1. Advance tax, TDS, and TCS are the major modes of collecting tax at source during or before the financial year.
2. Advance tax is paid voluntarily by taxpayers in installments over the course of the financial year based on their estimated annual income.
3. TDS involves the deduction of tax at source from certain specified payments like salaries, rent, professional fees, etc. at prescribed rates by the deductors.
4. TCS involves the collection of tax by certain buyers from sellers at the time of sale of specified goods like scrap, bullion, jewellery above a threshold limit at prescribed rates.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
This document provides an overview of Tax Deduction at Source (TDS) in India. TDS refers to tax deducted at the source of income by the payer from amounts paid to the recipient. The key points covered are:
- TDS is an advance tax paid to the government and the tax deducted has to be deposited within a specified time.
- Employers, government bodies, companies, banks, and other specified entities are responsible for deducting TDS based on the type of payment and thresholds.
- Various sections of the Income Tax Act specify the rates of TDS to be applied on different types of income such as salaries, interest, rent, professional fees, lottery winnings
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
Tds Presentation as per Finance Act, 2014Manu Katare
1) TDS refers to the deduction of tax at source on certain specified payments. Key provisions around TDS are covered under Chapter XVII-B of the Income Tax Act, 1961.
2) The document outlines various sections related to TDS such as 192 on salaries, 194 on dividends, 194A on interest, 194C on payments to contractors, and exceptions to these sections.
3) It also discusses the rates of TDS to be applied based on the nature of the deductee, including the applicability of surcharge and education cess in case of companies, foreign companies, and non-residents.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
This document provides an overview of Tax Deduction at Source (TDS) in India. TDS refers to tax deducted at the source of income by the payer from amounts paid to the recipient. The key points covered are:
- TDS is an advance tax paid to the government and the tax deducted has to be deposited within a specified time.
- Employers, government bodies, companies, banks, and other specified entities are responsible for deducting TDS based on the type of payment and thresholds.
- Various sections of the Income Tax Act specify the rates of TDS to be applied on different types of income such as salaries, interest, rent, professional fees, lottery winnings
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
Tds Presentation as per Finance Act, 2014Manu Katare
1) TDS refers to the deduction of tax at source on certain specified payments. Key provisions around TDS are covered under Chapter XVII-B of the Income Tax Act, 1961.
2) The document outlines various sections related to TDS such as 192 on salaries, 194 on dividends, 194A on interest, 194C on payments to contractors, and exceptions to these sections.
3) It also discusses the rates of TDS to be applied based on the nature of the deductee, including the applicability of surcharge and education cess in case of companies, foreign companies, and non-residents.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
TDS stands for tax deducted at source, where any person making certain types of payments is required to deduct tax from the payment and deposit it with the government. The key points covered are:
- Common sections related to TDS include 192 (salaries), 193 (interest), 194A (other interest), 194C (contractors), among others.
- Rates and thresholds vary based on the type of payment and recipient. Rates are typically 10-20% and thresholds are amounts like Rs. 30,000 for contractors.
- The payer is responsible for depositing the TDS, issuing certificates to payees, and filing annual returns. Payees can claim credit for TDS against
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
The following presentation enumerates E-way Bill -jurisprudence, the constitutional validity of E-Way bill, governing sections, modes of e-way bill generation, registration, validity, verification, offenses, and penalties. It also states about grievance redressal and documents to be carried during movement.
The document provides details about the Goods and Services Tax Network (GSTN) in India. It discusses that GSTN is a non-profit organization that manages the IT system and portal for GST. Private players own 51% of GSTN shares while the rest are owned by the central and state governments. The GSTN contract was awarded to Infosys to develop the system. Several issues have been faced with the GSTN portal including crashes, erroneous penalties, and lack of an offline filing tool. Infosys has received criticism for the technical glitches but has responded that the large scale of the project and rapid policy changes have contributed to problems. Deadlines for filing July and August GST returns were
The document discusses various provisions related to tax deducted at source (TDS) in India. It explains the objectives of TDS which include helping report correct incomes, check tax evasion, and widen the tax net. It discusses key sections like 192 on payment of salaries, 193 on interest on securities, 194 on dividends, 194A on interest other than interest on securities, and common provisions around rate of TDS, threshold limits for deduction, and procedures.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
This PPT explains all about the latest amendments in the GST regime. Under, valuation of supply, this topic covers the time of supply which is considered as as second aspect after place of supply.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
This document discusses India's Goods and Services Tax (GST) composition scheme. It provides:
1) An overview of the composition scheme, which allows eligible small businesses to pay tax at 1% of their annual turnover in lieu of regular tax.
