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.
This document provides an overview of Tax Deducted at Source (TDS) rates and related provisions for the financial year 2015-2016 in India. It lists the TDS rates for various types of payments like interest, rent, professional fees, and contract payments. It also outlines the due dates for depositing TDS, filing returns, and issuing TDS certificates. Payers are required to deduct TDS at the specified rates on applicable payments exceeding the thresholds and comply with the due dates, else they may face interest penalties and fees for non-compliance.
This document provides information on tax deducted at source (TDS) rates for the financial year 2014-2015 in India, including:
- TDS rates for various sections like 194A, 194C, 194D etc for individuals/HUF and others.
- Notes on not adding surcharge/education cess, deducting 20% TDS if PAN not provided, and software acquisition.
- Due dates for TDS payment, return filing, and certificate issuance monthly from April 2014 to March 2015.
- Events that attract penalties like failing to deduct/deposit TDS, providing incorrect details in TDS return, and failing to furnish TDS return.
This document summarizes the statutory requirements and procedures for e-filing TDS returns in India. It outlines that the Finance Act of 2003 and 2004 made it mandatory for corporate and government deductors to file their TDS returns electronically. It then describes the forms and periodicity for filing different TDS returns, the process for preparing and validating e-TDS returns using the File Validation Utility, and the steps for final filing of e-TDS returns at TIN Facilitation Centers.
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.
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.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes key amendments made by the Finance Bill 2016 related to income tax and equalization levy. Some of the major changes include:
1. Introduction of a 6% equalization levy on specified online advertisement services received by non-residents from Indian residents without a permanent establishment in India.
2. Allowing a deduction of up to 40% of the total amount received from National Pension System (NPS), moving from a fully taxable model to a partially taxable "EET" model.
3. Reducing the deduction limit for specified businesses under Section 10AA to assessments made up to April 1, 2020.
4. Allowing non-banking financial companies
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 an overview of Tax Deducted at Source (TDS) rates and related provisions for the financial year 2015-2016 in India. It lists the TDS rates for various types of payments like interest, rent, professional fees, and contract payments. It also outlines the due dates for depositing TDS, filing returns, and issuing TDS certificates. Payers are required to deduct TDS at the specified rates on applicable payments exceeding the thresholds and comply with the due dates, else they may face interest penalties and fees for non-compliance.
This document provides information on tax deducted at source (TDS) rates for the financial year 2014-2015 in India, including:
- TDS rates for various sections like 194A, 194C, 194D etc for individuals/HUF and others.
- Notes on not adding surcharge/education cess, deducting 20% TDS if PAN not provided, and software acquisition.
- Due dates for TDS payment, return filing, and certificate issuance monthly from April 2014 to March 2015.
- Events that attract penalties like failing to deduct/deposit TDS, providing incorrect details in TDS return, and failing to furnish TDS return.
This document summarizes the statutory requirements and procedures for e-filing TDS returns in India. It outlines that the Finance Act of 2003 and 2004 made it mandatory for corporate and government deductors to file their TDS returns electronically. It then describes the forms and periodicity for filing different TDS returns, the process for preparing and validating e-TDS returns using the File Validation Utility, and the steps for final filing of e-TDS returns at TIN Facilitation Centers.
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.
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.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes key amendments made by the Finance Bill 2016 related to income tax and equalization levy. Some of the major changes include:
1. Introduction of a 6% equalization levy on specified online advertisement services received by non-residents from Indian residents without a permanent establishment in India.
2. Allowing a deduction of up to 40% of the total amount received from National Pension System (NPS), moving from a fully taxable model to a partially taxable "EET" model.
3. Reducing the deduction limit for specified businesses under Section 10AA to assessments made up to April 1, 2020.
4. Allowing non-banking financial companies
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 an overview of tax deducted at source (TDS) in India. It defines TDS as tax that is deducted from certain types of payments, including salaries, interest, rent, and professional fees. The objectives of TDS are to help report accurate incomes, check tax evasion, allow early collection of revenue by the government, and make tax collection cheaper and widen the tax base. The document then lists some key TDS rates and exemption limits under different sections of the Indian Income Tax Act for common types of payments.
