Successfully reported this slideshow.
Your SlideShare is downloading. ×

Tds seminar national handloom

Ad

TAX DEDUCTION &
COLLECTION AT SOURCE
CA. DHRUV SETH
DS@SETHSPRO.COM
WWW.SETHSPRO.COM

Ad

Coverage
Basic TDS provisions
Differentiating between the sections
Procedural aspects of TDS
Penal Consequences of TDS

Ad

Sec – 192 – TDS on Salary
Every person paying any income
chargeable under the head “Salaries”
exceeds
Rs. 2,00,000/- for...

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Ad

Upcoming SlideShare
Tds chart for 2015 16
Tds chart for 2015 16
Loading in …3
×

Check these out next

1 of 16 Ad
1 of 16 Ad
Advertisement

More Related Content

Advertisement

More from Dhruv Seth (20)

Advertisement

Tds seminar national handloom

  1. 1. TAX DEDUCTION & COLLECTION AT SOURCE CA. DHRUV SETH DS@SETHSPRO.COM WWW.SETHSPRO.COM
  2. 2. Coverage Basic TDS provisions Differentiating between the sections Procedural aspects of TDS Penal Consequences of TDS
  3. 3. Sec – 192 – TDS on Salary Every person paying any income chargeable under the head “Salaries” exceeds Rs. 2,00,000/- for Individual Rs. 2,50,000/- in case of Senior Citizen Rs. 5,00,000/- in case of Very Senior Citizen
  4. 4. Sec – 192 – TDS on Salary Calculated at Average Income Tax computed on the basis of rates in force. Education Cess + SHE Cess to be applied No Surcharge
  5. 5.  The employee having income chargeable under any other head of income may inform such incomes and TDS to employer Form 12C  Sec 192(3) allow the deductor to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year. Sec – 192 – TDS on Salary
  6. 6. Sec 194A – Interest  By any person (Not being Individual or HUF whose total turnover in previous year less than 40 Lacs) if Interest more than  If payer is Bank - Rs 10,000/- or  in Other Cases - Rs 5,000/-  At the time or Credit or payment which ever is earlier @10%
  7. 7. Sec 194C(1) – Contracts Applies to - Central or State Government, Local Authority Corporation, Company or Co-op Society Authority for housing accommodation Society, Trust, University Partnership firm Individual, HUF, AOP & BOI whose turnover in Immediately preceding year was more than 40 Lacs
  8. 8. Work contracts including:- Supply of labour for carrying out work Advertising Broadcasting & Telecasting Carriage of goods and passengers by any mode of transport other than railways. Catering Sec 194C(1) – Contracts
  9. 9.  Exemption:-  Rs 30,000/- per credit/payment and  Rs 75,000/- per financial year  Nil for transporter if PAN available.  On Invoice value, excluding value of material if value of material is mentioned separately.  At the time of payment or credit which ever is earlier Sec 194C(1) – Contracts
  10. 10. Exemption Limit Rs 5,000/- By all (Individual & HUF whose turnover in Immediately preceding year was more than 40 Lacs) Deduction 10% Sec 194H – Commission
  11. 11. Sec 194I – Rent  By all (Individual & HUF whose turnover in Immediately preceding year was more than 40 Lacs)  Deductible if More than Rs 1,80,000/- per year  Rent means any payment for the use of  Building, Furniture or fittings - 10%  Machinery or Plant or equipment's - 2%
  12. 12. Sec 194J – Professional & Technical  By all (Individual & HUF whose turnover in Immediately preceding year was more than 40 Lacs)  Exempt- Rs 20,000/- per year  Rate - 10%  Fees for Professional Services  Fees for Technical Services  Royalty or non compete payments
  13. 13. Sec 195 - Payment to Non residents  Interest or other sums (Other than salary and dividend u/s 115-O) to Non residents or the foreign company  At the rate specified in Finance act or as per DTAA, which ever is beneficial to the assessee  From 1st July 2009 remittance can be made after filing form 15CA/15CB
  14. 14. Non Furnishing of PAN- Section 206AA From 1st April 2010  Any person who is entitled to receive any sum on which tax is deductible shall furnish his PAN to the deductor then TDS is liable to be deducted  The Rate specified  Or 20% Whichever is Higher
  15. 15. Tax Collection at Source- Sec 206C  Every person being a seller shall collect TCS  No Minimum Exemption limit  Alcoholic liquor for human consumption- 1%  Tendu Leaves 5%  Timber under forest lease, any other forest produce- 2.5%  Scrap 1%
  16. 16. Penal Consequences  Disallowance of expense U/s 40a(i)(a)  Interest @1.5% per month till default continues  Late filing of TDS return – Fees of Rs. 200 per day  Wrong filing of TDS return – Upto Rs. 1 lac  Prosecution for not depositing deducted TDS

Editor's Notes

  • Individual:-
    1.50 to 3.00 10%
    3.00 to 5.00 20%
    > 5 30%
  • Interest to partners by firm not covered.
    Limit of Rs 10,000/- per Branch basis in case of banks and Housing Companies
    15G/15H can be furnished for non deduction

×