|
B. Time limit for depositing TCS
|
Particulars |
Old Provision |
Amended Provision |
|
|
-
Within one week from the end of
month of tax collection at source
|
-
Within one week from the end of
month of tax collection at source
-
With challan‐Within 7 days from
the end of month of tax collection
|
|
|
|
-
Within one week from the end of
month of tax collection
|
C. Mode of Payment of TDS/TCS and prescribed challan:
|
Particulars |
Old Provision |
Amended Provision |
|
|
|
|
-
Mode of Payment of TDS/TCS
|
-
Government Deductors‐ to be paid
without challan by internal transfer.
-
Mandatorily by electronic mode as
per Rule 125 for
a) Companies
b) Others who are liable to tax audit.
|
-
Form 24G within 10 days from the
end of the month of tax deduction/
collection by government deductors
paying without challan.
-
Mandatorily by electronic mode as
per Rule 125 for
a) Companies
b) Others who are liable to tax
audit.
|
D. Form for issue of TDS/TCS certificate:
|
Particulars |
Old Provision |
Amended Provision |
|
|
-
TDS on Salary‐ Form 16
-
TDS on Salary where Salary income is
less than Rs.1.5 lacs‐Form 16AA
-
TDS on others‐ Form 16A
|
-
TDS on Salary‐ Form 16*
-
TDS on others‐ Form 16A*
|
|
|
|
|
* New Form 16 and Form 16A have been notified. Form 16AA stands withdrawn and hence Form 16 needs to be
issued even in cases where income is less than basic exemption limit.
E. Time limit for issue of TDS/TCS certificate:
|
Particulars |
Old Provision |
Amended Provision |
-
TDS‐Salary and insurance
commission
|
-
Within one month from the end of the
FY(Financial Year).
|
-
By 31st of May of FY immediately
following the FY in which the
income was paid and tax deducted.
|
|
|
-
Where credit is made on date upto
which accounts are made‐ Within one
week from expiry of two months from
date of credit.
-
Others‐ Within one week from the
end of the month of credit/payment.
-
Where more than one certificate is
required to be issued during a FY, one
consolidated certificate for the whole
year on the request of payee may be
issued within one month from the end
of such FY.
-
Where quarterly deposit of TDS is
allowed with approval from tax
authorities‐ Within 14 days of
payment of TDS.
|
-
On Quarterly basis within 15 days
from the due date of furnishing TDS
quarterly statement .i.e.
-
Qtr1 ‐ 30th July
-
Qtr2 – 30th October
-
Qtr3 – 30th Jan
-
Qtr4 – 30th May of the immediately
following FY
|
|
|
-
Within one month from the end of
month of debit/receipt.
-
Where more than one certificate
is required to be issued during a
FY, one consolidated certificate for
the whole year on the request of
payee may be issued within one
month from the end of such FY.
|
-
On Quarterly basis within 15 days
from the due date of furnishing TCS
quarterly statement .i.e. as above
|
It is to be noted that the option of consolidated TDS certificate for multiple TDS payments at the request of deductee
stands withdrawn.
F. Form and time limit for filing quarterly TDS/TCS statents:
Forms for filing TDS/ TCS statements remain same as before amendment.
|
Particulars |
Old Provision |
Amended Provision |
|
Quarter I |
15th July |
Same as before |
|
Quarter II |
15th October |
Same as before |
|
Quarter III |
15th January |
Same as before |
|
Quarter IV |
30th April for TCS and 15th June for TDS of
the FY immediately following the FY in
which deduction is made. |
15th May of the FY immediately
following the FY in
which deduction is made. |
The procedural compliance for tax deducted/collected up to 31 March 2010 shall be governed by the earlier Rules.
The notable features of the amended Rules are:
-
Time limit for deposit of TDS for the entire month of March will be 30th April instead of two separate time limits viz. 7 April for TDS up to 30th March and 31st May for TDS as
-
Non‐salary TDS certificates will have to be issued on quarterly basis (instead of monthly or annual basis). i.e. by 30th July for Qtr 1, 30th October for 2nd, 30th January for 3rd, and 30th May for Qtr 4.
-
Time limit for filing quarterly TDS statement for last quarter of FY has been advanced from June 15 to May 15.
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