ASSOCHAM - TDS provisions related to Residents - Sandeep JhunjhunwalaSandeep Jhunjhunwala
TDS provisions outline the key aspects of tax deducted at source for residents in India. TDS helps expand the tax net by ensuring regular tax collection and acts as an obligation for deductors. Key points covered include TDS on salary and interest, e-filing of returns, and issues related to TDS refunds and certificates. Recent updates provide clarification on new Form 12BB required from employees for tax deductions claimed.
1. The document discusses the composition scheme under GST, which provides a simplified tax compliance system for small taxpayers.
2. Under the composition scheme, businesses file fewer returns (quarterly vs monthly) and pay a lower fixed tax rate between 0.5-2.5% depending on the type of business.
3. The scheme aims to reduce compliance costs for small traders but has restrictions like an annual turnover limit of Rs. 1 crore and excludes the provision of services. Eligible businesses opting for this scheme have fewer record keeping requirements.
Background of Composition Scheme under the GST
Definition under the GST
Eligibility under the GST
Rates of Composition Scheme Dealer
How to Make a Registration and how to file the returns.
Important Definitions
The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
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.
TDS, TCS, and advance payment of tax refer to India's tax collection methods where:
1) TDS requires deductors to withhold a percentage of certain payments like salaries and interest and deposit it with the government. It helps collect taxes in advance and expand the tax net.
2) TCS requires sellers to collect tax from buyers when receiving payment for specified goods.
3) Advance tax must be paid in installments by those with tax liability over Rs. 10,000, before the end of the fiscal year based on estimated income.
This document discusses various provisions related to tax deduction and collection at source in India. It covers sections 192-195 of the Income Tax Act which deal with TDS on salary, interest, contracts, commission, rent, professional fees and payments to non-residents. It also discusses section 206C dealing with tax collection at source and the penal consequences for non-compliance with these TDS and TCS provisions.
The document discusses the evolution of tax regulation from initiatives like FATCA to the Common Reporting Standard (CRS). It notes that FATCA introduced automatic exchange of tax information between countries but on a smaller scale. In contrast, CRS involves over 100 jurisdictions exchanging tax residency and financial account information on a much larger scale. This transformation to "big data" tax reporting presents significant challenges for investment firms to upgrade their systems and processes to handle the new demands to extract, process, and report extensive client data to meet compliance requirements and avoid regulatory penalties. Proper governance, controls, and preparing for audits will be crucial for investment firms to effectively manage financial and reputational risks under the new global tax reporting standards.
Tax deducted at source (TDS) involves deducting income tax from certain types of payments and depositing this amount with the government. The document discusses TDS concepts like scope, applicable incomes, TDS rates, TAN registration, deductors, deductees, and configuring TDS in Tally ERP 9 software. It provides steps to enable TDS in a company, set up TDS statutory masters for nature of payments and deductee types, and create necessary expense and party ledgers for accounting TDS transactions.
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 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.
This document provides an overview of Tax Deducted at Source (TDS) in India. TDS requires those making certain payments to deduct tax from the payment. Payments subject to TDS include payments to professionals, contractors, brokers, landlords and employees. The tax deducted must be deposited with the government by the 7th of the following month. Businesses must also file quarterly TDS returns by the 15th of the following quarter to report taxes deducted and deposited. The objective of TDS is to reduce tax evasion by creating a record of payments through tax deductions and returns.
This document provides information on advance tax requirements in India. It defines advance tax, when it is due, and the applicable payment deadlines and percentages for companies and non-companies. Advance tax is due in four installments by September 15, December 15, March 15, and March 31. Interest is charged for late or deficient advance tax payments under sections 234B and 234C. The document also addresses provisions for casual income and capital gains, and situations where the assessing officer can issue an advance tax order.
This document provides information about generating Form 24Q using the greytHR payroll software. It discusses what TDS is, who must file eTDS returns, and the related Forms 24Q and 27A. It then demonstrates how to generate Form 24Q within greytHR, including locking the payroll, adding challan details, allocating amounts to employees, generating the FVU file, and handling errors. It also provides tips for registering with NSDL for eTDS filing and doing revised returns.