2) Eligibility requirements to opt for the composition scheme, including an annual turnover limit of 50 lakhs.
3) Conditions for opting into the scheme, such as restrictions on inter-state supplies and inability to claim input tax credits.
Section 60 discusses clubbing of income when the ownership of an asset is not transferred but the income from the asset is transferred to another person. Section 61 discusses clubbing of income from revocable transfers of assets. Section 62 provides exceptions for transfers made via a trust or more than 6 years ago. Section 63 defines "transfer" and "revocable transfer". Sections 64(1) and 64(1A) discuss clubbing the income of a spouse, son's wife, or minor child in certain situations such as transfers of assets without adequate consideration.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
The document provides information about Tax Deducted at Source (TDS) in India, including:
1. TDS is a certain percentage deducted from various payments like salary, commission, rent, interest, and dividends that is remitted to the government and can be adjusted against tax due.
2. The concept of TDS aims for "pay as you earn" taxation where tax is deducted at the time of payment.
3. A deductor is the person/company liable to deduct tax from payments made, while a deductee is the person from whom tax is deducted.
Section 207 discusses advance tax, which is payable on total income chargeable to tax for the assessment year immediately following the financial year. Advance tax is paid as income is earned throughout the year.
Sections 208-211 provide more details on advance tax payment requirements. Advance tax must be paid in installments if tax liability is over Rs. 10,000. Companies must pay in 4 installments while others pay in 3 installments.
Failure to pay advance tax when required makes the taxpayer an "assessee in default" subject to interest under sections 234B, 234C and penalty under section 140A.
TDS stands for tax deducted at source, where any person making certain types of payments is required to deduct tax from the payment and deposit it with the government. The key points covered are:
- Common sections related to TDS include 192 (salaries), 193 (interest), 194A (other interest), 194C (contractors), among others.
- Rates and thresholds vary based on the type of payment and recipient. Rates are typically 10-20% and thresholds are amounts like Rs. 30,000 for contractors.
- The payer is responsible for depositing the TDS, issuing certificates to payees, and filing annual returns. Payees can claim credit for TDS against
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
The following presentation enumerates E-way Bill -jurisprudence, the constitutional validity of E-Way bill, governing sections, modes of e-way bill generation, registration, validity, verification, offenses, and penalties. It also states about grievance redressal and documents to be carried during movement.
The document provides details about the Goods and Services Tax Network (GSTN) in India. It discusses that GSTN is a non-profit organization that manages the IT system and portal for GST. Private players own 51% of GSTN shares while the rest are owned by the central and state governments. The GSTN contract was awarded to Infosys to develop the system. Several issues have been faced with the GSTN portal including crashes, erroneous penalties, and lack of an offline filing tool. Infosys has received criticism for the technical glitches but has responded that the large scale of the project and rapid policy changes have contributed to problems. Deadlines for filing July and August GST returns were
The document discusses various provisions related to tax deducted at source (TDS) in India. It explains the objectives of TDS which include helping report correct incomes, check tax evasion, and widen the tax net. It discusses key sections like 192 on payment of salaries, 193 on interest on securities, 194 on dividends, 194A on interest other than interest on securities, and common provisions around rate of TDS, threshold limits for deduction, and procedures.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
This PPT explains all about the latest amendments in the GST regime. Under, valuation of supply, this topic covers the time of supply which is considered as as second aspect after place of supply.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
This document discusses India's Goods and Services Tax (GST) composition scheme. It provides:
1) An overview of the composition scheme, which allows eligible small businesses to pay tax at 1% of their annual turnover in lieu of regular tax.
