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<ul><li>WHAT IS TDS </li></ul><ul><li>Definition </li></ul><ul><li> SEC 192     TDS on Salary </li></ul><ul><li> SEC 193 ...
<ul><li>SEC 194G   TDS on Commission on Sale of Lottery tickets </li></ul><ul><li>SEC 194I  TDS on Rent </li></ul><ul><l...
 
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<ul><li>Certain Expenditure </li></ul><ul><li>Paid to Certain Person </li></ul><ul><li>Beyond Certain Limit  </li></ul><ul...
<ul><li>Applicable to    Employees having Taxable Salary </li></ul><ul><li>The liability to deduct TDS on Salaries is on ...
<ul><li>Person Responsible to Deduct :  Central & State Government, Local  authority , Company etc., </li></ul><ul><li>To ...
<ul><li>Applicable to:  Indian Company (or) Company which pays dividend as u/s 2(22)(e) </li></ul><ul><li>Exemptions: </li...
<ul><li>Applicable to:  </li></ul><ul><ul><li>All Assesses other than Individual, HUF whose accounts are not subjected to ...
<ul><li>No TDS: </li></ul><ul><ul><li>Up to Rs.10,000/- if paid by </li></ul></ul><ul><ul><ul><li>Banking Company </li></u...
Person Responsible to Deduct:   Any person paying the sum by way of  Winning Lottery, Cross Word, Puzzles,  Card Games. Ca...
<ul><li>Person Responsible to Deduct Tax:  Any ‘SPECIFIC PERSON’ other Individual, HUF who not subject to Tax Audit. </li>...
<ul><ul><li>The term ‘WORK’ includes Advertising, Broadcasting,  Telecasting including Production of programs from such Br...
<ul><ul><li>Contract for Hiring or Renting Equipments. </li></ul></ul><ul><ul><li>Sale of Goods. </li></ul></ul><ul><ul><l...
<ul><li>Person Responsible for Deduction:  Insurance Company. </li></ul><ul><li>Category of Payee   :  Resident assessee. ...
Person Responsible for Deduction:  Any Person Rate :  10% + 10% + 3%. No TDS :  If the Amount paid is Less than Rs.1,000. ...
<ul><li>Person Responsible for Deduction:  All Assessee except Individual, HUF who are not subjected to Tax Audit </li></u...
<ul><li>Person Responsible for Deduction:  All assessee except Individual, HUF who are not subjected to Tax Audit. </li></...
Nature of Payment:  Paying compensation (or) enhance compensation, consideration on account of compulsory Acquisition unde...
<ul><li>Category of Payee:  Income to a Non-Resident foreign citizen by way of </li></ul><ul><ul><li>Participating in Indi...
<ul><li>Payment for which TDS is to be deducted: </li></ul><ul><ul><li>Any Interest and Interest on Securities </li></ul><...
<ul><li>In case of deduction by or on behalf of the government     payment on the same day. </li></ul><ul><li>If the amou...
<ul><li>The person is said to be default in respect of following non- compliance: </li></ul><ul><li>Non/short deduction of...
<ul><li>The person responsible for Tax Deduction at Source shall be deemed to be assessee in default and liable to pay int...
TDS and amount of Interest shall be charge up on all the assets of the person or company responsible to deduct and remit tax
<ul><li>In Case of Non-Resident: </li></ul><ul><ul><li>Interest  </li></ul></ul><ul><ul><li>Royalty </li></ul></ul><ul><ul...
It is the responsibility of the receiver of Payment i.e., seller of a particular commodities to collect from Buyer (Payer)...