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
TDS is a mechanism where a person deducts tax at the time of making certain specified payments to another person. Key persons responsible for deducting TDS (deductors) include company principals, DDOs in government offices, and those making payments of interest, dividends, contracts, lottery/game winnings, etc. Deductors must obtain a TAN, deduct tax at the correct rate, deposit the deducted amount timely, issue TDS certificates, and file quarterly TDS statements in the prescribed format and by the due dates. Maintaining compliance is important to ensure deductees get proper tax credit and deductors avoid penalties.
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 outlines various tax rates in Zambia, including:
- Personal income tax rates ranging from 0% to 35% depending on income band
- Other income tax rates ranging from 0% to 40% for categories like mining, manufacturing, farming, etc.
- Withholding tax rates ranging from 0% to 20% for categories like dividends, interest, royalties, rent, commissions
- VAT rate of 16% for standard goods/services and 0% for zero-rated items
- Property transfer tax of 10% for transfers of land, shares, and mining rights.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
Service tax collected by a person is not subject to tax deduction at source under Section 194J of the Income Tax Act. The Central Board of Direct Taxes clarified that service tax collected by a service provider and paid to the government does not constitute income in the hands of the service provider. Therefore, service tax collected by a service provider need not be considered for the purposes of TDS under Section 194J of the Income Tax Act.
The document discusses input tax credit provisions under the Delhi VAT Act. It provides definitions and rules around claiming input tax credit, including eligible purchases, required documents, capital goods provisions, restrictions and conditions, adjustments required in certain cases, and examples. Key aspects covered include how input tax credit is only available for tax paid purchases from registered dealers using valid tax invoices, capital goods credits must be claimed over multiple periods, and reductions may apply for stock transfers, sales at a loss, or sales made under CST.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS as tax that is deducted from certain types of payments, including salaries, interest, rent, and professional fees. The objectives of TDS are to help report accurate incomes, check tax evasion, allow early collection of revenue by the government, and make tax collection cheaper and widen the tax base. The document then lists some key TDS rates and exemption limits under different sections of the Indian Income Tax Act for common types of payments.
ASSOCHAM - TDS provisions related to Residents - Sandeep JhunjhunwalaSandeep Jhunjhunwala
TDS provisions outline the key aspects of tax deducted at source for residents in India. TDS helps expand the tax net by ensuring regular tax collection and acts as an obligation for deductors. Key points covered include TDS on salary and interest, e-filing of returns, and issues related to TDS refunds and certificates. Recent updates provide clarification on new Form 12BB required from employees for tax deductions claimed.
1. The document discusses the composition scheme under GST, which provides a simplified tax compliance system for small taxpayers.
2. Under the composition scheme, businesses file fewer returns (quarterly vs monthly) and pay a lower fixed tax rate between 0.5-2.5% depending on the type of business.
3. The scheme aims to reduce compliance costs for small traders but has restrictions like an annual turnover limit of Rs. 1 crore and excludes the provision of services. Eligible businesses opting for this scheme have fewer record keeping requirements.
Background of Composition Scheme under the GST
Definition under the GST
Eligibility under the GST
Rates of Composition Scheme Dealer
How to Make a Registration and how to file the returns.
Important Definitions
The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
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.
TDS, TCS, and advance payment of tax refer to India's tax collection methods where:
1) TDS requires deductors to withhold a percentage of certain payments like salaries and interest and deposit it with the government. It helps collect taxes in advance and expand the tax net.
2) TCS requires sellers to collect tax from buyers when receiving payment for specified goods.
3) Advance tax must be paid in installments by those with tax liability over Rs. 10,000, before the end of the fiscal year based on estimated income.
This document discusses various provisions related to tax deduction and collection at source in India. It covers sections 192-195 of the Income Tax Act which deal with TDS on salary, interest, contracts, commission, rent, professional fees and payments to non-residents. It also discusses section 206C dealing with tax collection at source and the penal consequences for non-compliance with these TDS and TCS provisions.