2) Eligibility requirements to opt for the composition scheme, including an annual turnover limit of 50 lakhs.
3) Conditions for opting into the scheme, such as restrictions on inter-state supplies and inability to claim input tax credits.
Section 60 discusses clubbing of income when the ownership of an asset is not transferred but the income from the asset is transferred to another person. Section 61 discusses clubbing of income from revocable transfers of assets. Section 62 provides exceptions for transfers made via a trust or more than 6 years ago. Section 63 defines "transfer" and "revocable transfer". Sections 64(1) and 64(1A) discuss clubbing the income of a spouse, son's wife, or minor child in certain situations such as transfers of assets without adequate consideration.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
The document provides information about Tax Deducted at Source (TDS) in India, including:
1. TDS is a certain percentage deducted from various payments like salary, commission, rent, interest, and dividends that is remitted to the government and can be adjusted against tax due.
2. The concept of TDS aims for "pay as you earn" taxation where tax is deducted at the time of payment.
3. A deductor is the person/company liable to deduct tax from payments made, while a deductee is the person from whom tax is deducted.
Section 207 discusses advance tax, which is payable on total income chargeable to tax for the assessment year immediately following the financial year. Advance tax is paid as income is earned throughout the year.
Sections 208-211 provide more details on advance tax payment requirements. Advance tax must be paid in installments if tax liability is over Rs. 10,000. Companies must pay in 4 installments while others pay in 3 installments.
Failure to pay advance tax when required makes the taxpayer an "assessee in default" subject to interest under sections 234B, 234C and penalty under section 140A.
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments, deposit the deducted tax with the government, file quarterly TDS returns, and issue annual TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return. The document outlines the basics of TDS, rates of deduction for different types of payments, due dates for depositing deducted taxes, filing returns and issuing certificates
This document discusses advance tax payments in India. It explains that advance tax must be paid in installments by individuals and companies on estimated annual income. For individuals, tax is due in 3 installments on June 15, September 15, and December 15. For companies, tax is due in 4 installments on June 15, September 15, December 15, and March 15. The document outlines interest rates for late or missing advance tax payments under sections 234A, 234B, 234C, and 234D of the Indian tax code. It also discusses interest receivable by taxpayers under section 244A if advance taxes paid exceed the due amount.
This document discusses advance tax in India. Advance tax must be paid if tax liability is Rs. 5,000 or more. It is paid in installments throughout the previous year by both corporate and non-corporate assessees. For non-corporate assessees, installments are due on September 15, December 15, and March 15. For corporate assessees, installments are due on June 15, September 15, December 15, and March 15. Advance tax aims to collect tax revenue earlier and is also known as the "pay as you earn" scheme since tax is paid as income is earned in the previous year.
Deductions from gross total income are allowed under sections 80C to 80U to compute total income. Deductions are only for normal income and not for casual income, long-term capital gains, or short-term capital gains on equity shares. Total deductions cannot exceed gross total income. Double deductions are not allowed. Popular deductions include those for investments in specified plans up to Rs. 1.5 lakhs annually and repayment of housing loans. Deductions must be claimed by the assessee and returns must be filed on time to claim certain deductions.
This document discusses India's tax deduction and collection system (TDS/TCS). It provides an overview of key aspects of TDS such as the purpose of collecting tax at source to reduce tax evasion, payments that are subject to TDS including salaries, contractor payments, rent, and professional fees. It also outlines TDS rates, timing of deductions, documentation requirements, and penalties for non-compliance.
This document provides an overview of the tax deducted at source (TDS) and tax collection at source (TCS) processes under the Indian Income Tax Act 1961. It discusses key aspects like the types of taxes covered, provisions for deducting and depositing TDS, declaration and filing of TDS returns. The deadlines for depositing and filing TDS for different quarters are specified. The document also describes the process for preparing, validating and submitting electronic TDS returns using tools like RPU and FVU software along with the required Form 27A.
