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TDS

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  • 1.  
  • 2.
    • WHAT IS TDS
    • Definition
    • SEC 192  TDS on Salary
    • SEC 193  TDS on Interest on Securities
    • SEC 194  TDS on Dividend
    • SEC 194 A  TDS on Interest other than Securities
    • SEC 194B  TDS on Winning from Lottery, Cross word Puzzle, etc
    • SEC 194C  TDS on Contracts
    • SEC 194D  TDS on Insurance Commission
  • 3.
    • SEC 194G  TDS on Commission on Sale of Lottery tickets
    • SEC 194I  TDS on Rent
    • SEC 194J  TDS on Professional fee
    • SEC 194LA  TDS on Compensation on certain Immovable properties
    • SEC 194E  TDS on Non-Resident Sportsman
    • SEC 195  TDS on Payments to Non Residents
    • Due date for remittance of TDS and Filling returns .
    • SEC 191  Assessee in default
    • SEC 220  Interest on TDS
    • Sec 274C  Penalty
    • TCS
  • 4.  
  • 5. NEXT
  • 6.
    • Certain Expenditure
    • Paid to Certain Person
    • Beyond Certain Limit
    • In a specific period
    • is subjected to TDS
    • NEXT
  • 7.
    • Applicable to  Employees having Taxable Salary
    • The liability to deduct TDS on Salaries is on Payment basis but not on due basis.
    • Consider All Income/Loss only from House Property
    • NEXT
  • 8.
    • Person Responsible to Deduct : Central & State Government, Local authority , Company etc.,
    • To Payee: Any Person being resident
    • Rate: Tax Rate.
      • Listed Debentures  10% + 10% + 3%
      • Non-Listed Debentures  20% + 10% + 3%
      • Domestic Company  20% + 10% + 3%
    • Exemption:
      • Dematerialized listed Securities
      • Issued by company where in public are substantially interested
      • Amount does not exceed Rs.2500/-
    • Time of Deduction: Credit (or) Payment which ever is earlier
    • NEXT
  • 9.
    • Applicable to: Indian Company (or) Company which pays dividend as u/s 2(22)(e)
    • Exemptions:
      • Dividend tax paid u/s 115-O
      • Dividend paid which is less than 2,500/-
    • Time of Deduction: At the time of making payment.
    • Time of Deposit: With in 7 days.
    • NEXT
  • 10.
    • Applicable to:
      • All Assesses other than Individual, HUF whose accounts are not subjected to Tax Audit.
      • Amount paid to Resident
    • Rate: Tax Rates.
      • Paid to Non Corporate Assessee  10% + 10% +3%
      • Paid to Corporate Assessee  20% + 10% +3%
  • 11.
    • No TDS:
      • Up to Rs.10,000/- if paid by
        • Banking Company
        • Corporative Society engaged in banking business
        • Senior Citizen in savings scheme
      • In other Cases up to Rs.5000/-
    • Time: Credit (or) Payment which ever is earlier
    • NEXT
  • 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
  • 13.
    • Person Responsible to Deduct Tax: Any ‘SPECIFIC PERSON’ other Individual, HUF who not subject to Tax Audit.
    • Category of Payee: Resident assesses.
    • Rate of Deduction:
      • Advertisement  1%
      • Contractor  2% + 10% + 3%
      • Sub-contractors  1% + 10% + 3%
    • No TDS:
      • Single payment is less than Rs.20,000/-
      • Sum Aggregate paid in financial year is less than Rs.50,000/ -
  • 14.
      • The term ‘WORK’ includes Advertising, Broadcasting, Telecasting including Production of programs from such Broadcasting and Telecasting.
      • Service contract means services other than those specifically covered in 194J.
      • Material Contract  where principal contract is for work and labour but not for sale of material.
      • Catering contract.
      • Transport contract for goods carriage other than Railways.
  • 15.
      • Contract for Hiring or Renting Equipments.
      • Sale of Goods.
      • Works executed under National Rural Employment Program.
      • Payment to Airlines or Travel Agents.