The document discusses the evolution of tax regulation from initiatives like FATCA to the Common Reporting Standard (CRS). It notes that FATCA introduced automatic exchange of tax information between countries but on a smaller scale. In contrast, CRS involves over 100 jurisdictions exchanging tax residency and financial account information on a much larger scale. This transformation to "big data" tax reporting presents significant challenges for investment firms to upgrade their systems and processes to handle the new demands to extract, process, and report extensive client data to meet compliance requirements and avoid regulatory penalties. Proper governance, controls, and preparing for audits will be crucial for investment firms to effectively manage financial and reputational risks under the new global tax reporting standards.
Tax deducted at source (TDS) involves deducting income tax from certain types of payments and depositing this amount with the government. The document discusses TDS concepts like scope, applicable incomes, TDS rates, TAN registration, deductors, deductees, and configuring TDS in Tally ERP 9 software. It provides steps to enable TDS in a company, set up TDS statutory masters for nature of payments and deductee types, and create necessary expense and party ledgers for accounting TDS transactions.
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 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.
This document provides an overview of Tax Deducted at Source (TDS) in India. TDS requires those making certain payments to deduct tax from the payment. Payments subject to TDS include payments to professionals, contractors, brokers, landlords and employees. The tax deducted must be deposited with the government by the 7th of the following month. Businesses must also file quarterly TDS returns by the 15th of the following quarter to report taxes deducted and deposited. The objective of TDS is to reduce tax evasion by creating a record of payments through tax deductions and returns.
This document provides information on advance tax requirements in India. It defines advance tax, when it is due, and the applicable payment deadlines and percentages for companies and non-companies. Advance tax is due in four installments by September 15, December 15, March 15, and March 31. Interest is charged for late or deficient advance tax payments under sections 234B and 234C. The document also addresses provisions for casual income and capital gains, and situations where the assessing officer can issue an advance tax order.
This document provides information about generating Form 24Q using the greytHR payroll software. It discusses what TDS is, who must file eTDS returns, and the related Forms 24Q and 27A. It then demonstrates how to generate Form 24Q within greytHR, including locking the payroll, adding challan details, allocating amounts to employees, generating the FVU file, and handling errors. It also provides tips for registering with NSDL for eTDS filing and doing revised returns.
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
TDS is a mechanism where a person deducts tax at the time of making certain specified payments to another person. Key persons responsible for deducting TDS (deductors) include company principals, DDOs in government offices, and those making payments of interest, dividends, contracts, lottery/game winnings, etc. Deductors must obtain a TAN, deduct tax at the correct rate, deposit the deducted amount timely, issue TDS certificates, and file quarterly TDS statements in the prescribed format and by the due dates. Maintaining compliance is important to ensure deductees get proper tax credit and deductors avoid penalties.
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 outlines various tax rates in Zambia, including:
- Personal income tax rates ranging from 0% to 35% depending on income band
- Other income tax rates ranging from 0% to 40% for categories like mining, manufacturing, farming, etc.
- Withholding tax rates ranging from 0% to 20% for categories like dividends, interest, royalties, rent, commissions
- VAT rate of 16% for standard goods/services and 0% for zero-rated items
- Property transfer tax of 10% for transfers of land, shares, and mining rights.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
Service tax collected by a person is not subject to tax deduction at source under Section 194J of the Income Tax Act. The Central Board of Direct Taxes clarified that service tax collected by a service provider and paid to the government does not constitute income in the hands of the service provider. Therefore, service tax collected by a service provider need not be considered for the purposes of TDS under Section 194J of the Income Tax Act.
The document discusses input tax credit provisions under the Delhi VAT Act. It provides definitions and rules around claiming input tax credit, including eligible purchases, required documents, capital goods provisions, restrictions and conditions, adjustments required in certain cases, and examples. Key aspects covered include how input tax credit is only available for tax paid purchases from registered dealers using valid tax invoices, capital goods credits must be claimed over multiple periods, and reductions may apply for stock transfers, sales at a loss, or sales made under CST.
The document summarizes the process for migrating existing taxpayers to the Goods and Services Tax (GST) system in India. It involves the following key steps:
1. Taxpayers obtain a GSTN login ID and password from the aces.gov.in website to complete the enrollment process on gst.gov.in.
2. Taxpayers complete the enrollment process on gst.gov.in by providing business and registration details as well as uploading required documents.
3. Upon successful submission, taxpayers receive a provisional GSTIN and final registration within 6 months if all information is verified correctly.