The presentation discusses the key provisions and procedures related to Tax Deducted at Source (TDS) in India. It explains that TDS is a form of advance tax collection where the onus is on the payer to deduct tax and deposit it with the government. It outlines the TDS process flow and key sections related to TDS for salaries, interest, rent, professional fees, and other payments. It provides thresholds limits for deducting TDS and due dates for payment. The presentation emphasizes best practices for TDS compliance to avoid penalties.
This document discusses tax deductible at source in India. It defines key terms like deductor and deductee. It outlines various types of payments that are subject to tax deduction at source, such as salaries, interest, dividends, lottery winnings, and payments to contractors. For each type of payment, it specifies who is responsible for deducting tax, the applicable tax rates, and any important additional details.
The document discusses India's direct tax code. It defines direct and indirect taxes, with direct taxes paid directly to the government like income tax and indirect taxes paid on goods and services. It notes that India has an established tax regime and the tax to GDP ratio has increased in recent decades. The majority of taxpayers are in the 1-5 lacs income group. The proposed direct tax code aims to benefit this group by introducing tax slabs of 10% for income from 2-5 lacs, 20% from 5-10 lacs, and 30% over 10 lacs. The code also lowers corporate tax to 30% and introduces reforms like potentially increasing income tax exemptions and abolishing securities transaction tax.
The notification provides amendments to certain rules under the Income Tax Act of 1961 relating to time and mode of payment of tax deducted at source (TDS) or collected at source (TCS), certificates for TDS and TCS, and quarterly statement filings. Key changes include:
1) TDS/TCS to be paid within a prescribed time period from the month of deduction/collection electronically through specified modes.
2) Revised forms for TDS certificates and due dates for issuance aligned with different cases.
3) Introduction of quarterly statement of TDS/TCS details to be filed electronically.
This document provides an overview of taxes, specifically income tax. It discusses direct and indirect taxes, how income tax is collected internationally, and key concepts in double taxation treaties. Direct taxes are paid by the party bearing the cost, while indirect taxes are collected from one party but paid by another. Income tax can be collected at the source of income or in the country of residence through tax credits. Double taxation treaties determine which country has the right to tax different types of income like business profits, royalties, and fees to avoid double taxation between countries.
The document discusses India's Minimum Alternate Tax (MAT), which requires companies to pay tax of at least 30% of their book profits if their total taxable income under normal tax provisions is less than 30% of book profits. Key points include that MAT aims to ensure companies pay some tax even with exemptions, MAT can be carried forward for tax credits for 5 years, and MAT rates have increased over time, most recently to 18.5% for companies and for Limited Liability Partnerships.
This document provides an overview of taxation in India. It discusses that taxes are the main source of government revenue and are divided into direct and indirect taxes. The taxation system in India has a three-tier structure at the union, state, and local levels. Direct taxes include income tax, wealth tax, and corporate tax. Indirect taxes include customs duty, excise duty, and GST. The document also outlines the current tax slabs for general individuals, senior citizens aged 60-80, and senior citizens over 80.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
The document appears to contain information about various Indian taxes including income tax, sales tax, wealth tax, and service tax. It provides definitions and key details about the different types of taxes such as the tax rates, applicable entities, exemptions, and controversies in certain areas. It also summarizes the objectives and issues with some of these taxes in India.
This document provides an overview of taxation in India. It discusses the history of income tax, which was first introduced in India in 1860. It outlines the various tax authorities in India, including central and state governments and municipalities. It defines key terms related to taxation like income, assessment year, and previous year. It also provides examples of statements showing taxable income from sources like salary, house property, business/profession, and a summary statement of total taxable income. Finally, it briefly discusses value-added tax.
This document provides an overview of tax deducted at source (TDS) provisions in India. It discusses the key sections of the Income Tax Act related to TDS on salaries, interest, rent, professional fees, and other payments. It outlines the applicable TDS rates, thresholds for deduction, deadlines for depositing deducted taxes, and penalties for non-compliance. The presentation aims to help understand TDS requirements and consequences of any defaults in deduction or payment of TDS.
