i want to know current provision relating to TDS such as rate ,quantum of amountand dues date ....
Saurabh Anokhchand Jain
(Chartered Accountant)
(1043 Points)
Replied 14 January 2014
| Section | For Payment of | On Payments Exceeding | Individual/HUF | Others |
|---|---|---|---|---|
| 193 | Interest on Debentures | Rs. 5000/- | 10% | 10% |
| 194 | Deemed Dividend | No minimum | 10% | 10% |
| 194 A | Interest other than on securities by banks | Rs. 10000/- | 10% | 10% |
| 194 A | Interest other than on securities by others | Rs. 5000/- | 10% | 10% |
| 194 B | Winnings from Lotteries / Puzzle / Game | Rs. 10000/- | 30% | 30% |
| 194 BB | Winnings from Horse Race | Rs. 5000/- | 30% | 30% |
| 194 C (1) | Payment to Contractors | Rs. 30000/- for single payment
Rs. 75000/- for aggregate |
1% | 2% |
| 194 C (2) | Payment to Sub-Contractors / for Advertisements | |||
| 194 D | Payment of Insurance Commission | Rs. 20000/- | 10% | 10% |
| 194 EE | Payment of NSS Deposits | Rs. 2500/- | 20% | NA |
| 194 F | Repurchase of units by Mutual Funds / UTI | Rs. 1000/- | 20% | 20% |
| 194 G | Commission ons Sale of Lottery tickets | Rs. 1000/- | 10% | 10% |
| 194 H | Commission or Brokerage | Rs. 5000/- | 10% | 10% |
| 194 I | Rent of Land, Building or Furniture | Rs. 180000/- | 10% | 10% |
| Rent of Plant & Machinery | Rs. 180000/- | 2% | 2% | |
| 194 IA | Transfer of Immovable Property (w.e.f. 01.06.2013) | Rs. 50 lacs | 1% | 1% |
| 194 J | Professional / technical services, royalty | Rs. 30000/- | 10% | 10% |
| 194 J (1) | Remuneration / commission to director of the company | - | 10% | 10% |
| 194 J (ba) | Any remuneration / fees / commission paid to a director of a company, other than those on which tax is deductible u/s 192. | - | 10% | 10% |
| 194 L | Compensation on acquisition of Capital Asset | Rs. 100000/- | 10% | 10% |
| 194 LA | Compensation on acquisition of certain immovable property | Rs. 200000/- | 10% | 10% |
| Date of ending of the quarter of the financial year | Due date,if deductor is an office of the Government | Due Date for others |
|---|---|---|
| 30th June | 31st July of the financial year | 15th July of the financial year |
| 30th September | 31st October of the financial year | 15th October of the financial year |
| 31st December | 31st January of the financial year | 15th January of the financial year |
| 31st March | 15th May of the financial year immediately following the financial year in which deduction is made | 15th May of the financial year immediately following the financial year in which deduction is made. |
RISHIKESH KUMAR
(ARTICLE)
(69 Points)
Replied 14 January 2014
I had already submited a return of TDS and after that a demand notice received by ITD for delay payment of TDS and levy intt. on it.
my Question is that
1.how can i pay such demand
2.whether return of TDS will be revised
3.if revised then how will be such anmount shown in return
Nikhil Kaushik
(Fellow CA)
(85360 Points)
Replied 14 January 2014
1. pay using normal TDS challan with payment code as 400 - TDS on regular assessment
2. yes return can be revised
3. the challans for additional payments made are to be added to the return. where short payment is made, such cases shall also require additions to the deductee sheet for payments against respective deductee.
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