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Procedure of e-payment & e-filing of TDS return

SRINIVAS 
on 16 April 2014

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Due date for TDS Payment.

Within seven days from the end of the month in which deduction is made, However if payment is made in the month of the march  on or before 30 April is due date

FURNISHING OF QUARTERLY STATEMENT FOR TDS (Quarterly Return of TDS)

A person who deducts the TDS will have to furnish a quarterly return with Income Tax Authorities or any person authorized by income tax authorities i.e. National Securities Depository Ltd. within prescribed time as under:-

Purpose

Form No.

TDS on  salaries

24Q

TDS in cases, other than above

26Q

TDS Certificates

Any person who deducts the tax at source, issues a certificate to the payee which gives all the details in respect tax deducted, deposit particulars of tax etc. With the help of the TDS certificate, the payee can claim the credit of TDS against tax payable by him. TDS certificates are issued in following forms:-

For salaries

Form 16

For all other payments

Form 16-A

Due date for ETDS return (24Q, 26Q 27Q) and   TDS certificates (Form16, Form 16A)

Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A

Quarter ended On

Etds return

Form 16A & 16 certificate due date

1

30th June

15th July

30th July

2

30th September

15th October

30th October

3

31st December

15th January

30th January

4

31st March

15th May

30th May (31st May for form 16)

PROCEDURE:

Obtain TAN

   

             ↓

 

Deduct Tax

 

             ↓

 

Deposit tds

Time limit

Challan 281

 within 7 days from the end of the month

 

            ↓          

 

 Filing quarterly returns on time 24Q,26Q

within 15 days from end of the   Quarter`

            ↓          

   

issue tds certificate   :        

16 for salaries  

16A for non salaries

16

Annual

By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

16A

Quarterly

Within fifteen days from the due date for furnishing the statement of tax deducted at source

           Specific  payments attracting TDS and rates thereon:

Sec

          Nature of Payment

 

            TDS RATES

 

192

Salary

 

TDS  Deducting at average rate on estimated basis

 

≥5000 ,10% tds in case of person other than banks

194A

Interest other than interest on securities

 

≥10000,10% tds in case of banks

 (Unsecured loans,

Bank interest)

194B

Winning from lottery & crossword puzzles

 

≥10000,30% tds

194BB

Winning from Horse races

≥5000,30% tds

 

If single  sum paid or credited exceeds Rs.30000   or

194C

contract Payments

 

Aggregate exceeds 75000 in a year

Individual /Huf   1%, others  2%

194D

Insurance Commission

 

if exceeds 20000,tds 20% for company,10% for  other person

Rent paid for land and building ,plant & machinery exceeds 180000

194I

Rent

 

for land and building  tds 10% for individuals /hufs,20% for others

 

for  plant and machinery 2% of tds   applicable

194J

Fees for professional ,technical  ,royalty services

 

if exceeds 30000 in a year ,tds 30% applicable

1) For payment of tds Assesses must use 281 challan.

2) Amount may be paid either through on line (www.tin-nsdl.com) or through a Specified bank authorized by income tax department.         

3) After payment of TDS, bank gives acknowledgement, contains following details.

a) Challan identification number (CIN).

b) Bank statistical return (BSR code).

c) Date of Payment (DOP).

(Above details are very important at the time of efiling of tds return)

4) First download the latest RPU from tin-nsdl website.

5) Install it and open it.

6) Fill up deductor details in sheet 1.

7) In second sheet fill up challan details

8) In third sheet fill up deductee details.

9) Download conform challan files from oltas (CSI file)

10) Validate your return file

11) Generate the FVU file and then give to TIN-FC for uploading.

Thank you

Srinivas.bheemereddy


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