rates and due dates of tds & tcs
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7/31/2019 Rates and Due Dates of TDS & TCS
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HIGHLIGHTS OF THE UNION BUDGET 2012
Provisions of tax deducted/ collected at source
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7/31/2019 Rates and Due Dates of TDS & TCS
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HIGHLIGHTS OF THE UNION BUDGET 2012
TABLE OF CONTENTS
# Particulars Related section Page #
A TAX DEDUCTED/ COLLECTED AT SOURCE
1 TDS rate chart for the financial year 2012-2013 - 12 TCS rate chart for the financial year 2012-2013 - 2
3 Education cess, SAH cess and surcharge - 3
4 Due date for payment of taxes Section 200(2) 3
5 Due date for furnishing returns Section 203AA 4
6 Due date for furnishing certificates Section 203 4
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TDS RATE CHART FINANCIAL YEAR 2012-2013 (ASSESSMENT YEAR 2013-2014)
Sr No Section Nature of Payment Threshold limit Rate %
01-04-2012 to
30-06-2012
01-07-2012
onwards
Ind/ HUF Others
1 192 Salaries Salary income must be more than
exemption limit after deductions
Average rate
2 193 Interest on debentures 2,500 5,000 10 10
3 194 Deemed dividend - - 10 10
4 194A Interest other than Int. on
securities (by Bank)
10,000 10,000 10 10
5 194A Interest other than Int. on
securities (By others)
5,000 5,000 10 10
6 194B Lottery / Cross Word Puzzle 10,000 10,000 30 30
7 194BB Winnings from Horse Race 5,000 5,000 30 30
8 194C(1) Contracts 30,000 30,000 1 2
9 194C(2) Sub-contracts/
Advertisements
30,000 30,000 1 2
10 194D Insurance Commission 20,000 20,000 10 10
11 194EE Payments out of deposits
under NSS
2,500 2,500 20 -
12 194F Repurchase of units by MF/
UTI
1,000 1,000 20 20
13 194G Commission on sale of
lottery tickets
1,000 1,000 10 10
14 194H Commission or Brokerage 5,000 5,000 10 10
15 194I Rent (Land & building) 1,80,000 1,80,000 10 10
16 Rent (Plant & Machinery ,
Equipment, furniture &
fittings)
1,80,000 1,80,000 2 2
17 194J Professional/ Technical
charges/ Royalty & Non-
compete fees
30,000 30,000 10 10
18 194J(1)
(ba)
Any remuneration or
commission paid to director
of the company
NA NIL 10 10
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Note: The amended/ newly inserted sections have been highlighted in the above chart.
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TCS RATE CHART FINANCIAL YEAR 2012-2013 (ASSESSMENT YEAR 2013-2014)
Sr
No
Nature of goods Rates in %
01-04-2012 to
30-06-2012
01-07-2012
onwards
1 Alcoholic liquor for human Consumption 1 1
2 Tendu leaves 5 5
3 Timber obtained under forest lease 2.5 2.5
4 Timber obtained by any mode other than a forest lease 2.5 2.5
5 Any other forest produce not being timber or tendu leaves 2.5 2.5
6 Scrap 1 1
7 Parking lot 2 2
8 Toll plaza 2 2
9 Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore NA 1
11 Bullion or jewellery (if sale consideration is paid in cash > INR 2 lacs) NA 1
Note: The amended/ newly inserted sections have been highlighted in the above chart.
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19 194LA Compensation on
acquisition of immovable
property
1,00,000 2,00,000 10 10
20 194LLA Payment on transfer of
certain immovable property
other than agricultural land
(applicable only if amount
exceeds : (a) INR 50 lacs in
case such property is
situated in a specified urban
agglomeration; or (b) INR 20
lacs in case such property is
situated in any other area)
(Effective from 01-10-2012)
NA (a) INR 50 lacs in
case property is
situated in
specified urban
agglomeration;
or(b) INR 20 lacs
in case property
is situated in
any other area)
(Effective from
01-10-2012)
1 1
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EDUCATION CESS, SECONDARY AND HIGHER EDUCATION CESS & SURCHARGE
EDUCATION CESS & SECONDARY AND HIGHER EDUCATION CESS ON SURCGARGE & TDS
Resident Individual/ HUF / Firm/ AOP/ BOI/ Domestic Company Non residents and foreign companiesPayment of income other than salary Payment in respect of salary In all cases
NIL @ 2% @ 2%
NIL @ 1% @ 1%
SURCHARGE ON TDS
@ 2% when the recipient is a foreign company and the payment/ credit, subject to TDS, exceeds INR 1 crore.
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DUE DATE FOR PAYMENT OF TAXES
Sr No Different situations Time of deposit of
A Tax deducted/ collected by an office of the Government
1 Tax paid without production of a challan On the same date on which tax is deducted/ collected
2 Tax deposited through a challan On or before 7 days from the end of the month in which
tax is deducted/ collected
B Tax deducted/ collected by a person (not being an office of the Government)
1 Where income or amount is paid or credited
in the month of March
By 30th
April Within 1 week
from the last day of
the month in which
tax is collected
2 Where income or amount is paid or credited
before March 1
Within 7 days from the end of the
month in which tax is deducted
3 Where the AO (with the prior approval of
the Joint Commissioner) has permitted
quarterly deposit of tax deducted under
sections 192, 194A, 194D and 194H
7th
Jul: for qtr ending 30th
Jun;
7th
Oct: for qtr ending 30th
Sept;
7th
Jan: for qtr ending 31st
Dec;
30th
Apr: for qtr ending 31st
Mar
-
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DUE DATE FOR FURNISHING STATEMENT OF TDS
Sr No Quarter ending Due date for furnishing statement of TDS
If the deductor is a person other than an
office of the Government
If the deductor is an office of
Government
1 30th
June 15th
July of the FY 31st
July of the FY
2 30th
September 15th
October of the FY 31st
October of the FY
3 31st
December 15th
January of the FY 31st
January of the FY
4 31st
March 15th
May 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
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DUE DATE FOR FURNISHING TDS CERTIFICATES
Sr No Category Periodicity of furnishing
TDS certificate
Due date
1 Salary (Form 16) Annual By 31st
May of the FY immediately following the FY
in which the income was paid and tax deducted
2 Non salary (Form 16A) Quarterly Within 15 days from the due date for furnishing the
statement of TDS
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Note 1: Section 206AA inserted w.e.f. 01-04-2010 provides that in cases where the deductee does not furnish his PAN/
furnishes invalid PAN to the deductor, tax shall be deducted at the higher of the following rates:
(a) At the rate specified in the relevant provision of this Act; or(b) At the rate or rates in force; or(c) At the rate oftwenty per cent.Note 2: CBDT vide circular # 01/2012 dated 09-04-2012 has made it mandatory for alldeductors (including government
deductors who deposit TDS in the Central Government Account through book entry)in respect of all sums deducted on orafter the 1st day of April, 2012, to issue TDS certificate in Form No 16A generated through TIN central system.
The circular further provides thatfor tax deducted between01-04-2011 to 31-03-2012, the deductor, being a company
including a banking companyshall issue TDS certificate in Form No16A generated through TIN central system. All other
deductors, may, at his option, issue TDS Certificate in Form No16A generated through TIN central system.
For deduction of tax at source made during financial year 2010-11, the deductors, may, at his option, issue the TDS
certificate in Form No16A generated through TIN central system.
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