This document provides a TDS-TCS rate chart for the financial year 2013-14 published by www.simpletaxindia.net. It lists the tax deduction at source rates for various types of payments like salaries, interest, contracts, commissions etc. along with applicable thresholds. It also provides details on TCS rates, due dates for depositing TDS-TCS, situations where surcharge and cess are applicable, consequences of default and duties of the tax deductor. The key highlights are the TDS rates for various payments, TCS rates on specified goods or services, due dates to deposit the deducted or collected tax, and penalties for non-compliance.
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This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
This document provides details on tax deducted at source (TDS) rates, thresholds, and due dates for the financial year 2016-17 as per the Indian Income Tax Act. It includes the TDS rate charts listing the tax deduction rates for various types of payments made to residents and non-residents. It also provides notes on aspects like surcharge, education cess, consequences of non-furnishing of PAN number, and exceptions for individual/HUF deductors.
TDS stands for Tax Deducted at Source. As per the Income Tax Act, any person or company making certain types of payments above a threshold amount is required to deduct tax from the payment. This deducted tax is then deposited with the government. Common types of payments where TDS applies include salaries, rent, contract payments, professional fees, interest payments, and others. It is the responsibility of the deductor to deduct TDS at the time of making the payment and deposit it with the government on time. The deductee can claim tax credit for the TDS amount deducted based on the TDS certificate provided by the deductor.
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TDS is a percentage of various payments like salary, rent, interest, dividends that is deducted at source and deposited with the government. It is meant to implement the "pay as you earn" principle of taxation. The deductee is the person from whom tax is deducted, while the deductor is responsible for withholding the appropriate amount at source. TDS rates vary for different types of payments under different sections of the Income Tax Act, and deductors must obtain a Tax Deduction Number to file quarterly TDS returns and issue TDS certificates to deductees. The goal of TDS is to facilitate tax collection, ensure a regular inflow of funds, and prevent tax evasion.
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San Remo Manual on International Law Applicable to Armed Conflict at Sea
Advance tax tds and tcs
1. Advance Tax, TDS and
TCS- an overview
Presentation by
Asoke kumAr Dey
Joint Commissioner of inCome
tAx(retD)
kolkAtA
2. Different stages of collection
A. Pre-paid taxes (Advance tax, TDS and
self assessment tax)
B. Recovery by the AO
C. Recovery by the TRO
3. Advance tax
It is paid in advance during the FY
It is paid by the assessee on his own
accord
Advance is on the concept “Pay as
you earn”
4. Liability
Advance tax liability arises when the tax
payable is Rs 10,000/- or more
There will be no advance tax liability to a resident in India who-
a)Does not have any income chargeable under the head “ profits
and gains from business or profession” and
b)Is of the age of sixty years or more at any time during the year
5. How to compute
Estimate the amount of current income
Estimate the tax payable at the rate in
force
Reduce the amount by the amount of
tax deductible/collectible at source
If TDS/TCS is not made by the deductor/collector within
the FY, the assessee is liable to pay advance tax on the
amount.
Vide the proviso to section 209 wef 01.04.2012
6. Table I
Sl No Instalment Due date Amount
1 1st
15th
June Not less than 15% of the
advance tax
2 2nd
15th
September Not less than 45% of advance
tax as reduced by earlier
instalment paid
3 3rd
15th
December Not less than 75% of advance
tax as reduced by earlier
instalments paid
4 4th
15th
March Not less than 100% of advance
tax as reduced by earlier
instalments paid
7. Table II
Sl
No
Instalment Due date Amount
1 1st
15th
September Not less than 30% of advance
tax
2 2nd
15th
December Not less than 60% of advance
tax as reduced by earlier
instalment paid
3 3rd
15th
March Not less than 100% of advance
tax as reduced by earlier
instalments paid
8. Duties of the AO
o Prepare list of 100 top advance tax
payers under your jurisdiction
o Issue suitable letters to the top tax
payers
oTake necessary action, if required
9. Failure to pay advance tax-
sec 234B
Interest is to be paid @ 1% on the
amount by which the advance tax paid falls
short of the assessed tax-
from the 1st
day of April of the relevant AY
to the date of determination of income tax
payable u/s 143(1)/143(3)/ 147
10. A case study
In the case of Rambabu, the tax payable for the
AY 2010-11 was determined at Rs 2.5 lakh
31.12.2012 u/s 143(3) . The case was
reassessed u/s 147 and the tax payable was
determined on 31.03.2014 at Rs 4.5 lakh. How
much interest u/s 234B is payable in the
reassessent?
