rates and due dates of tds & tcs

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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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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rates and due dates of tds & tcs

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