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Due dates
for filing of TDS/TCS returns
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Due dates for filing of TDS/TCS returns are as below:
[Subject to Extension by the CBDT for specific quarters of a particular FY]
Late filing consequences
Fees for delay in furnishing the statements:
(refer section 234E of Income Tax Act)
Effective from 1st July 2012, any delay in furnishing the eTDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The late filing fee should be paid before filing such delayed eTDS statement.
Penalty for failure to furnish statements and
furnishing incorrect statements: (refer section 271H of Income Tax Act)
Failure to file eTDS statement delaying more than an year or
furnishing incorrect details in the statement filed like PAN, Challan and TDS
Amount etc, will result in a penalty ranging from Rs. 10,000 to one lac.
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Section
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Nature of income
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When to deduct
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Rate of TDS
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192
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Salary
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Monthly- at the time of payment where
estimated yearly net taxable salary exceeds tax free limit.
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On the average rates on the basis of per rates
for individuals.
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192A
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Payment of accumulated balance
due of Employees’ Provident Fund Scheme, 1952, to Employees
(w.e.f 01-06-15)
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when the amount of
payment or aggregate amount of payment exceeds Rs. 30,000/- |
10%
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193(See
note- 1 )* |
Interest on securities*a) any debentures or securities for
money issued by or on behalf of any local authority or a corporation
established by a Central, State or Provincial Act;b) any debentures issued by
a company where such debentures are listed on a recognised stock exchange
inaccordance with the Securities Contracts (Regulation) Act, 1956 (42 of
1956) and any rules made thereunder;
c) any security of the Central or State Government;
d) interest on any other security
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At the time of credit or payment, whichever is
earlier, when the amount exceeds Rs. 5,000/- |
10%
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194
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Dividends
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Before making payment
to’ shareholder, other than dividend declared U/s. 115-0, when amount exceeds Rs. 2,500/- |
20%
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194A
(See note- 2 to 5)* |
Interest other than
“Interest on securities” |
At the time of credit or payment, whichever is
earlier, when the amount exceeds Rs. 5,000/-. However, limit is Rs. 10,000/- in case of interest credited by banks including co‑operative banks to its members. |
10%
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194B /194BB
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Winnings from lottery, cross word puzzles card games, horse race,
games of any sort including T.V. Game Shows
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At the time of payment when it exceeds Rs. 5,000/- in other
games and Rs. 2,500/- in the case of horse race.
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30%
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194C(See
note- 6)* |
Payment to
contractors/ sub- contractors |
At the time of credit or payment,
whichever is earlier, when the amount of a particular contract exceeds
Rs. 30,000/- or the total
amount of contract during the whole year exceeds Rs. 75,000/- |
2% – For payments to
contractor/Sub-contractor who is not an Individual/HUF |
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1% – For payment to
contractor/Sub-contractor who is an Individual/HUF |
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194D
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Insurance Commission
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At the time of credit or payment,
whichever is earlier when the amount exceeds Rs. 20,000/-
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10%
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194DA
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Payment under life
insurance policy (including Bonus) |
At the time of payment when the
amount or the total amount during the whole year exceeds Rs. 1 ,00,000/-
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2%
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194H
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Payment of commission
brokerage |
At the time of credit or payment
whichever is earlier when the amount exceeds Rs. 5000/-
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10%
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194I (See note-7)
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Rent
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At the time of credit or payment,
whichever is earlier, when the amount exceeds Rs. 1 ,80,000/-
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10% – If rent is for land,
building or furniture |
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2% – If the rent is for
Machinery, Plant or Equipment |
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194J
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Any sum paid by way of a) Fee for professional services
,b) Fee for technical services
c) Royalty,
d) Remuneration/fee/commission to a director or
e) For not carrying out any activity in relation to any business
f) For not sharing any know-how, patent, copyright etc.
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At the time of credit or payment,
whichever is earlier, when the amount exceeds Rs. 30,000/-
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10%
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194IA ((See note-8)
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Payment on transfer of certain
immovable property other than agriculture land.
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At the time of credit or payment,
whichever is earlier, when the land is situated in specified
area when amount exceeds Rs. 50 lacs |
1%
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194LB
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Payment of interest on infrastructure
debt fund to non resident or foreign company
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At the time of credit or payment
whichever is earlier
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5%#
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194LBA
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Payment of distributed income to
resident unit holder by a business
trust and Payment of distributed income to non resident unit holder by a business trust |
At the time of credit or payment
whichever is earlier
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10%5%#
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194LBB (See note-10)
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Payment of distributed income to
unit holder in respect of units of an
investment fund (w.e.f 01-06-15) |
At the time of credit or payment
whichever is earlier
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10%
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194LC
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Payment of interest by an Indian
Company or a business trust in respect of money borrowed in foreign currency
under a loan agreement or by way of issue of long-term bonds (including
long-term infrastructure bond)
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At the time of credit or payment
whichever is earlier
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5%#
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194LD (See note-9)
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Payment of interest on rupee
denominated bond of an Indian Company or Government securities to a Foreign
Institutional Investor or a Qualified Foreign Investor
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At the time of credit or payment whichever is earlier
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5%#
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206C
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Collection on Sale of bullion and
Jewellery
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At time of sale, if sale
consideration is received in cash in excess of Rs. 2 Lacs
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1%
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# Surcharge,
education cess and secondary and higher education cess will be added to the above
tax rate, as applicable.
