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Tax Info >> TDS Chart |
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TDS
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TDS CHART FOR THE YEAR 1-4-2011 TO 31-3-2012 |
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Sl.
No. |
Section
of Act |
Nature of Payment in brief |
Threshold Limit |
Rate for payment to Indl. & HUF (%) |
Rate for payment to Company and other non-Corporates
(%) |
Date within which TDS has to be remitted |
Qtrly. Statement
Form No. |
1. |
192 |
Salaries |
Basic exemption limit Rs.1,80,000 for male, Rs.1,90,000 for resident female employees,
Rs.2,50,000 for employees aged 60 yrs & above,
Rs.5,00,000 for employees aged 80 yrs & above. |
Average Rate
Threshold limit upto Rs.5 Lakhs – 10%
5,00,001 to 8,00,000
– 20%
8,00,001 & above
– 30%
Add Education cess @3% |
- |
Payment of tax by production of challan : Within seven days from the end of the month in which the deduction is made.
Payment of by book adjustment by Govt. deductors : On the day of deduction |
24Q |
2. |
193 |
Interest on Securities |
Rs.2,500/- : In case payee is a Resident Individual if paid by a listed public limited company –
i) on debenture interest and the payment is by an account payee cheque
ii) any debentures issued by a company where such debentures are listed on a recognized stock exchange in India in accordance with the securities contracts (Regulation)Act, 1956 (42 of 1956) and any rules made thereunder:
iii) any security of the Central or a State Government |
10 |
10 |
-do- |
26Q |
3. |
194 |
Deemed dividend u/s.2(22)(e): Dividends other than listed companies to residents. |
Rs.2,500/- : In case payee is a Resident Individual if paid by a listed public limited company and the payment is by an account payee cheque. |
10 |
10 |
-do- |
26Q |
4. |
194A |
Interest other than Interest on securities |
If payer is a banking company or co-operative society in banking business or post office deposits notified : > or likely to exceed Rs.10,000
In all other cases: > or likely to exceed Rs.5,000 |
10 |
10 |
-do- |
26Q |
5. |
194B |
Lottery / Cross Word Puzzle |
>Rs.10,000 |
30 |
30 |
-do- |
26Q |
6. |
194BB |
Winnings from Horse |
>Rs.5,000 |
30 |
30 |
-do- |
26Q |
7. |
194C |
Contracts |
>Rs.30,000 OR likely to exceed Rs.75,000 in aggregate |
1 |
2 |
-do- |
26Q |
8. |
194D |
Insurance Commission |
>Rs.20,000 |
10 |
10 |
-do- |
26Q |
9. |
194EE |
Payments out of deposits under NSS |
>Rs.2,500
No deduction need to be effected if payment is made to the legal heir of assesssee |
20 |
- |
-do- |
26Q |
10. |
194F |
Repurchase of units by MF/UTI |
|
20 |
- |
-do- |
26Q |
11. |
194G |
Commission on sale of lottery tickets |
>Rs.1,000 |
10 |
10 |
-do- |
26Q |
12. |
194H |
Commission or Brokerage |
>Rs.5,000 |
10 |
10 |
-do- |
26Q |
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13. |
194I |
Rent paid for
- Land
- Buildings
- Furniture & Fittings
- Land appurtenant to a building(including factory building)
- Plant & Machinery
- Equipment
|
>Rs.180,000
>Rs.1,80,000 |
10
2 |
10
2 |
-do-
-do- |
26Q
26Q |
14. |
194J |
Professional/Technical charges/Royalty & Non-compete fees |
>or likely to exceed Rs.30,000 |
10 |
10 |
-do-
|
26Q |
15 |
194LA |
Compensation/enhanced compensation on acquisition of immovable property other than agricultural land. |
>Rs.1,00,000 |
10 |
10 |
-do- |
26Q |
16. |
195/196B
/196C/196D/
196E |
Payment to non-residents |
No exempt amount |
Rates in force |
Rates in force |
-do- |
27Q |
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- Where income is credited or paid in the month of March, by 30th April.
- An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall also be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.
- o deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.
- Details of such persons to be furnished by deductor in 26Q by marking flag as ‘T’. Details of declarant in Form 15G, 15H to quote PAN & their details also to be uploaded in the Form 26Q marking lower deduction Flag as ‘B’.
- TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor or furnish incorrect PAN..