11. A question
In one case after giving appeal effect
the Interest payable u/s 234B is reduced
by Rs 10,000/-. Is it required to issue
fresh notice u/s 156?
12. 234C
When there is a short fall in payment of
advance in a particular quarter by a
company/ non company interest is payable
@ 1% on the amount of short fall of the tax
due on returned income for three months
13. Paid by 31st
March
Mr Yadav paid the advance tax payable in
the last installment on 31st
march . What
will be the effect ?
14. Capital Gain
Madhu babu earned a Capital Gain of Rs
5 lakh on 15th
Dec. 2014 but paid the
advance tax on 30th March 2014. How
much interest is payable by him ?
17. Who is to deduct tax ?
The person responsible for payment is to
make deduction of tax
He may be the principle Officer of a
company
He may be a DDO in the case of a
Government deductor
19. Other cases
194BB Winning from Horse
Race
Rs 5000/- 30%
194E Payment to non-
resident sportsman
- 20%
194EE Deposits under
NSS
Rs 2500/- 20%
194G Commission on
Lottery Ticket
Rs 1000/- 10%
194LA Compensation on
Compulsory
acquisition of
immovable property
Rs 2,00,000/- 10%
20. Deduction without PAN
w.e.f 01.04.2010
In case of non-furnishing of PAN by
deductees, tax shall be deducted at the
higher of following viz.
i) at the rate specified in the relevant
provision of Act
ii) at the rate or rates in force
iii) at the rate of 20%
Vide section 206AA
21. Section 192- TDS on salary
Who will deduct ? Any person responsible for
payment of salary
When will be
deducted
At the time of payment of
the salary
What will be the
rate ?
Rate in force in that
particular year
On which amount On the estimated salary of
the year
23. Items allowable from salary
Deduction for investments u/s 80C
Other deductions u/s 80D, 80DD, 80DDB,
80E, 80G, 80GG, 80U
Loss from self occupied house property
Relief u/s 89 for arrear or advance
payment of salary
24. Exempted casesU/S 194A
Payments to-
a) A banking Company
b) A financial Corporation
c) LIC
d) UTI
e) Any Company or co-operative society
carrying on insurance business
f) Any other institution notified by govt.
25. An example
Park Street branch of Central bank has
paid interest of
1)Rs 1 lakh to M/S XY Ltd,
2) Rs 5.5 lakh to Kolkata Municipal Corporation
and
3)Rs 8000/- to Mrs Reena Roy in the month of
January 2012.
How much TDS should the bank make in
that month ?
26. Section 194C-TDS on payments to
contractors
For carrying out any work ( including
supply of labour for carrying out any work)
At the time of credit of sum to the account
of the contractor or at the time of payment
in cash, cheque or draft which ever earlier
27. Work include
• Advertising
• Broadcasting and telecasting
• Carriage of goods or passengers by any
mode of transport other than railway
• Catering
• Manufacturing or supplying a product
according to the requirement and
specification of a customer by using
material purchased from such customer
28. An example
Mr X a contractor has paid as given below:-
I) Rs 5 lakh for purchase of brick from a
contractor
ii) paid Rs 3.5 lakh to M/s AB Ltd, a labour
contractor
iii) paid Rs 4 lakh to Mr parekh, a labour
contractor
iv) Paid Rs 25,000/- to Mr Nayar another
contractor
Compute the total amount of tax to be
deducted u/s194C
29. u/s 194H -A question
M/S Vodafone sold mobile sims to the
retail sellers and allowed discount on the
MRP.
Whether the m/s Vodafone should
deduct tax against discoount allowed?
