T.D.S/T.C.S AT GLANCE FOR A.Y

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1 T.D.S/T.C.S AT GLANCE FOR A.Y Tax Deducted at Source (TDS) was introduced to facilitate the payment of Tax while receiving the income and it follows the concept Pay as you Earn. The tax deducted at source is one way of collecting the taxes by the department. Liability of Tax Deduction:- Persons liable to deduct TDS a. Individual/HUF- If covered under Tax Audit u\s 44AB during the F.Y b. Partnership Firms c. Limited Company d. Local Authority e. Association of Person f. Body of Individual The liability to deduct tax on salary income payable to the employee is also to Individual and HUF. Rate of deduction is now based on the status of payee and not on the basis of type of payment. Tax Deduction Account Number U/S 203 A:- It is obligatory for all persons responsible for deducting tax at source to quote the T.D.S No. i.e. TAN in the challans, TDS certificates with deductee s PAN and address & Quarterly returns etc. Rate of Deduction and Due Date of Filing Return (As per Finance Bill passes for F.Y ) Nature of payment ( Important and useful deductions only) U/S When to deduct tax at Source Rate of Tax to be deducted at source (Deductee must have pan) 1. Salary 192 IT Edu.Cess SHEC Total A. For Individual, every HUF/ AOP/ BOI/ artificial juridical person B. For Resident Woman (who is below 60 years as on ) C. For Resident Senior Citizen (who is above 60 years as on ) Exceeds `. 1, 80,000/- p.a. 0 to 1,80,000 1,80,001 to 5,00,000 5,00,001 to 8,00,000 Above 8,00,001 Exceeds `. 1, 90,000/- p.a. 0 to 1,90,000 1,90,001 to 5,00,000 5,00,001 to 8,00,000 Above 8,00,001 Exceeds `. 2, 50,000/- p.a. 0 to 2,50,000 2,50,001 to 5,00,000 5,00,001 to 8,00,000 Above 8,00,001 30% 30% 30% % 0% 30.90% 0% 0% 30.90% 0% 0% 30.90% (Exclusively for Private Circulations Only) 1

2 D. For Super Senior Citizen** (who is above 80 years as on ) Exceeds `. 5, 00,000/- p.a. 0 to 5,00,000 5,00,001 to 8,00,000 Above 10,00,001 30% --- 0% 30.90% Nature of payment ( Important and useful deductions only) 2. Interest other than Interest on Securities U/S When to deduct tax at Source 194A Exceeds `. 10,000/- p.a Rate of Tax to be deducted at source(deductee must have pan) A. Payable by Banks, Post Office, Co-Op Banks Individual / HUF B. Interest Payment by other than above 3. Payment to contractors & Sub Contractors 194A 194C For Individual Exceeds `. 5,000/- p.a For Individual Contract value more than ` 30000/- per contract or `. 75,000/- during the year. (payment to resident contractor) Contractors / Sub Contractors & Advertisements Transporter - deductee has PAN (See Note 3 & 4) 4. RENT i) Rent on Land, Premises, Furniture etc. For individual /HUF For firms/ AOP For individual /HUF For firms/ AOP 194I Exceeds `. 1,80,000/- p.a. For Individuals/ HUF ii) Rent on Plant, Machinery & Equipment, vehicles 5. Fees for professional or technical services (resident) For Individuals/ HUF 194J Exceeds `. 30,000/- p.a. 6. Brokerage & Commission 194H Exceeds `. For Individual/ HUF `. 10,000/- p.a. For Individual (Exclusively for Private Circulations Only) 2

