TDS(tax Deducted at source) Rate chart for Financial year 2012-13 is
given below for your ready reference . TCS( Tax collection rate chart )
for financial year 2012-13 is also given here under. In Budget 2012 Very
few changes has been made in TDS rates and cut off amounts.However few
new items has been inserted on which TDS is required to be deducted
.Like Purchase of Immovable property ,and TCS on jewellery sale etc.
Complete details Of TDS rate changes , Tcs rate changes, Due date to
deposit TDS , Due date for Form 16, Due date for Form 16A , Due date for
ETDS return Form 24Q,Penalty and interest provision for late deposit of
TDS ,consequences for default in filing of Etds Return , TDS rate
applicable in case of Non submission of PAN ,TDS rate applicable on
service tax or not , on job work or not , which rate is applicable to
individual , HUF , who should deduct TDS , who should not deduct tds
,whether tds should be deducted on service tax on rent or professional
services all such queries has been replied here
under.
Download Link for full complete post is give in the end.
we will update this post regularly ,if their is any mistake ,error then please point out this in comment section.
Sl. No.
|
Section Of Act
|
Nature of Payment in brief
|
Cut Off Amount
|
Rate %
|
||
01.04.2012
|
01.07.2012
|
HUF/IND
|
Others
|
|||
1
|
192
|
Salaries
|
Salary income must be more then exemption limit after
deductions.
|
Average Rate
|
||
2
|
193
|
Interest on debentures
|
2500
|
5000
|
10
|
10
|
3
|
194
|
Deemed dividend
|
-
|
-
|
10
|
10
|
4
|
194A
|
Interest other than Int. on securities (by Bank)
|
10000
|
10000
|
10
|
10
|
4A
|
194A
|
Interest other than Int. on securities (By others)
|
5000
|
5000
|
10
|
10
|
5
|
194B
|
Lottery / Cross Word Puzzle
|
10000
|
10000
|
30
|
30
|
6
|
194BB
|
Winnings from Horse Race
|
5000
|
5000
|
30
|
30
|
7
|
194C(1)
|
Contracts
|
30000
|
30000
|
1
|
2
|
8
|
194C(2)
|
Sub-contracts/ Advertisements
|
30000
|
30000
|
1
|
2
|
9
|
194D
|
Insurance Commission
|
20000
|
20000
|
10
|
10
|
10
|
194EE
|
Payments out of deposits under NSS
|
2500
|
2500
|
20
|
-
|
11
|
194F
|
Repurchase of units by MF/UTI
|
1000
|
1000
|
20
|
20
|
12
|
194G
|
Commission on sale of lottery tickets
|
1000
|
1000
|
10
|
10
|
13
|
194H
|
Commission or Brokerage
|
5000
|
5000
|
10
|
10
|
14
|
194I
|
Rent (Land & building)
|
180000
|
180000
|
10
|
10
|
Rent (P & M , Equipment, furniture & fittings)
|
180000
|
180000
|
2
|
2
|
||
15
|
194J
|
Professional/Technical charges/Royalty & Non-compete fees
|
30000
|
30000
|
10
|
10
|
16
|
194J(1)(ba)
|
Any remuneration or commission paid to director of the company(Effective
from 1 July 2012)
|
NA
|
NIL
|
10
|
10
|
17
|
194LA
|
Compensation on acquisition of immovable property
|
100000
|
200000
|
10
|
10
|
18
|
194LLA
|
Payment on transfer of certain immovable property other than
agricultural land (Finance Minister has withdraw TDS on such transaction on 07/05/2012)
|
(a) INR 50 lakhs in
case such property is situated in a specified urban agglomeration; or(b) INR
20 lakhs in case such property is situated in any other area)
|
withdrawn by Finance Minister on 07/05/2012 no tds on such transactions
|
withdrawn by Finance Minister no no tds on transfer of immovable property
|
|
Note:
- Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
- TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
- 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 )
- Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
- In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000.
- NoCess 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.
ETDS SOFTWARE :TDSMAN is a simple to use software ideally suited
for filing eTDS returns. Among a host of features it offers, the
software can be used for F.Y 2012-13 and all previous years. This
implies that apart from all quarters of 2012-13, one can also file
returns for 4th quarter of 2011-12 or earlier quarters
This software is fully updated to support latest FVU version. It also
has an inbuilt module for “Correction Returns” which is extremely
helpful in correcting the regular returns.
- Download Free Trial of TDSMAN
- Watch Video Demo of TDSMAN software
- Place an order for TDSMAN software
Download this post complete with detail of changes in
TDS rates and TCS rates in Fy 2012-13 (Budget 2012)
Download Brief notes on TDS on Rent u/s 194-I important circulars ,case laws ,Notification
Download Brief notes on TDS on Rent u/s 194-I important circulars ,case laws ,Notification
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 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.
Download this post complete with detail of changes in
TDS rates and TCS rates in Fy 2012-13 (Budget 2012)
TCS (tax collection at source rates fy 2012-13)(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
|
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.
Tax to be deducted by Govt Office
| ||
1
|
Tax deposited without challan
|
Same day
|
2
|
Tax deposited with challan
|
7th of next month
|
3
|
Tax on perquisites opt to be deposited by the employer
|
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‐
- the deduction is made; or
- 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
|
2
|
other months & tax on perquisites opted to be deposited by employer
|
7th of next month
|
(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 year specified to in column (2) of the Table below by the
date referred to in column (3) of the said Table:‐
SrNo
|
Quarter ended On
|
Date of payment
|
1
|
30th June
|
7th July
|
2
|
30the September
|
7th October
|
3
|
31st December
|
7th January
|
4
|
31st March
|
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
- 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.
- To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
- 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.
- 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.
- 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).
- To file TDS/TCS quarterly statements within the due date.
- To mention PAN of all deductees in the TDS/TCS quarterly statements.
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 afforsaid 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)
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.
The limit of passing orders under section 201(1) increased from 2 years to 6 years (retrospective amendment wef 1-04-2010)
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. No.
|
Quarter ending
|
From 01.11.2011 on wards For Govt offices
|
For other deductors
| ||
Etds return
|
Form 16A
|
Etds return
|
Form 16A
| ||
1
|
30th June
|
31st July
|
15th August
|
15th July
|
30th July
|
2
|
30th September
|
31st October
|
15th November
|
15th October
|
30th October
|
3
|
31st December
|
31st January
|
15th Feburary
|
15th January
|
30th January
|
4
|
31st March
|
15th May
|
30th May (31st May for form 16)
|
15th May
|
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 "
GENERAL INFORMATION
- 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.
- If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details marking it as duplicate.
- Refund can be claimed by the deductee on filing of return of income.
- 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
- TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
- TDS on Cold Storage (194C clarification)
- TDS on Rent without service tax(194 I)(clarification 4/2008)
- Tds on Professional service (194J) including service tax (clarification)
- TDS on Rent (various circulars by department on tds on rent )
- Do and Dont's Tax deposit of Taxes
- E-payment of TDS mandatory from 01.04.2008
- E-Payment Auto Filler for Tds Challan
- E-Payment From Other Banks Account Allowed
- TDS challan ITNS 281 In excel &
- How to Fill TDS CHALLAN-ITNS 281
- How To pay Income Tax/Tds Online FAQ
- Nil TDS on Transporter and others to be reported in ETDS quarterly returns
- TDS changes by Budget 2012 (detailed)
- TCS changes by Budget 2012(detailed)
- TDS on rent section 194-1 brief notes, circular, notification and case laws
TDS rates and TCS rates in Fy 2012-13 (Budget 2012)
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