075%

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 Scrap Any Amount 1% 1% 1% 1% 1.03% 1.0506% 1.0815%

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 :

Form no. Type of TDS


24Q TDS on Salary
26Q TDS on other than Salary and other than NR
27Q TDS on other than Salary for NR
27EQ TCS
26QB TDS on Transfer of ImmovableProperty
(return cum Challan)

 Different Types of Challans


Form no. Type of TDS
281 TDS other than Transfer of Immovable Property
26QB TDS on Transfer of ImmovableProperty
TDS RETURN PREPARATION
0

TDS RETURN PREPARATION


 Pre-Requirements
 Software – Income Tax Department “RPU 2.5”
 Validation Software – TDS_FVU_Standalone_6.0”
 Download from :
https://www.tin-nsdl.com/etds-etcs/eTDS-download-
regular.php
 JAVA version above 1.4.2 03 (www.java.com)
 CSI file (challan information)
https://tin.tin.nsdl.com/oltas/servlet/TanSearch
 Deductor’s Basic details
 Challan Details
 TDS deducted transaction details
 Tax Deduction Account No. (TAN)
TDS RETURN PREPARATION
Telep
hone
no.,
Email
ID
altho
ugh
not
“*”
mark
ed are
comp
ulsory
field
TDS RETURN PREPARATION
 Points to remember while filling
“CHALLAN” sheet :
 Section no. not toselect
 Interest , Fee or other charges paid in same challan
should be shownseparately
 Whether TDS paid by book entry “Yes” or “No” needs
to be carefully entered as the field in not modifiable
 Minor Head to be entered carefully as it is verified
while system based assessment and undue demands
are raised
 Check error file for Challan Mismatch and rectify
proactively to avoid unwarrantedrectification
TDS RETURN PREPARATION
 Reasons for non deduction or lower deduction
of TDS:

 “ “= Items not following below


 A = Certificate U/s 197 for lower deduction(certificate
no. in column 30 compulsory)
 B = Sec. 197A i.e. Form 15G / 15H received
 C = Higher rate if PAN not available (“PANNOTAVBL”)
 Y = Below Threshold limits
 T = Deductee Transporter
 Z = Payment to notified institution, AOP,BOI
TDS RETURN PREPARATION
 Points to remember while
filling Annexure-I
 Section no. to be selected in thissheet
 Valid PAN compulsory field
 Challan Sr.no. to be selected carefully at it does not
cross the amount actually paid
 Sr.no. to be continuous for each challan starting from 1
 Deductee reference, if entered should be same
throughout the return.
 Type of Deductee “01” or “02” to be carefully selected as
this will determine the TDS rate for system assessment
 Rate of Tax are not auto so calculate properly
 File NIL return toavoid 234E late filing fees.
TDS RETURN PREPARATION
 Points to remember while filling
Annexure-I I
 Valid PAN compulsory field
 Deductee Type to be properly selected as the same
linked to rate of Tax
 Deduction U/s 16(i) , 16(iii), 80c, 80ccc, 80ccG should
be entered into appropriate column as the same is
linked to limits specified in thesection.
 Other Income reported by employee to be entered into
column no. 15. It will take negative figure to include
housing interest, etc.
 Income Tax, Surcharge, Cess calculation are not auto.
TDS RETURN PREPARATION
 Step of creation of Return :

1. Save – will ask for location to save


2. Create file – It ask CSI file location, path to give error
file (if any) else final outputfile.
3. It will automatically use validation software and
create Form 27A which needs to be signed manually
and file along with softcopy of relevant TDS return
4. If it gives error for using validation software (due to
improper java or security settings) one can use the
same separately and can generate Form 27A
5. File extention name .fvu & Form 27A to be submitted
TDS on purchase of Immovable
Property
 TDS payment to be made in Return cum Challan Form
26QB
 Form to be filed online from following link :
https://onlineservices.tin.egov-
nsdl.com/etaxnew/tdsnontds.jsp
 Details Retquired :
 PAN of Buyer and seller(Compulsory)
 Name and Address of Buyer andseller
 Agreement Details
 Amount paid or crediteddetails
 Rate of TDS
PREPARATION OF CORRECTION /
REVISED / RECTIFICATEION TDS
RETURN
Correction / Revision / Rectification
 Correction of Challan

 Correction of Return

 Revision of Return

 Rectification of Return
TDS CORRECTION RETURN
 Type of Correction in Challan Possible :

Type of Whether Rectification by whom


Rectification Possible Y / N
TAN Y Bank within 7 days
Asst. Year Y Bank within 7 days
Total Amount Y Bank within 7 days
Major Head Y Bank within 3 month
Minor Head Y Bank within 3 month
Nature of Payment Y Bank within 3 month

 In case time period is gone – can approach TDS


officer, except for Total Amount
TDS CORRECTION RETURN
 Pre Requisite for filing Revise /
Rectification Return (Correction Return) :
 Revision / Rectification Data
 Software = RPU 4.2
 Validation software = TDS_FVU_standalone_4.5
 Consolidated file from TRACES
https://www.tdscpc.gov.in/app/login.xhtml
 Online rectification also possible from TRACES (Tax
Reconciliation Analysis and Correction Enabling
System)
TDS CORRECTION RETURN
 General Errors for which correction returnto
be filed :
 New Challan to beadded
 New Deductee details to be added
 Change Challan details – BSR, CIN, Date (For
unmatched challans or overbookedchallans)
 PAN of deductee to modify
 Credit Amount or TDS amount to be modified
 Rate of Tax to modify
 Type of deductee tomodify
 Add 197 certificate details
 Deletion of Transaction in challan or Annexure I not
permitted
TDS CORRECTION RETURN
 Step of creation of Return :

1. Save – will ask for location to save


2. Create file – It ask CSI file location, path to give error
file (if any) else final outputfile.
3. It will automatically use validation software and
create Form 27A which needs to be signed manually
and file along with softcopy of relevant TDS return
4. If it gives error for using validation software (due to
improper java or security settings) one can use the
same separately and can generate Form 27A
5. File extension name .fvu & Form 27A to be submitted
Downloading of TDS certificate or
Consolidated file from TRACES
 Visit TRACES at
https://www.tdscpc.gov.in/app/login.xhtml
 If not register first get your self register
 While Registration Two Option (i) Deductor for all
cases other than Form 26QB (ii) Tax payer for cases
like Form 26QB & Form 26AS
 Request for TDScertificate / Consolidate file
 Download TDS certificate / Consolidatefile
 Run TDS certificate file through Utility and generate
TDS certificate in PDF format either Digitally signed
or otherwise
TDS CORRECTION RETURN
 Pre Requisite for Registration with
TRACES:

 Token of last TDS return filed

 Challan details given in thereturn

 Deductee details given in the return


In case there are less
than 3 PAN than giveas
many PAN are their in
the return
For Generating TDS Certificate

For Generating TCS Certificate

For Generating Justification


Report in Excel
ONLINE CORRECTION
TDS HELP
 Help in the software

 Help on website of income

 E-Tutorials on TRACES
Questions
???
Thanks
Capital trainers team,
Naveen kumar
Contact number :95150 72408
Mail : Naveenjupalli@gmail.com