3 Any payment made to NRI or Foreign Company section 195 is applicable for rate schedule separately. ** Section Nature of Payment Status Tax (%) 194E Payment to nonresident sportsmen or sports association 195(a) Income from foreign exchange assets payable to an Indian citizen 195(b) Income by way of long-term capital gain referred to in sec. 115E 195(c) Income by way of Short-term capital gains u/s. 111A (d) Income from other long-term capital gains 195(e) Income by way of interest payable by Government/Indian concern on money borrowed or debt incurred by Government or Indian concern in foreign currency 195(f) Royalty payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern after March 31, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to section 115A(1A) to the Indian concern or in respect of computer software referred to in the second proviso to section 115(1A), to a person resident in India - 1.Where the agreement is made before June 1, Where the agreement is made after May 31, 1997 but before June 1, Where the agreement is made on or after June 1, (g) Royalty (not being royalty of the nature referred to in (e) sub para) payable by Government or an Indian concern in pursuance of an agreement made by nonresident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy 1.Where the agreement is made after March 31, 1961 COMPANY 51.5 but before April 1, 1976 OTHERS Where the agreement is made after March 31, but before June 1, Where the agreement is made after May 31, 1997 but before June 1, Where the agreement is made on or after June 1, (h) Fee for technical services payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central (Exclusively for Private Circulations Only) 3

4 Government or where it relates to matter included in the industrial policy, the agreement is in accordance with the policy - K P R K And Associates 1.Where the agreement is made after February 29, 1964 but before April 1, Where the agreement is made after March 31, 1976 but before June 1, Where the agreement is made after May 31, 1997 but before June 1, Where the agreement is made on or after June 1, COMPANY 51.5 OTHERS (i) Any other income COMPANY 41.2 OTHERS A Income in respect of Units of Non-residents 196B Income and Long-term Capital gain from units of an Off shore fund 196C Income and Long-term Capital Gain from Foreign Currency Bonds or shares of indian companies 196D Income of Foreign Institutional Investors for Securities ** Rate of TDS is inclusive of Education Cess ) and SHE Notes: **** Most Important ***** 1. With effect from Deductees are required to furnish the PAN Sec206AA: If deductee fails to furnish PAN to deductor, the deductor shall apply highest of the following rates for deducting TDS:- At the rate specified in the relevant provision of this act, or At the rate or rates in force, Or at the rate of 2. No Education cess and Higher Secondary Education Cess are applicable for TDS purpose except in case of payment of salary to resident & non- residents and any other payment to non resident or Foreign Company. Only the specified TDS rates should be considered for deduction. (AS PER NEW AMENDMENT W.E.F ) 3. Persons carrying business of plying, hiring or leasing goods carriages. Need not deduct TDS if contractor furnishes PAN. Will have to furnish information as may be prescribed. 4. The NIL Rates will be applicable if TRANSPORTER quotes/ gives his PAN 5. Tax is not deductible under section 193,194,194A, or 194 EE if the recipient makes a declaration in Form 15G/15H under the provisions of 197A. Form 15G is for senior citizen Form 15H is for any other person (Exclusively for Private Circulations Only) 4

5 Surcharge on Income Tax:- ** Surcharge: For payment to residents and domestic companies, there will be no surcharge and cess on the basic rate of TDS (AS PER NEW AMEMDMENT) The amount of income tax deducted shall be increased by a surcharge as under:- a) In case of Domestic Company if net Income Exceeds `. 1 Crore than payer has to apply surcharge of on TDS amount. (Only in case of the TDS of Salaried Persons) b) In case of Foreign Company (Payee), if net Income exceeds than payer has to apply surcharge of 2.5% on TDS amount not as in case of Domestic company. EDUCATION CESS:- For Others:- For F.Y there is no surcharge, education cess (As Per new Amendment w.e.f ) For Salaried Persons:- Edu. Cess shall be p.a. on the amount of income tax deducted. Education 2 % plus Secondary and Higher Secondary Edu. Cess Time of Deposit of TAX Sr. No. Nature of Payment U/s Time Of Deposit of Tax 1. Salary 192 Within one week from the last date of the month in which the deduction is made. 2. Interest other than Interest on Securities Payable by persons other than Individual / HUF 194A In any other case: - within one week from the last date of Quarterly payment is permitted by the Assessing Officer (with the approval of the deputy commissioner)in special cases on July 15, Oct 15, Jan 15, & April 15 In any other case: - within one week from the last date of 3 Payment to contractors & Sub Contractors 194C 4 Rent 194I In any other case: - within one week from the last date of 5 Fees for professional or 194J In any other case: - within one week from the last date of technical services 6 Brokerage & Commission 194H In any other case: - within one week from the last date of Quarterly payment is permitted by the Assessing Officer (with the approval of the deputy commissioner)in special cases on July 15, Oct 15, Jan 15, & April 15 Notes:- a) Where amount is credited to the payee s Account on the last day of accounting year, the tax amount there on is to be deposited within two months from the end of the month in which credit is made. b) TDS certificate need not to be furnished in respect of tax deducted and paid. c) Every person deducting of collecting tax shall be required to furnish Quarterly Statements to the prescribed Income Tax Authority who will in term furnish as annual statement of the tax deducted or collected to the assesses. (Exclusively for Private Circulations Only) 5

