| Sl.
No. |
Section
of Act |
Nature
of Payment in Brief |
Rate
for NonCompany% |
Rate
for Company% |
Date
within which TDS has to be remitted |
Qtrly.
Return Form No. |
1. |
192 |
Salaries |
Average
rate |
- |
Within
the 7th of the next month |
24Q |
2. |
193 |
Interest
on Securities > Rs.10,000(upto 31/05/07 Rs. 2,500) |
10 |
20 |
-do- |
26Q |
3. |
194A |
Interest
other than Interest on securities > Rs.10,000
(upto 31/05/07 > Rs.5,000)
|
10 |
20 |
-do- |
26Q |
4. |
194B |
Lottery
/ Cross Word Puzzle > Rs.5,000 |
30 |
30 |
-do- |
26Q |
5. |
194BB |
Winnings
from Horse Race > Rs.2,500 |
30 |
30 |
-do- |
26Q |
6. |
194C(1) |
Contracts
> Rs.20,000) |
2 |
2 |
-do- |
26Q |
7. |
194C(2) |
Sub-contracts/Advertisements
> Rs.20,000 |
1 |
1 |
-do- |
26Q |
8. |
194D |
Insurance
Commission > Rs.5,000 |
10 |
20 |
-do- |
26Q |
9. |
194EE |
Refund
of NSS > Rs.2,500 |
20 |
- |
On
the day of deduction itself |
26Q |
10. |
194F |
Repurchase
of units by MF/UTI |
20 |
- |
Within
the 7th of the next month |
26Q |
11. |
194G |
Commission
on sale of lottery tickets > Rs.1,000 |
10
|
10 |
-do- |
26Q |
12. |
194H |
Commission
or Brokerage > Rs.2,500 |
10
(upto 31/05/07 – 5%)
|
10 |
-do- |
26Q |
13. |
194I |
Rent
paid for
a. Land
b. Buildings
c. Land appurtenant to a building(including factory
building)
d. Plant & Machinery
e. Equipment
f. Furniture & Fittings
> Rs.1,20,000
|
15(Individual
& HUF)
20(Others)
|
20 |
-do- |
26Q |
14. |
194J |
Professional/Technical
charges/Royalty & Non-compete fees > Rs.20,000 |
10
(upto 31/05/07 – 5%)
|
5 |
-do- |
26Q |
15. |
194LA |
Compensation
on acquisition of immovable property > Rs.1,00,000
w.e.f.01/10/2004
|
10 |
10 |
-do- |
26Q |
16. |
195 |
Payment
to non-residents |
Rates
in force |
Rates
in force |
-do- |
27Q |
|
NOTES
:
1.
Where income referred in Sections 193, 194A, 194C, 194D,
194G, 194H, 194I &
194J is credited to account of payee as on date up to
which accounts are made,
TDS has to be deposited in Government Account within 2
months from the
end of the month in which the date falls.
2.
Where the aggregate of the amounts paid/credited or likely
to be paid/credited
exceeds Rs.50,000 during the financial year, TDS has to
be made.
Also where any sum credited/paid or likely to be credited/paid
to Contactor
or Sub-contractor exceeds Rs.20,000, TDS is to be made.
3. 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
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.
TCS CHART FOR THE YEAR 1-4-2007 TO 31-3-2008
| 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 |
1 |
| 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 one week from the
last date of the month in which collection is made.
Notes :
1.
The TDS/TCS should be increased by surcharge at 10%
in case of Individuals/HUF/Body
of Individuals/Association of persons if the total income
of
the assessee exceeds or likely to exceed Rs.10,00,000
2.
The TDS/TCS should be increased by surcharge at 10%
in case of Firm and Domestic
Company if the total income of the assessee exceeds
or likely to exceed
Rs.1,00,00,000
3.
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
3.
The amount of Income-tax as increased by surcharge should
be further increased
by Education Cess of 3%. This applies to all assessees.
4.
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
5.
Other deductors/collectors have the option of filing
Quarterly Statements either
in Electronic Media or Paper format before the TIN Facilitation
Centres of
NSDL.
6.
The Due Dates for filing Quarterly Statements for TDS/TCS
are as under:
| For quarter ended |
Due Dates |
| 30/06/2007 |
15/07/2007 |
| 30/09/2007 |
15/10/2007 |
| 31/12/2007 |
15/01/2008 |
| 31/03/2008 |
30/04/2008 |
DUTIES
OF TAX DEDUCTOR/COLLECTOR
1.
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.
2. To quote
TAN (10 digit reformatted TAN) in all TDS/TCS challans,
certificates, statements
and other correspondence.
3. 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.
4. 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.
5. To issue
TDS/TCS certificate, complete in all respects, within
the prescribed time
in Form No.16(TDS on salaries), 16A(other TDS) 27D(
TCS).
6. To file
TDS/TCS quarterly statements within the due date.
7. To mention
PAN of all deductees in the TDS/TCS quarterly statements.
CONSEQUENCES
OF DEFAULT
Failure
to deduct or remit TDS /TCS(full or part)
•
Interest at the rates in force (12% p.a.) from the date
on which tax was deductible/collectible
to the date of payment to Government Account is chargeable.
• 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.
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.
• 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
•
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
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@rediffmail.com
Website : www.incometaxbangalore.org
TDS
OFFICE : 4th Floor, HMT Bhavan,
No.59, Bellary Road, Bangalore
– 560 032
Tel : 23550518, 23550519
Corrigendum
for TDS Brochure
|