30. Rent-An example
A bank has made the following payments
of rent-
a) Rs 15 lakh for house A
b) Rs 1.2 lakh for house B
c) Rs 5 lakh for some machineries taken on
rent
compute the tax deductible on rent paid
31. 194E- payment to non-resident
sportsman or entertainer
When the income is payable to a non-
resident sportsman or entertainer who
is not a citizen of India or a non resident
sports Association
The rate of deduction will be 20%
32. 194IA wef 01.06.2013
Any person ( being a transferee) responsible for
paying (other than the person referred in section
194LA) to a resident transferor any sum by way of
consideration for transfer of any immovable property
( other than agricultural land in rural area) is liable to
deduct tax
No deduction when the consideration is less than Rs
50 lakh
The rate of deduction is 1% of the consideration
The payee will deposit the TDS in a challan cum
statement in Form No 26QB and issue TDS
certificate in Form No 16B
33.
34. SALIENT FEATURES OF TCS CONTINUES….
RATE FOR COLLECTION OF TAX AT SOURCE ( AS ON 01/07//2010 )
In case of sales u/s 206C(1)
Sl. No. Section Nature of Goods % Rate of TCS
1 206C(1) Alcoholic liquor for human consumption 1
2 206C(1) Tendu leaves 5
3 206C(1) Timber obtained under a forest lease 2.5
4 206C(1)
Timber obtained by any mode other than a
forest lease 2.5
5 206C(1)
Any other forest produce not being timber
or tendu leaves 2.5
6 206C(1) Scrap 1
35. TCS on lease, license etc
u/s 206C(1C) wef 01.10.2004
Sl No Nature of
license
Rate of
Tax
Code
1 Parking Lot 2% 6CF
2 Toll Plaza 2% 6CG
3 Mining
quarrying
2% 6CH
36. TCS on sale of minerals
Any sale of minerals being coal or
lignite or Iron Ores
The rate of collection is 1%
When the purchase is being made for utilisation in
power generation no TCS is required
Vide sec 206C(1D) wef 01.07.2012
37. TCS on sale of Jewellery
wef 01.07.2012
A seller who receives any amount in cash
as sale consideration of bullion or
jewellery shall at the time of receipt of
such amount in cash, collect from the
buyer , a sum equal to 1% of sale
consideration as income tax if such
consideration exceeds-
a) Rs 2 lakh for bullion
b) Rs 5 lakh for jewellery
38. SALIENT FEATURES OF TCS CONTINUES….
No TCS, if a resident buyer furnishes to the
collector, a declaration in Form No. 27C, verifying
that the specified goods are to be utilized for the
purpose of
manufacturing,
processing
producing articles or things
and not for the trading purposes.
39. TRACES
It means TDS Reconciliation Analysis
Correction Enabling System
It can be entered through
www.tdscpc.gov.in
40. CPC(TDS) PROCESSING
E-TDS DATA
NO/Lower deduction
certificate
OLTAS Data
I
T
D
CPC-TDS
Verification
Maching of
challan
Processing
Defaults (Short deduction,
short payment and late payment
interest)
PAN errors
Deductors
and other
stakeholders
Mapping of PAN
with TAN
Creation of PAN
ledger and TDS
Certificates
INPUT
Intimation/
letter
clarification
synchronise
41. FACILITIES FOR DEDUCTOR
Default summary
Online correction
Online PAN verification
Verification of 197 certificates
Statement and challan status
Download TDS certificates, consolidated
statement file, justification report on defaults
42. Facilities to the AO(TDS)
TDS/TCS statement processing status
TAN/AIN details
Consolidated statement files
Intimation u/s 200A/154
Challan details
Justification report
43. Challan correction by AO
-Change of one TAN to another TAN
- Change of assessment year
- Change of section code
44. Facilities to a Taxpayer
View and download 26AS
View and download Form 16B
A compressive view of TDS defaults
relating to all PANs associated with a PAN
45. Quarterly statement Forms
Sl No Form No Applicable to
1 24Q Payments of salary to
Residents
2 26Q Payments other than
salary to residents
3 27Q Payments to non
residents
4 27EQ TCS made u/s 206C
46. Due dates of filing
Quarter Govt
deductor
Non Govt
deductor
1st
Quarter 31st
July 15th
July
2nd
Quarter 31st
October 15th
October
3rd
Quarter 31st
January 15th
January
4th
Quarter 15th
May 15th
May
47. AO will find out the list of non-filers from the
TRACES
He will issue letters to the non-filers after one