- Tax Credit Statement (Form No.26AS) can be viewed online by registering with www.tin-nsdl.com or www.incometaxindia.gov.in
TCS CHART FOR THE YEAR 1-4-2011 TO 31-3-2012
Sl.No. |
Nature of Goods |
Rates in % |
1. |
Alcoholic liquor for human Consumption |
1 |
2. |
Tendu leaves |
5 |
3. |
Timber obtained under forest lease |
2.5 |
4. |
Timber obtained by any mode other than a forest lease |
2.5 |
5. |
Any other forest produce not being timber or tendu leaves |
2.5 |
6. |
Scrap |
1 |
7. |
Parking lot |
2 |
8. |
Toll plaza |
2 |
9. |
Mining & Quarrying |
2 |
- Quarterly Statement for TCS to be filed in Form No.27EQ
- TCS is to be credited to Government Account within seven days from the end of the month in which collection is made, tax payment is made by production of income tax challan. In case of govt. collectors where tax paid by book adjustment, on the same day.
Notes :
- Surcharge on Income-tax is not deductible/collectible at source in case of individual/HUF/Firm/AOP/BOI/Domestic Company in respect of payment of income other than salary.
- In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000.
- Education Cess is not deductible/collectible at source in case of resident individual/HUF/Firm/AOP/BOI/Domestic Company in respect of payment of income other than salary.
- Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
- All deductors/collectors of Income-tax of Central and State Government Departments and all Corporate deductors, including Public & Private Sector Banks, LIC & Insurance Companies should file their Quarterly Statements of TDS/TCS in Computer Media at any of the TIN Facilitation Centres. The e-TDS Statement has to be accompanied by Form No.27A and e-TCS Statement to be accompanied by Form No.27B. All PAOs to fill Form 24G. The PAOs of Central & State Govts have to file a monthly return in Form 24G electronically with the TIN Failitation Centre.
- Other deductors/collectors have the option of filing Quarterly Statements either in Electronic Media or Paper format before the TIN Facilitation Centres of NSDL.
- The Due Dates for filing Quarterly Statements for TDS/TCS are as under:
For quarter ended |
Due Dates |
30/06/2011 |
15/07/2011 |
30/09/2011 |
15/10/2011 |
31/12/2011 |
15/01/2012 |
31/03/2011 |
15/05/2012 |
DUTIES OF TAX DEDUCTOR/COLLECTOR
- To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the designated TIN facilitation centers of NSDL(please see www.incometaxindia.gov.in), within one month from the end of the month in which tax was deducted.
- To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
- To deduct/collect tax at the prescribed rates at the time of every credit or payment, whichever is earlier, in respect of all liable transactions.
- To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS 281 by quoting the TAN, jurisdiction AO code and relevant section of the Income-tax Act.
- To issue annual Form 16 in case of Salaries, by 31st May.
- To issue Quarterly Form 16A within 15 days from the due date for furnishing the Quarterly returns. In case employee is transferred/cessation of employment to issue a Form 16 within 15 days of filing Quarterly return for the quarter in which he was transferred/cessation of employment.
- To file TDS/TCS quarterly statements within the due date.
- To mention PAN of all deductees in the TDS/TCS quarterly statements.
- To deduct higher taxes in case PAN of deductee is not available or incorrect or does not belong to deductee.
- To ensure that all bills, vouchers & correspondences contain PAN of deductee.
CONSEQUENCES OF DEFAULT
Failure to deduct or remit TDS /TCS(full or part)
- Interest at the rates in force (1% per month or part of month) from the date on which tax was deductible/collectible to the date on which tax was deducted/collected. 1.5% per month or part of month from date on which tax was deducted to date on which taxes remitted.
- Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
- In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to 7 years and fine can be levied. There will be a charge on all the assets of the Deductor to the extent of the dues and interest levied u/s.201(1A). Non-remittance of taxes deducted shall create a charge on assets of the deductor to the extent of tax and interest.
Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of TAN
Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in time
- For each type of failure, penalty of Rs.100/- per day for the period of default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
GENERAL INFORMATION
- Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it is issued. It cannot be used retrospectively.
- Certificate will bear a computer generated number.
- If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details marking it as duplicate.
- Refund can be claimed by the deductee on filing of return of income.
- Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay interest and penalty
FACILITIES AVAILABLE ON www.incometaxindia.gov.in/ www.tin-nsdl.com
- List of TIN Facilitation Centres of NSDL
- Know your PAN & Know your TAN.
- Quarterly Statement Forms.
- FAQs on TDS/TCS
- Online application for PAN/TAN
- Detailed procedure for filing e-TDS/e-TCS Statement
- Form 26AS
- TAN Registration
- Quarterly Statement status
- TDS defaults
- Challan status inquiry
This brochure should not be construed as an exhaustive statement of law. In case of doubt, reference should always be made to the relevant provisions of Income Tax Act, Rules or Notifications.
For further information, please contact :
The Public Relations Officer
Income-tax Department, C.R.Building, Queen’s Road,
Bangalore-560 001. e-mail : itprbangalore@gmail.com
Website : www.incometaxbangalore.org
Or
TDS OFFICE : 4th Floor, HMT Bhavan,
No.59, Bellary Road, Bangalore – 560 032
Tel : 23550518, 23550519
Fax : 23550551
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