 
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TDS

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Transcript of "TDS"

  1. 2. <ul><li>WHAT IS TDS </li></ul><ul><li>Definition </li></ul><ul><li> SEC 192  TDS on Salary </li></ul><ul><li> SEC 193  TDS on Interest on Securities </li></ul><ul><li>SEC 194  TDS on Dividend </li></ul><ul><li>SEC 194 A  TDS on Interest other than Securities </li></ul><ul><li> SEC 194B  TDS on Winning from Lottery, Cross word Puzzle, etc </li></ul><ul><li>SEC 194C  TDS on Contracts </li></ul><ul><li>SEC 194D  TDS on Insurance Commission </li></ul>
  2. 3. <ul><li>SEC 194G  TDS on Commission on Sale of Lottery tickets </li></ul><ul><li>SEC 194I  TDS on Rent </li></ul><ul><li>SEC 194J  TDS on Professional fee </li></ul><ul><li>SEC 194LA  TDS on Compensation on certain Immovable properties </li></ul><ul><li>SEC 194E  TDS on Non-Resident Sportsman </li></ul><ul><li> SEC 195  TDS on Payments to Non Residents </li></ul><ul><li>Due date for remittance of TDS and Filling returns . </li></ul><ul><li> SEC 191  Assessee in default </li></ul><ul><li>SEC 220  Interest on TDS </li></ul><ul><li>Sec 274C  Penalty </li></ul><ul><li> TCS </li></ul>
  3. 5. NEXT
  4. 6. <ul><li>Certain Expenditure </li></ul><ul><li>Paid to Certain Person </li></ul><ul><li>Beyond Certain Limit </li></ul><ul><li>In a specific period </li></ul><ul><li>is subjected to TDS </li></ul><ul><li>NEXT </li></ul>
  5. 7. <ul><li>Applicable to  Employees having Taxable Salary </li></ul><ul><li>The liability to deduct TDS on Salaries is on Payment basis but not on due basis. </li></ul><ul><li>Consider All Income/Loss only from House Property </li></ul><ul><li>NEXT </li></ul>
  6. 8. <ul><li>Person Responsible to Deduct : Central & State Government, Local authority , Company etc., </li></ul><ul><li>To Payee: Any Person being resident </li></ul><ul><li>Rate: Tax Rate. </li></ul><ul><ul><li>Listed Debentures  10% + 10% + 3% </li></ul></ul><ul><ul><li>Non-Listed Debentures  20% + 10% + 3% </li></ul></ul><ul><ul><li>Domestic Company  20% + 10% + 3% </li></ul></ul><ul><li>Exemption: </li></ul><ul><ul><li>Dematerialized listed Securities </li></ul></ul><ul><ul><li>Issued by company where in public are substantially interested </li></ul></ul><ul><ul><li>Amount does not exceed Rs.2500/- </li></ul></ul><ul><li>Time of Deduction: Credit (or) Payment which ever is earlier </li></ul><ul><li>NEXT </li></ul>
  7. 9. <ul><li>Applicable to: Indian Company (or) Company which pays dividend as u/s 2(22)(e) </li></ul><ul><li>Exemptions: </li></ul><ul><ul><li>Dividend tax paid u/s 115-O </li></ul></ul><ul><ul><li>Dividend paid which is less than 2,500/- </li></ul></ul><ul><li>Time of Deduction: At the time of making payment. </li></ul><ul><li>Time of Deposit: With in 7 days. </li></ul><ul><li>NEXT </li></ul>
  8. 10. <ul><li>Applicable to: </li></ul><ul><ul><li>All Assesses other than Individual, HUF whose accounts are not subjected to Tax Audit. </li></ul></ul><ul><ul><li>Amount paid to Resident </li></ul></ul><ul><li>Rate: Tax Rates. </li></ul><ul><ul><li>Paid to Non Corporate Assessee  10% + 10% +3% </li></ul></ul><ul><ul><li>Paid to Corporate Assessee  20% + 10% +3% </li></ul></ul>
  9. 11. <ul><li>No TDS: </li></ul><ul><ul><li>Up to Rs.10,000/- if paid by </li></ul></ul><ul><ul><ul><li>Banking Company </li></ul></ul></ul><ul><ul><ul><li>Corporative Society engaged in banking business </li></ul></ul></ul><ul><ul><ul><li>Senior Citizen in savings scheme </li></ul></ul></ul><ul><ul><li>In other Cases up to Rs.5000/- </li></ul></ul><ul><li>Time: Credit (or) Payment which ever is earlier </li></ul><ul><li>NEXT </li></ul>