month of the due date
He will also take follow up actions
48. Processing the statements-Sec
200A
The Processing of statements is done by
tdscpc at Gaziabad through TRACES
After processing an intimation is issued
showing the amount of demand
The intimation is to be sent within one year
from the end of the year in which the
statement is filed
Consequential rectification, required if any
also done by the CPC
49. Duty of the AO
The duty of the AO is find out list of
demands raised by the CPC
Issue letters/ notices to the deductors
to collect the demand
Guide the deductor to file correction
statement , if required
50. Assessee in default u/s 201
When the deductor -
a ) does not deduct
b) After deduction fails to deposit
the whole or part of the tax
The deductor will be treated as an
assesee in default
51. Consequences
Will be treated as an assesse in default
Interest u/s 201(1A) is charged @ 1% for
short deduction and 1.5@ for short
payment
Penalty u/s 221 is initiated
May create a charge on the asset of the
deductor
52. Other consequences
Disallowance of the expenditure u/s 40(a)
(ia) on which no TDS has been made or
TDS has been made but has not been
deposited
Penalty U/s 271C for non deduction of
TDS @ 100% of the TDS amount
53. Limitation of order u/s 201 wef
01.04.2010
When failed to deduct whole or part of the
tax-
a)Two years from the end of FY in which the
statement is filed
b)Six years from the end of the FY in which
the payment is made or credited
54. Limitation wef 01.10.2014
No order u/s 201(1) in respect of default to deduct
the whole or the part of the tax shall be made at
any time after seven years from the end of the
year in which the payment is made or credit is
given
55. Duty of the AO
Issue a show cause notice in suitable
cases
Allow necessary opportunity to explain
the case
Pass a speaking order determining
the amount including interest u/s
201(1A) payable
56. Information received from the AOs concerned
Information received from other sources
As a consequences of survey/verification
conducted
57. Certificate U/S 197
Assessing Officer is satisfied that the
total Income of the recipient justifies
the deduction of income tax at any
lower rates or no deduction
of income tax
58. Application is to be filed by
the deductee
Application in Form No-13
59. Rule 28AA- consideration
a) Tax payable on estimated income of the
previous year relevant to the AY
b) Tax payable on the assessed/returned
income of the last three previous years
c) Existing liability under income tax Act /
wealth tax Act
d) Advance tax payment till the date of
application
e) TDS till the date of payment
60. Prosecution u/s 276B
AO will identify the case from the TRACES
He will identify the principal officer u/s 2(35) and
send a proposal to the CIT through JCIT
CIT will issue a show cause letters to the
responsible person/principal officers
CIT will issue a sanction for launching
prosecution u/s 279(1)
AO will send the proposal to ADIT (prosecution)
in the prescribed format
61. TDS Survey u/s 133A
wef 01.10.2014
Any office or any other place where business or profession
is carried on.
Place of survey
(i) To afford such facility to inspect the books of accounts
or other documents as may be required and available
at that place
(ii) To furnish such information as may be required
relating to the matter
powers
62. TDS survey/verification
Whether TDS has been made against
the expenditures which requires
deduction
Whether deduction has been made at
proper rate
Whether the tax deducted has been
deposited to Govt. account in due time
Whether the statements have been filed
63. Selection of case
• Deposit of TDS is lower than earlier years
• TDS statements are not being filed though
it has its activity
• A special nature of payment where TDS
is not made by similar deductors
• Any petition from deductee/outsider giving
information of non payment of TDS
• Deductors not following the guidelines
from CBDT
64. Other duties of AO
Make regular contacts with top
deductors of his jurisdiction and guide
them
Conduct workshops/seminars with
different classes of deductors