This document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses the perceived benefits of GST, the existing indirect tax structure, key features of the Constitution Amendment Bill, the proposed GST model including features of the draft GST law, the role of the GST Network and Central Board of Excise and Customs, and the next steps toward implementation. The key aspects covered are the dual GST structure of CGST and SGST/IGST, the proposed tax rates and compliance requirements, and the transition process.
The document outlines the agenda for a webcast on opportunities in GST, including a brief background on GST and transitional challenges. It then provides details on the timing allocated to various topics, including impact analysis through examples and key impact areas. The impact areas discussed include the need to re-engineer processes, procurement, credit carry forward claims, exemptions, composition scheme, vendor management, agreements, and accounting practices.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
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.
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.
offices
of
NSDL
within
the
due
date.
NSDL will act as intermediary and upload the
data to the Income Tax Department's central
system.
1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
This document provides information about taxation for salaried employees, pensioners, and senior citizens in India. It discusses key topics like income tax filing requirements and due dates, the different types and heads of income, deductions, tax rebates, and forms used for filing returns. Specifically, it notes that income tax return filing is mandatory if total income exceeds the maximum amount not chargeable to tax. It outlines the due dates for advance tax payments and income tax return filing. It also lists the different forms used to file returns according to an individual's sources of income and tax situation.
This document provides information about taxation for salaried employees, pensioners, and senior citizens in India.
It discusses key topics like filing income tax returns, advance tax payment due dates, applicable tax rates, and forms to be used for filing returns. Specifically, it mentions that the due date for salaried employees to file their return is July 31 and the tax rates for FY 2012-13 are 10-30% with education cess of 3% for general individuals and reduced rates for senior citizens.
The document aims to help taxpayers understand their tax obligations and compliances in a concise manner.
This document provides information about taxation for salaried employees, pensioners, and senior citizens in India. It discusses key topics like income tax filing requirements and due dates, the different types and heads of income, deductions, tax rebates, and forms used for filing returns. Specifically, it notes that income tax return filing is mandatory if total income exceeds the maximum amount not chargeable to tax. It outlines the due dates for advance tax payments and income tax return filing. It also lists the different forms used to file returns according to an individual's sources of income and tax situation.
The document discusses various concepts related to input tax credit (ITC) under GST including eligibility, conditions, blocked credits, and special circumstances. It provides explanations on key aspects like who can avail ITC, documents required, time limits, reversal and re-credit of ITC, and apportionment of common credits. It also elaborates on blocked credits that cannot be claimed under GST and the treatment of ITC in special scenarios like transitioning registration statuses.
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.
7TH DAY NEXT MONTH
7TH DAY NEXT MONTH
1) The document outlines income tax rates and rules for the financial year 2013-2014 as per the Finance Act of 2013.
2) Tax rates for individuals vary based on total income and age - the normal rates are 10-30% and lower rates apply for those over age 60 or 80. Surcharge of 10% applies if income exceeds 1 crore.
3) Employers must deduct tax from salaries based on estimated annual income and prescribed rates, and have options to pay tax on some non-monetary perks instead of deducting from employee salaries.
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.
GST-TDS-Presentation management and leadershippoonamshinde64
1. GST law mandates tax deduction at source (TDS) for certain transactions.
2. Specified persons including government departments and public sector undertakings must deduct TDS if making payments exceeding Rs. 2.5 lakhs to suppliers for goods or services.
3. The deducted TDS amount must be deposited in the government account by the 10th of the next month and details filed in GSTR-7 return along with issuing GSTR-7A certificates to suppliers. Non-compliance can attract penalties including 18% interest.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
Income Tax Amendments Applicable to AY 2020-21 (FY 2019-20)AmitJain910
This document discusses important amendments to consider while filing income tax returns for assessment year 2020-21 relating to rebates, surcharges, tax rates, deductions, depreciation, TDS provisions, capital gains exemption, and more. Key points include a reduced MAT rate of 15%, option to purchase two homes for capital gains exemption, increased standard deduction and TDS limits on rent and cash withdrawals.