6 d) Where tax is deducted on behalf of the government, tax should be deposited on the same day, without any challan form. e) With effect from July 01,2010 (NEW AMENDMENT ), if a person fails to deduct tax at source or after deduction fails to deposit TDS, He is liable to pay interest u\s 201(1A) as follows:- Rate of Interest Period for which Interest is Payable (Per Month or Part) From the date on which tax was deductible to the date on which tax is actually deducted. 1.5% From the date on which tax was actually deducted to the date on which tax is actually paid Return of TDS:- Every person, deducting tax at source, is required to submit return of tax deducted as follows:- Different payments Salary In case the person deducting tax is a company or government Form No.24 in electronic format & Form No 27A Form No.26 in electronic format & Form No. 27A Form No.27 in electronic format & Form No. 27A In case the person deducting tax is other than company or government Form No. 24Q Payment (other than Form No. 26Q Salary) to a resident Payment (other than Form No. 27Q Salary) to a non resident If the return is submitted in computer media it should be accompanied by Form No. 27A Date of Filing the Returns:- Different payments Form No. Particulars Due Date Salary 24Q Quarter ending 30 th June, 2011 Quarter ending 30 th September, 2011 Quarter ending 31 st December, 2011 Quarter ending 31 st March, 2012 Payment other than salary to a resident Payment other than salary to a non resident 26Q Quarter ending 30 th June, 2011 Quarter ending 30 th September, 2011 Quarter ending 31 st December, 2011 Quarter ending 31 st March, Q Quarter ending 30 th June, 2011 Quarter ending 30 th September, 2011 Quarter ending 31 st December, 2011 Quarter ending 31 st March, th July, th October, th January, th May, th July, th October, th January, th May, th July, th October, th January, th May, 2012 (Exclusively for Private Circulations Only) 6

7 Consequence of Failure to Deduct or pay (Penal Provisions):- 1) Failure to deduct the whole or any part of tax at source u/s 271 C is liable to penalty of sum equal to the amount of tax which he failed to deduct. 2) Failure to pay the TDS u/s 276 B is punishable with rigorous imprisonment for a term which shall not be less than 3 months but which may extent to 7 years and with fine. 3) If a person is held to delivery in due time a copy of Quarterly statement of tax payment he shall pay, by way of penalty, a sum of Rs 100 per day for the delay during which default continues. 4) In case of failure in respect of furnishing Annual Return in due time, assesses should be liable to pay penalty u/s 272 `. 100 per day for the delay during which the default continues or amount of TDS whichever is less. 5) Failure to deduct/ pay tax at source u/s 220, person is liable to pay 1 p.a. or the amount of such tax from the date on which such tax was deductible to the date on which tax is actually paid. However such interest is required to be paid on or before due date for filing the quarterly returns (w.e.f. 1 st June, 2006). 6) In case of failure to apply for allotment of TAN and failure to quote TAN in challans, certificates and statements, person is liable to pay penalty u/s 272 BB to the extend of `. 10,000/- of failure to deduct or pay. Other Informations: 1. Payment of TDS is required to be made electronically only. 2. Form 15G/ 15H declaration for no deduction of tax will become invalid if PAN is not mentioned therein. 3. PAN will have to be mentioned in bills, vouchers and other documents communicated between deductor and deductee. 4. If deductee furnishes invalid PAN or submits PAN belonging to someone else, it will amount to non furnishing of PAN 5. No TDS on zero coupon bonds issued by scheduled banks: Section 194A. (w.e.f ) 6. No TDS for payments from New Pension Scheme: Section 197A. (w.e.f ) If an assessee fails to deduct TDS on the above following payment then the amount of expenditure will be disallowed u\s 40(a )(ia) of Income Tax ACT,1961. (Exclusively for Private Circulations Only) 7