  10. 12. Person Responsible to Deduct: Any person paying the sum by way of Winning Lottery, Cross Word, Puzzles, Card Games. Category of Payee : Applicable to all Assesses. Rate of deduction : 30% + 10% + 3%. Limit : Each payment exceeding Rs.5,000/- Time of Deduction : Before realizing the Prize. NEXT
  11. 13. <ul><li>Person Responsible to Deduct Tax: Any ‘SPECIFIC PERSON’ other Individual, HUF who not subject to Tax Audit. </li></ul><ul><li>Category of Payee: Resident assesses. </li></ul><ul><li>Rate of Deduction: </li></ul><ul><ul><li>Advertisement  1% </li></ul></ul><ul><ul><li>Contractor  2% + 10% + 3% </li></ul></ul><ul><ul><li>Sub-contractors  1% + 10% + 3% </li></ul></ul><ul><li>No TDS: </li></ul><ul><ul><li>Single payment is less than Rs.20,000/- </li></ul></ul><ul><ul><li>Sum Aggregate paid in financial year is less than Rs.50,000/ - </li></ul></ul>
  12. 14. <ul><ul><li>The term ‘WORK’ includes Advertising, Broadcasting, Telecasting including Production of programs from such Broadcasting and Telecasting. </li></ul></ul><ul><ul><li>Service contract means services other than those specifically covered in 194J. </li></ul></ul><ul><ul><li>Material Contract  where principal contract is for work and labour but not for sale of material. </li></ul></ul><ul><ul><li>Catering contract. </li></ul></ul><ul><ul><li>Transport contract for goods carriage other than Railways. </li></ul></ul>
  13. 15. <ul><ul><li>Contract for Hiring or Renting Equipments. </li></ul></ul><ul><ul><li>Sale of Goods. </li></ul></ul><ul><ul><li>Works executed under National Rural Employment Program. </li></ul></ul><ul><ul><li>Payment to Airlines or Travel Agents. </li></ul></ul><ul><ul><li>Small Transporters. </li></ul></ul><ul><ul><li>TDS is on Gross amount inclusive of Service Tax. </li></ul></ul><ul><ul><li>NEXT </li></ul></ul>
  14. 16. <ul><li>Person Responsible for Deduction: Insurance Company. </li></ul><ul><li>Category of Payee : Resident assessee. </li></ul><ul><li>Rate: </li></ul><ul><ul><li>Non-corporate Assessee  10% + 10% +3% </li></ul></ul><ul><ul><li>Domestic Company  20% + 10% + 3% </li></ul></ul><ul><li>Exemption Limit: Aggregate amount exceeding Rs.5,000/- </li></ul><ul><li>NEXT </li></ul>
  15. 17. Person Responsible for Deduction: Any Person Rate : 10% + 10% + 3%. No TDS : If the Amount paid is Less than Rs.1,000. NEXT
  16. 18. <ul><li>Person Responsible for Deduction: All Assessee except Individual, HUF who are not subjected to Tax Audit </li></ul><ul><li>Category of Payee: Resident assessee. </li></ul><ul><li>Rate: </li></ul><ul><ul><li>If payee is an Individual, HUF  15% + 10% +3% </li></ul></ul><ul><ul><li>In other case  20% +10% +3% </li></ul></ul><ul><ul><li>Machinery (or) Plant  10% + 10% + 3% </li></ul></ul><ul><li>No TDS: </li></ul><ul><ul><li>Aggregate amount of Rent paid (or) credited does not exceed Rs.1,20,000. </li></ul></ul><ul><ul><li>The Payee is Government (or) Local Authority. </li></ul></ul><ul><li>Time: Time of Credit (or) Payment which ever is earlier. </li></ul><ul><li>NEXT </li></ul>
  17. 19. <ul><li>Person Responsible for Deduction: All assessee except Individual, HUF who are not subjected to Tax Audit. </li></ul><ul><li>Category of Payee: Resident assessee. </li></ul><ul><li>Payment: </li></ul><ul><ul><li>Fee Professional Services </li></ul></ul><ul><ul><li>Fee Technical Services </li></ul></ul><ul><ul><li>Fee Royalty </li></ul></ul><ul><ul><li>Payment Refund U/s 28(1)(Va) </li></ul></ul><ul><li>Rate: 10% + 10% + 3% </li></ul><ul><li>No TDS: </li></ul><ul><ul><li>Aggregate payment does not exceed Rs.20,000/- </li></ul></ul><ul><ul><li>Reimbursement of Actual expenses to be included in Professional charges </li></ul></ul><ul><ul><li>TDS is on Gross amount inclusive of Service Tax. </li></ul></ul><ul><ul><li>NEXT </li></ul></ul>
