Wct
This query is : Resolved
Yogesh Shukla
(Expert)
09 March 2016
REGISTRATION AND OBTAINING TAX DEDUCTION ACCOUNT NUMBER (TAN)
Every person responsible for making deduction of tax under section 36A shall apply for Tax Deduction Account Number (T.A.N) 2[within seven days] from the date on which the tax was deducted or deductible in Form DVAT-44 and a Tax Deduction Account Number shall be issued in Form DVAT-45.
DEDUCTION & PAYMENT OF TAX
Applicable if contract value exceeds Rs.20000/-
TDS Rate
4% for registered contractors
6% for unregistered contractors
Due date for deposit of TDS: 15th of next month
Mode of payment - e-payment is mandatory
Certificate of Deduction of tax - DVAT 43 to be given to the deductee by 15th of next month
RETURN
Return in Form DVAT 48 to be submitted on quarterly basis
Due date: 28 days from the end of the quarter
PENALTIES
Non Deduction or Non-payment - A sum not exceeding twice the amount so deductible or payable
Simple interest from the date applicable to the actual date of compliance - 16% per annum
Delay in furnishing TDS certificates - Rs.200/- per day
RELEVANT FORMS
DVAT 43 - Certificate of Deduction of Tax At Source Delhi Value Added Tax Act, 2004
DVAT 48 - Form of Quarterly Return by the Contractee
Every person responsible for making deduction of tax under section 36A shall apply for Tax Deduction Account Number (T.A.N) 2[within seven days] from the date on which the tax was deducted or deductible in Form DVAT-44 and a Tax Deduction Account Number shall be issued in Form DVAT-45.
DEDUCTION & PAYMENT OF TAX
Applicable if contract value exceeds Rs.20000/-
TDS Rate
4% for registered contractors
6% for unregistered contractors
Due date for deposit of TDS: 15th of next month
Mode of payment - e-payment is mandatory
Certificate of Deduction of tax - DVAT 43 to be given to the deductee by 15th of next month
RETURN
Return in Form DVAT 48 to be submitted on quarterly basis
Due date: 28 days from the end of the quarter
PENALTIES
Non Deduction or Non-payment - A sum not exceeding twice the amount so deductible or payable
Simple interest from the date applicable to the actual date of compliance - 16% per annum
Delay in furnishing TDS certificates - Rs.200/- per day
RELEVANT FORMS
DVAT 43 - Certificate of Deduction of Tax At Source Delhi Value Added Tax Act, 2004
DVAT 48 - Form of Quarterly Return by the Contractee
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