Income Tax Department - Karnataka & Goa Region

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TDS Chart

TDS CHART FOR THE YEAR 1-4-2011 TO 31-3-2012

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

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

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.