12 July 2016
TDS -id tax deducted at source to be deducted by person who is making payment towards rent, commission, professional fees , salary, brokerage , royalty contract etc . applicable tds to be deducted as per the Percentage specified in the Act u/c 192 ,193,194 and 195 TDS to be deducted on payment or bill date whichever is earlier. same to be remitted within 7th of subsequent month.by quoting TAN challan -281, If any delay than 1.5% interest to be paid from the month of Deduction to Month of Payment.
Quarterly TDS to be filed within one month closer of quarter i.e.31st July,31ST Oct ,31st Jan and 31st May. Non filing of TDs within due date attract late fee Rs.200 u/s 234E Maximum to the extent of Tax liabilityof that quarter.
After Filing of TDS you can request for Form 16-A from NSDL portal and issue FORM-16A
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