This document provides the TDS and TCS rate charts for the financial year 2021-22 in India. It outlines the various sections where tax is deducted at source, the threshold limits, and applicable tax rates. Some key points include:
- TDS is deducted on interest, dividends, professional fees, rent, commission, contract payments, and withdrawals over certain thresholds at rates ranging from 1-30%.
- TCS is collected on scrap, tendu leaves, minerals, liquor, parking lots, motor vehicle sales, overseas tour packages, and goods sales over Rs. 50 lakhs at 0.1-5%.
- Higher rates of TDS/TCS apply to non-
Similar to Tds tcs rate chart financial year 2013-14 (20)
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1. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
TDS (Tax Deduction at source) RATES FOR FINANCIAL YEAR 2013-14
Sl.
Section Of
Nature of Payment in brief
No.
Act
1
192
Salaries
2
193
Interest on debentures
3
194
Deemed dividend
4
194A
Interest other than Int. on securities (by
CUT OFF
Rate %
HUF/IND
Others
Average Rate
5000
10
10
-
10
10
10000
10
10
5000
10
10
Bank)
4A
194A
Interest other than Int. on securities (By
others)
5
194B
Lottery / Cross Word Puzzle
10000
30
30
6
194BB
Winnings from Horse Race
5000
30
30
7
194C(1)
Contracts
30000
1
2
8
194C(2)
Sub-contracts/ Advertisements
30000
1
2
9
194D
Insurance Commission
20000
10
10
10
194EE
Payments out of deposits under NSS
2500
20
-
11
194F
Repurchase of units by MF/UTI
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
10
10
13
194H
Commission or Brokerage
5000
10
10
14
194I
Rent (Land & building) furniture &
180000
10
10
Rent (P & M , Equipment)
180000
2
2
TDS on transfer of immovable
50 Lakh
1
1
30000
10
10
NIL
10
10
200000
10
10
fittings)
15
194 IA
property other than agriculture
land (wef 01.06.13)
16
194J
Professional/Technical charges/ Royalty
& Non-compete fees
17
194J(1)(ba)
Any remuneration or commission paid to
director of the company (Effective from
1 July 2012)
18
194LA
Compensation on acquisition of
immovable property
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
2. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
Note:
1. Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be
paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year,
TDS has to be deducted u/s 194C.
2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the
deductor.(read detail u/s 206AA)
3. No TDS on Goods Transport :No deduction shall be made from any sum credited or paid
or likely to be credited or paid during the previous year to the account of a contractor during
the course of business of plying, hiring or leasing goods carriages on furnishing of his
Permanent Account Number, to the person paying or crediting such sum.(read details
here No TDS on Goods Transport )
4. Surcharge on tax is not deductible/collectible at source in case of resident individual/
HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than
salary.
5. Surcharge on TDS is applicable on payment made to non resident other than company ,if
payment is in excess of one crore.(10 %)
6. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 10 %
7. In the case of Company other than Domestic Company,
o
(i) at the rate of two per cent. of such tax, where the amount or the aggregate of such
amounts collected and subject to the collection exceeds one crore rupees but does
not exceed ten crore rupees;
o
(ii) at the rate of five per cent. of such tax, where the amount or the aggregate of
such amounts collected and subject to the collection exceeds ten crore rupees.
8. No Cess on payment made to resident: Education Cess is not deductible/collectible at
source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of
payment of income other than salary.Education Cess @ 2% plus secondary & Higher
Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
9. TDS by Individual and HUF (Non Audit) case not deductible :An Individual or a Hindu
Undivided Family whose total sales, gross receipts or turnover from business or profession
carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business &
Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during
the immediately preceding financial year shall not be liable to deduct tax u/s.194A,194C,
194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of
business even sales/Fees is more than 100/25 Lakh.
