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
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FURNISHING OF QUARTERLY STATEMENT FOR TDS (Quarterly Return of TDS) |
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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:- |
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Purpose |
Form No. |
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TDS on salaries |
24Q |
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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:-
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For salaries |
Form 16 |
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For all other payments |
Form 16-A |
Due date for ETDS return (24Q, 26Q 27Q) and TDS certificates (Form16, Form 16A)
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Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A |
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Quarter ended On |
Etds return |
Form 16A & 16 certificate due date |
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1 |
30th June |
15th July |
30th July |
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2 |
30th September |
15th October |
30th October |
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3 |
31st December |
15th January |
30th January |
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4 |
31st March |
15th May |
30th May (31st May for form 16) |
PROCEDURE:
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Obtain TAN |
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↓ |
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Deduct Tax |
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↓ |
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Deposit tds |
Time limit |
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Challan 281 |
→ |
within 7 days from the end of the month |
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↓ |
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Filing quarterly returns on time 24Q,26Q |
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within 15 days from end of the Quarter` |
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↓ |
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issue tds certificate : 16 for salaries 16A for non salaries |
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Specific payments attracting TDS and rates thereon: |
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Sec |
Nature of Payment |
TDS RATES |
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192 |
Salary |
TDS Deducting at average rate on estimated basis |
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≥5000 ,10% tds in case of person other than banks |
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194A |
Interest other than interest on securities |
≥10000,10% tds in case of banks |
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(Unsecured loans, Bank interest) |
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194B |
Winning from lottery & crossword puzzles |
≥10000,30% tds |
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194BB |
Winning from Horse races |
≥5000,30% tds |
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If single sum paid or credited exceeds Rs.30000 or |
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194C |
contract Payments |
Aggregate exceeds 75000 in a year |
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Individual /Huf 1%, others 2% |
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194D |
Insurance Commission |
if exceeds 20000,tds 20% for company,10% for other person |
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Rent paid for land and building ,plant & machinery exceeds 180000 |
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194I |
Rent |
for land and building tds 10% for individuals /hufs,20% for others |
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for plant and machinery 2% of tds applicable |
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194J |
Fees for professional ,technical ,royalty services |
if exceeds 30000 in a year ,tds 30% applicable |
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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
CAclubindia