8 TAX COLLECTION AT SOURCE U/S 206C (A.Y ) K P R K And Associates Under section 206 C in some cases tax has to be collected at source. Person responsible to collect tax at source:- Every person being a seller shall collect tax from the buyer of goods specified in sec 206C (1) Meaning of Seller: Seller means 1. The Central Government 2. A State Government or 3. any local authority or corporation or authority established by or under Central Govt. or Provincial Act, 4. Any Company, or 5. Firm, or 6. Co-operative Society 7. Individuals/ HUF (if books are audited u/s 44AB Meaning of Buyer: - Buyer means a person who obtains in any sales by way of auction, tender or any other mode, goods of the nature specified in the table or the right to receive any such goods. It however does not include the following: A Public Sector Company, the Central Government, a State Government, And an Embassy, a High Commission, Legation, Commission, Consulate and the trade representation, of Foreign State & a Club; or A buyer in retail sale of such goods purchased by him for personal consumption. Note: If income of buyer is exempt u/s 10(26), then tax collected be collected at source. Tax Collection Account Number U/S 20C A:- It is obligatory for all persons responsible for collecting tax at source to quote the T.C.S No. i.e. TAN in the challans, TCS certificates & periodical returns etc. How to compute Tax Collected at Source:- SI. No. Nature of Goods % rate of tax collection at source (TCS) applicable on purchase price 1. Tendu Leaves 5% 2. Timber obtain under a forest lease 2.50% 3. Timber obtain by any mode under a forest lease 2.50% 4. Any other forest produce other than timber & tendu leaves 2.50% 5. Scrap 6. Parking Lot, Toll plaza, (Note 1 & 2) 7. Alchoholic Liquor for human consumption (Exclusively for Private Circulations Only) 8

9 Notes:- K P R K And Associates 1. The above scheme of tax collection has been extended to cover parking auctions, toll auctions or mining leases with effect from Oct 1, Tax Collection at Source in respect of mining and quarrying of mineral oil- No TCS w.e.f. June 1, Surcharge- For the F.Y , surcharge at the rate of 2.5% is applicable only if payer is a Foreign the above rates are subject to 4. There is no education cess for the F.Y if the payer is resident, However if, payer is a nonresident or a Foreign Co. then Education Cess is applicable. Scrap: - Scrap has been defined as waste and scrap from manufacturing or mechanical working of materials which is definitely not usable as such. Accordingly it will not include any waste or scrapa. Which dose not arise from manufacture or mechanical working of materials; or b. Which is usable as such. Thus, the following are not covered:- a. Waste or scrape arising from packing materials, newspapers, old machinery scrapped, etc., which cannot be said to arise from manufacture; or b. By products generated from the manufacturing process as the same could be used as such. It can be inferred that, in case of sale of scrap, the provision would apply to only those sellers who are engaged in the business of manufacturing or mechanical working of materials. Deposit of Tax: - Tax collected u/s 206C shall be deposited within 7 days from the last day of the month in which tax is collected to the credit of Central Government. For non payment or late payment, interest is per month or part thereof. Quarterly Statement of TCS:- Quarterly TCS return should be submitted (w.e.f. 1 st April, 2005) after the end of each quarter in Form 27EQ within 15 days from the end of each quarter. (76 days in the case of last quarter) Quarterly TCS cannot be submitted unless interest for late deposit of TCS is paid. Issue of Certificate:- Within the period of one month from the end of the month in which tax is collected, the person collecting tax should issue a certificate of tax collected to the buyer in Form 27D. Where more than one certificate is required to be furnished to the buyer for TCS in respect of period ending September 30 and March 31in each financial year, the person collecting tax may (on request of buyer), issue within end of such period, a consolidated certificate in Form 27D for collected during whole of such period. Note:- The details given is for just knowledge and working facility for you. (Exclusively for Private Circulations Only) 9

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