summarised TDS [w.e.f. 01-07-2010]

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)

01 February 2011  

 

TAX DEDUCTION AT SOURCE (w.e.f. 1-7-10)
SECTION PARTICULARS LIABILITY EXEMPT UPTO RATE DUE DATE FOR DEPOSIT** CERTIFICATE OF TDS DUE DATE FOR CERTIFICATE**** QUARTERLY RETURN
                 
192 SALARY At the time of payment Basic Exemption Limit Tax on total salary * 7th of the next month to the month in which it was deducted income >150000, 16& 12BA
otherwise form 16AA		 within one month form the end of P.Y. *** 24Q, 15 july, 15 oct, 15 jan, 15 june
193 INTEREST ON SECURITIES Payment or credit in to account of payee, interest payable, suspense or any other account   10% 7th of the next month to the month in which it was deducted
or
when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194 DIVIDEND Payment or Distribution payment to an insurer - full

other - 2500 if payment through a/c payee cheque		 10.00% 7th of the next month to the month in which it was deducted 16A 1 month from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194A# INTEREST OTHER THAN INTEREST ON SECURITIES Payment or credit in to account of payee, interest payable, suspense or any other account Rs.5000,

if payer is a Bank, coperative society or post office - Rs.10000

no TDS on RD, Saving a/c, notified scheme, interest to partner. 		 10% 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month*** 26Q, 15 july, 15 oct, 15 jan, 15 june
194B WINNINGS   Rs.10000

winnig to seller/ agent on unsold tickets will not be liable to TDS.		 30.00% 7th of the next month to the month in which it was deducted 16A 1 month from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194BB WINNINGS FROM HORSE RACES   Rs.5000 30.00% 7th of the next month to the month in which it was deducted 16A 1 month from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194C# PAYMENT TO CONTRACTER   single payment - Rs.30000                      total during the P.Y. - Rs.75000 Individual  or      HUF-1%

other- 2%		 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194D INSURANCE COMMISSION   Rs.20000 10 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month*** 26Q, 15 july, 15 oct, 15 jan, 15 june
194E INCOME OF NON - RESIDENT SPORTSMEN & SPORTS ASSOCIATIONS     10.00% 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194EE INCOME FROM NSS   Rs.2500 10% 7th of the next month to the month in which it was deducted 16A 1 month from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194F PAYMENT DUE ON REPURCHASE OF UNITS ISSUED UNDER EQUITY LINKED SAVING SCHEME BY MF OR UTI     10% 7th of the next month to the month in which it was deducted 16A 1 month from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194G COMMISSION ON SALE OF LOTTERY TICKETS (INCLUDING WINNINGS)   Rs.1000 10.00% 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194H# BROKERAGE AND COMMISSION   Rs.5000 10% 7th of the next month to the month in which it was deducted
or
when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month*** 26Q, 15 july, 15 oct, 15 jan, 15 june
194I# RENT   Rs.180000 Machinery - 2%,

Other assets - 10%		 7th of the next month to the month in which it was deducted          or             when tax is deducted on the date of closing of accounts - within 2 months 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
194J# TECHNICAL OR PROFESSIONAL SERVICES   Rs.30000 10% 7th of the next month to the month in which it was deducted
or
 when tax is deducted on the date of closing of accounts - within 2 months		 16A 2 month & 7 days from the end of month 26Q, 15 july, 15 oct, 15 jan, 15 june
                 
                 
Note: exemptions u/s 194B, 194BB, 194C, 194H, 194I and 194J, referred to above shall be applicable w.e.f. 01-07-2010    
                 
                 
                 
* (including the other incomes of the employee in case if employee furnishes such details, but loss will be considered only for income from house property, and deductions & relief
   (on providing proff of same)            
** with the prior approval of joint commissioner - the tax may be deposited quarterly, only for 194A, 194D, 194H (15 july, 15 oct, 15 jan, 15 april) & 192 (15 july, 15 oct, 15 jan, 15 march)
*** in case quarterly deposit - 14 days from the date of payment        
**** on request of payee , cosolidated certificate for tds deducted during whole the year can be issued within one month from the end of P.Y.  
# individual and HUF not covered u/s 44 AB are not liable to deduct tds        
  if the payee Fails to provide PAN - TDS at the rate prescribed or 20%, whichever is higher      
  Except for salaries, no surcharge or cess is required to be deducted when the payment is made to a resident.