- See more at: http://taxguru.in/income-tax/tdstcs-rates-chart-financial-year-201516-assessment-year-201617.
Notes:
1. Securities includes listed as well as unlisted debentures
issued by companies in which public are substantially interested.
2. In case of interest payment on time deposits by
co-operative banks to its members the TDS Provision is applicable from 1-6-2015.
3. TDS provisions under Section 194A shall not apply to income
paid by way of interest on the compensation amount awarded by the Motor
Accidents Claims Tribunal where the amount of such income does not exceed Rs.
50000/- and further TDS on interest payment on compensation amount awarded by
Motor Accident Claim Tribunal is deductible at the time of payment instead of
accrual (WEF 01.06.2015)- Section
194A- Amendment in provisions related to TDS on interest
4. As per amended definition of
‘time deposits’ under section 194(3) it now includes include recurring deposits
also. This implies that now, interest on recurring deposits is also subject to
TDS.
5. Bankwise Income to be considered for TDS deduction on
time deposits instead of Branch- Section
194A- Amendment in provisions related to TDS on interest
6. a) From 01.06.2015 – If the payment is made to
contractor/sub contractor in transport business, no TDS shall be deducted at
source in the course of payment for plying, hiring or leasing goods carriages
if the contractor provides PAN Number and such contractor owns ten or less
goods carriage at any time during the previous year and furnishes a declaration
to that effect. (WEF 01.06.2015)- TDS deductible
on Payment to Transporters owing more than 10 goods carriage
b) Up to 31.05.2015– 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.
7. No
TDS deduction shall be made under section 194-I of the Act where the income by
way of rent is credited or paid to a business trust, being a real estate
investment trust (REIT), in respect of any real estate asset held directly by
such REIT. (wef 01-04-2015) – Read More-Tax
Regime for Real Estate Investment Trusts and Infrastructure Investment Trusts
8. In case of section 194LA, the sub-registrar shall register
the document only after the challan for payment of TDS is presented before him.
9. Concessional rate of 5% withholding tax on interest payment
under section 194LD will now be available on interest payable upto
30th June, 2017. – Extension
of eligible period of concessional tax rate U/s. 194LD
10. TDS on Income in respect of units of investment fund- New
section 194LBB to provide for TDS @ 10% on payments to a unit holder in respect
of units of Investment Fund u/s 115UB – Pass
through status to Category –I and II Alternative Investment Funds
11. Section 195 has been amended to provide furnishing of
information in Form 15CA and 15CB for payments to a non resident/foreign
company irrespective to the fact that whether or not those payments were
chargeable under Income tax Act. (wef 01-06-2015) – Rationalisation
of provisions relating to TDS and TCS
12. If the payment is made to a person (including non resident)
whose receipts are subject to TDS shall mandatory furnish his PAN to the
deductor (even though the deductee file a declaration in form no. 15G or 15H)
otherwise the deductor shall deduct the TDS at higher of the following rates-
– The applicable rate prescribed
in the Act or
– The rate mentioned in the
Finance Act or
– 20%
13. Surcharge on TDS on payments made
to non-resident person and company other than a domestic company
a) non-resident person (other than a
company)– The amount of tax so deducted shall be increased by a
surcharge at the rate of twelve per cent. of such tax, where the income or the
aggregate of such incomes paid or likely to be paid and subject to the
deduction exceeds one crore rupees .
b) company other than a domestic company–
The amount of tax so deducted shall be increased by a surcharge,-
·
at the rate of two per cent. of
such tax, where the income or the aggregate of such incomes paid or likely to
be paid and subject to the deduction exceeds one crore rupees but does not
exceed ten crore rupees;
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at the rate of five per cent. of
such tax, where the income or the aggregate of such incomes paid or likely to
be paid and subject to the deduction exceeds ten crore rupees.
c) Surcharge on tax is not deductible/collectible
at source in case of resident individual/ HUF /Firm/LLP/ AOP /
BOI/Domestic Company in respect of payment of income other than salary.
14. Education Cess on payments made to
non-resident person and company other than a domestic company
a) Non Resident & Foreign Companies–
“Education Cess on income-tax” and “Secondary and Higher Education Cess on
income-tax” shall continue to be levied at the rate of two per cent. and one
per cent. respectively, of income tax including surcharge wherever applicable.
b) Other Resident Assessees-
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.
15. NO TDS on service tax component
comprised in the payments made to residents – Circular No. 1/2014 , Dated 13-1-2014
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