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
3. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
Various situations and Surcharge /Cess applicable on TDS/TCS
Payment to
payment
Surcharge
Cess
Nonsalary(up to 1
corporate
crore)
No
yes(3%)
NonResident
corporate
salary(> I crore)
yes (10%) yes (3%)
Noncorporate
other than salary
No
No
Corporate
other than salary
No
No
Nonsalary(up to 1
corporate
crore)
No
yes (3%)
NonYes (10
corporate
salary(> I crore)
%)
yes (3%)
Nonother than salary
Noncorporate
up to one Crore
No
yes (3%)
Resident
other than salary
(> 1 Crore to 10
Corporate
crore)
yes(2%)
yes (3%)
other than salary >
Corporate
10 Crore
yes(5%)
yes (3%)
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
4. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
TCS (tax collection at source rates fy 2013-14)(read more details by Tax collection at source)
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
2.5
6
Scrap
1
7
Parking lot
2
8
Toll plaza
2
9
Mining & Quarrying
2
10
Minerals, being coal or lignite or iron ore
1 wef
01.07.2012
11
Bullion or jewellery (if the sale
consideration is paid in cash exceeding
INR 5 lakhs in jewellery and two lakh in
case of Bullion)
1 wef
01.07.2012
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
5. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
Due date to Deposit TDS and TCS
“Time and mode of payment to Government account of tax deducted at source or tax paid under sub
section (1A) of section 192.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the
Government shall be paid to the credit of the Central Government ‐
(a) on the same day where the tax is paid without production of an income‐tax challan; and
(b) on or before seven days from the end of the month in which the deduction is made or income‐tax
is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax
challan.
1
Tax to be deducted by Govt Office
Tax deposited without challan
Same day
2
Tax deposited with challan
3
Tax on perquisites opt
deposited by the employer
7th of next month
to
be
7th of next month
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than
an office of the Government shall be paid to the credit of the Central Government ‐
(a) on or before 30th day of April where the income or amount is credited or paid in the month of
March; and
(b) in any other case, on or before seven days from the end of the month in which‐
1. the deduction is made; or
2. income‐tax is due under sub‐section (1A) of section 192.
Tax deducted by other
1
tax deductible in March
30th April of next year
(In case of tcs 7th of April)
other months & tax on perquisites
opted to be deposited by employer
7th of next month
2
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may,
with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted
under section 192 or section 194A or section 194D or section 194H for the quarters of the financial
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
6. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
year specified to in column (2) of the Table below by the date referred to in column (3) of the said
Table:‐
SrNo
1
2
3
4
Quarter ended On
30th June
30the September
31st December
31st March
Date of payment
7th July
7th October
7th January
30Th April
Person required to file ETDS Return Filing due Dates
NOTIFICATION No. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs
return.
1. All Government department/office or
2. All companies.or
3. All person required to get his accounts audited under section 44AB in the immediately preceding
financial year; or
4 The number of deductees’ records in a quarterly statement for any quarter of the immediately
preceding financial year is equal to or more than fifty,
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 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.
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
7. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
CONSEQUENCES OF DEFAULT
Failure to deduct or remit TDS /TCS(full or part)
•
Interest: 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. The Finance Act
2010 amended interest rate wef 01.07.2010 and created a separate class of default in
respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per
month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in
case the tax is deducted late after the due date. The rationale behind this amendment is that
the tax once deducted belongs to the government and the person withholding the same
needs to be penalized by charging higher rate of interest 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.
New Section for Penalty for non submission of ETDS /ETDS return (section 271H)(applicable
from 01.07.2012)
•
Failure to deliver statement within time prescribed u/s 200 (3) or to the proviso to sub-section
(3) of section 206C may liable to penalty which shall not be less than Rs. 10,000/- but which
may extend to Rs. 1,00,000/-. No penalty if payment of tax deducted or collected along with
fee or interest and delivering the statement aforesaid before the expiry of 1 year from the
time prescribed for delivering the such statement. However No penalty shall be imposed u/s
271H if the person proves that there was reasonable cause for the failure.(section 273B)
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software
8. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
Assessee In default (amendment in section 201)
The Deductor will not to be treated as assessee in Default provided the resident payee has furnished
his return u/s 139 and has taken into account such amount for computing income in such Return
of Income and has paid the Tax Due on the income declared by him in such return of income
and furnishes a certificate to this effect, duly certified by a CA, in the prescribed form. This form is
yet to be notified.
However, the interest for not deducting tax would be payable from the date on which such tax
was collectible till the date of furnishing of return of income by the resident payee.
Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others ,27Q for
Non-resident
Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form
16A
Sl. Quarter
From 01.11.2011 on For other deductors
No.
ending
wards For Govt
offices
Etds
Form 16A Etds
Form 16A
return
return
1 30th June 31st July 15th
15th
30th July
August
July
2
30th
31st
September October
15th
November
15th
30th
October October
3
31st
December
31st
January
15th
Feburary
15th
January
4
31st
March
15th
May
30th
15th
May
May
(31st May
for form
16)
30th
January
30th
May
(31st May
for
form
16)
Download Full Notification 41/2010.right click on link and select save target as or save link as as the
case may be "
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
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9. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
Issuance Of TDS certificate Form 16 and Form 16A
Tax deducted on or after 01.04.2012, it is mandatory for all type of deductors to issue quarterly form 16A
(non salary tds certificate) only after downloaded the same from the TDSCPC (TRACES) website. Earlier this
was mandatory for only companies ,Banks and co-operative societies engaged in Banking services with effect
from 01.04.2011 through circular number 3/2011.
Form 16A downloaded from TDSCPC (TRACES) can be signed manually or can be authenticated through
digital signature only.
Though this will be an increase in work load on small traders also but it is welcome step as it will
reduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form 26AS.
Moreover small traders are also not small now .TDS is to be deducted by HUF and Individual only if their
turnover/Receipt is during the immediately preceding year more than limit prescribed under section 44AB
.Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25 lakh for Professionals.
FY 2010-11
Download Form 16A
from
TDSCPC
(TRACES) Web Site
Digitally Sign Form
16A
Manually Issue TDS
Certificate(Form 16A)
Manually Issue TDS
Certificate(Form
16
salary)
FY 2011-12
Optional
Mandatory for Companies and
Banks. Optional for others
Optional but only if
downloaded
from
TDSCPC
(TRACES)
Web site
All
deductors
can
manually issue TDS
Certificate
Optional but only if downloaded
from
TDSCPC
(TRACES)
Web site
All
deductors
manually issue
Certificate
All deductors can manually issue
TDS Certificate
can
TDS
Companies and Banks cannot
manually issue TDS Certificate
FY 2012-13
onwards
Mandatory for all
type of deductors
Optional but only if
downloaded
from
TDSCPC (TRACES)
Web site
No deductor can
issued manually TDS
certificate
All deductors can
manually issue TDS
Certificate
So manually field form 16A cannot be issued for tax deducted on or after 01.04.2012. However form 16 salary
can be issued without downloading from the TDSCPC (TRACES) site.
Now you are interested in how you can download Form 16A from TDS CPC (TRACES) website
Update :Please Note that Form 16A now(01.01.2013) shall be available through new website
www.tdscpc.gov.in only .Read more from links given below
1. Procedure How to register at TRACES (www.tdscpc.gov.in) and
2. How to download Form 16A form TRACES (www.tdscpc.gov.in)
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
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10. TDS –TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET
GENERAL INFORMATION
1. 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.
2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary
details marking it as duplicate.
3. Refund can be claimed by the deductee on filing of return of income.
4. 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.
Other Point to be noted
1. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
2. TDS on Cold Storage (194C clarification)
3. TDS on Rent without service tax(194 I)(clarification 4/2008)
4. Tds on Professional service (194J) including service tax (clarification)
5. TDS on Rent (various circulars by department on tds on rent )
6. Do and Dont's Tax deposit of Taxes
7. E-payment of TDS mandatory from 01.04.2008
8. E-Payment Auto Filler for Tds Challan
9. E-Payment From Other Banks Account Allowed
10. TDS challan ITNS 281 In excel &
11. How to Fill TDS CHALLAN-ITNS 281
12. How To pay Income Tax/Tds Online FAQ
13. Nil TDS on Transporter and others to be reported in ETDS quarterly returns
14. 1% TDS on transfer of property u/s 194IA wef 01.06.2013
15. TDS changes by Budget 2012 (detailed)
16. TCS changes by Budget 2012(detailed)
17. TDS on rent section 194-1 brief notes, circular, notification and case laws
18. Procedure How to register at TRACES (www.tdscpc.gov.in) and
19. How to download Form 16A form TRACES (www.tdscpc.gov.in)
Last updated: 31.03.2013 Pls check Latest version TDS RATES 2013-14 here
10 % discount on TDSMAN ETDS Software