  18. 20. Nature of Payment: Paying compensation (or) enhance compensation, consideration on account of compulsory Acquisition under any law other than Agricultural Land. Category of Payee : Resident assesses. Rate : 10% + 10% + 3%. NEXT
  19. 21. <ul><li>Category of Payee: Income to a Non-Resident foreign citizen by way of </li></ul><ul><ul><li>Participating in India in any game other than card game, gambling. </li></ul></ul><ul><ul><li>Advertisement. </li></ul></ul><ul><ul><li>Contribution of articles relating to any game or sport in India in Newspapers, Magazines, Journals </li></ul></ul><ul><li>Rate: 10% + 10% +3% </li></ul><ul><li>NEXT </li></ul>NON - RESIDENTS
  20. 22. <ul><li>Payment for which TDS is to be deducted: </li></ul><ul><ul><li>Any Interest and Interest on Securities </li></ul></ul><ul><ul><li>Any other sum chargeable to Income Tax in India not </li></ul></ul><ul><ul><li>being Salary. </li></ul></ul><ul><li>Time: At time of Credit (or) Payment which ever is earlier </li></ul><ul><li>Quarter Return: Form 27Q is filed with in 15 days from end of relevant quarter </li></ul><ul><li>Rates: Rate of Income Tax specified in </li></ul><ul><ul><li>Finance Act of relevant year. </li></ul></ul><ul><ul><li>Double Taxation Avoidance Agreement entered by Central Government. </li></ul></ul><ul><ul><li>Agreement notification by Central Government. </li></ul></ul><ul><ul><li>NEXT </li></ul></ul>
  21. 23. <ul><li>In case of deduction by or on behalf of the government  payment on the same day. </li></ul><ul><li>If the amount is credited on the last day of the accounting year  payment within 2 months from the end of the month in which it is credited. </li></ul><ul><li>In other cases  within 1week from the last day of the month of tax deducted. </li></ul><ul><li>Filling Quarterly Statements. </li></ul><ul><li>Quarter Due date </li></ul><ul><li>30 th June  15 th July. </li></ul><ul><li>30 th Sep  15 th Oct. </li></ul><ul><li>31 st Dec  15 th Jan. </li></ul><ul><li>31 st March  15 th June. </li></ul>
  22. 24. <ul><li>The person is said to be default in respect of following non- compliance: </li></ul><ul><li>Non/short deduction of tax at source. </li></ul><ul><li>Non/Short payment of tax payable. </li></ul><ul><li>NEXT </li></ul>
  23. 25. <ul><li>The person responsible for Tax Deduction at Source shall be deemed to be assessee in default and liable to pay interest if he: </li></ul><ul><ul><li>Does not deduct the whole (or) Part of Tax. </li></ul></ul><ul><ul><li>Fails to Remit to Government. </li></ul></ul><ul><li>Rate: 1% for every month or Part of a month. </li></ul><ul><li>Period: From date of deduction to the date of actual payment. </li></ul>
  24. 26. TDS and amount of Interest shall be charge up on all the assets of the person or company responsible to deduct and remit tax
  25. 27. <ul><li>In Case of Non-Resident: </li></ul><ul><ul><li>Interest </li></ul></ul><ul><ul><li>Royalty </li></ul></ul><ul><ul><li>Fee for Technical Services </li></ul></ul><ul><ul><li>Other wise similar sum payable to outside India (or) Non-Resident </li></ul></ul><ul><li>In Case of Resident </li></ul><ul><ul><li>Interest </li></ul></ul><ul><ul><li>Commission </li></ul></ul><ul><ul><li>Brokerage </li></ul></ul><ul><ul><li>Rent </li></ul></ul><ul><ul><li>Royalty </li></ul></ul><ul><ul><li>Fee for Professional / Technical services Payable to Resident </li></ul></ul><ul><li>END </li></ul>
  26. 28. It is the responsibility of the receiver of Payment i.e., seller of a particular commodities to collect from Buyer (Payer). NEXT

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