      • Small Transporters.
      • TDS is on Gross amount inclusive of Service Tax.
      • NEXT
  • 16.
    • Person Responsible for Deduction: Insurance Company.
    • Category of Payee : Resident assessee.
    • Rate:
      • Non-corporate Assessee  10% + 10% +3%
      • Domestic Company  20% + 10% + 3%
    • Exemption Limit: Aggregate amount exceeding Rs.5,000/-
    • NEXT
  • 17. Person Responsible for Deduction: Any Person Rate : 10% + 10% + 3%. No TDS : If the Amount paid is Less than Rs.1,000. NEXT
  • 18.
    • Person Responsible for Deduction: All Assessee except Individual, HUF who are not subjected to Tax Audit
    • Category of Payee: Resident assessee.
    • Rate:
      • If payee is an Individual, HUF  15% + 10% +3%
      • In other case  20% +10% +3%
      • Machinery (or) Plant  10% + 10% + 3%
    • No TDS:
      • Aggregate amount of Rent paid (or) credited does not exceed Rs.1,20,000.
      • The Payee is Government (or) Local Authority.
    • Time: Time of Credit (or) Payment which ever is earlier.
    • NEXT
  • 19.
    • Person Responsible for Deduction: All assessee except Individual, HUF who are not subjected to Tax Audit.
    • Category of Payee: Resident assessee.
    • Payment:
      • Fee Professional Services
      • Fee Technical Services
      • Fee Royalty
      • Payment Refund U/s 28(1)(Va)
    • Rate: 10% + 10% + 3%
    • No TDS:
      • Aggregate payment does not exceed Rs.20,000/-
      • Reimbursement of Actual expenses to be included in Professional charges
      • TDS is on Gross amount inclusive of Service Tax.
      • NEXT
  • 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
  • 21.
    • Category of Payee: Income to a Non-Resident foreign citizen by way of
      • Participating in India in any game other than card game, gambling.
      • Advertisement.
      • Contribution of articles relating to any game or sport in India in Newspapers, Magazines, Journals
    • Rate: 10% + 10% +3%
    • NEXT
    NON - RESIDENTS
  • 22.
    • Payment for which TDS is to be deducted:
      • Any Interest and Interest on Securities
      • Any other sum chargeable to Income Tax in India not
      • being Salary.
    • Time: At time of Credit (or) Payment which ever is earlier
    • Quarter Return: Form 27Q is filed with in 15 days from end of relevant quarter
    • Rates: Rate of Income Tax specified in
      • Finance Act of relevant year.
      • Double Taxation Avoidance Agreement entered by Central Government.
      • Agreement notification by Central Government.
      • NEXT
  • 23.
    • In case of deduction by or on behalf of the government  payment on the same day.
    • 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.
    • In other cases  within 1week from the last day of the month of tax deducted.
    • Filling Quarterly Statements.
    • Quarter Due date
    • 30 th June  15 th July.
    • 30 th Sep  15 th Oct.
    • 31 st Dec  15 th Jan.
    • 31 st March  15 th June.
  • 24.
    • The person is said to be default in respect of following non- compliance:
    • Non/short deduction of tax at source.
    • Non/Short payment of tax payable.
    • NEXT
  • 25.
    • The person responsible for Tax Deduction at Source shall be deemed to be assessee in default and liable to pay interest if he:
      • Does not deduct the whole (or) Part of Tax.
      • Fails to Remit to Government.
    • Rate: 1% for every month or Part of a month.
    • Period: From date of deduction to the date of actual payment.
  • 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
  • 27.
    • In Case of Non-Resident:
      • Interest
      • Royalty
      • Fee for Technical Services
      • Other wise similar sum payable to outside India (or) Non-Resident
    • In Case of Resident
      • Interest
      • Commission
      • Brokerage
      • Rent
      • Royalty
      • Fee for Professional / Technical services Payable to Resident
    • END
  • 28. It is the responsibility of the receiver of Payment i.e., seller of a particular commodities to collect from Buyer (Payer). NEXT
  • 29.