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In accordance with the Taxation Act of 1961, the indirect tax deduction known as TDS (Tax Deducted at Source) is used to generate income. Charge is deducted by the payer and is dispatched to the public authority by him for the benefit of the beneficiary. A TDS Return might be a quarterly statement that needs to be sent to India's tax department. If you are a deductor, you must submit your TDS Return. It has subtleties of TDS deducted and put away by you.
|Section||Particulars||TDS Rates in %||Threshold limits|
|192||Salary||As per the rates of Income Slab||As per the rates of Income Slab|
|192A||Payment of accumulated balance of provident fund which is taxable in the hands of an employee||10||–|
|193||Interest on securities|
|a) Interest on Securities||10||Nil|
|b) Interest on Debentures;||10||Nil|
|194||Dividend (other than the listed companies)||10||Nil|
|194A||Income by way of interest other than interest on securities||10||Rs. 5,000|
|194B||Winnings from lotteries/ puzzles/card games.||30||Rs. 10,000|
|194BB||Income by way of Winnings from horse races||30||Rs. 5,000|
|194C||Payment to contractor/sub- contractor a) HUF/Individuals b) Others||1 2||Rs. 30,000|
|194D||Insurance commission||5||Rs. 20,000|
|194DA||Payment in respect of life insurance policy||1||–|
|194EE||Payment of NSS Deposits||10||Rs. 2,500|
|194F||Payment on account of repurchase of unit by Mutual Fund or Unit trust of India||20||Nil|
|194G||Commission on sale of lottery tickets||5||Rs. 1,000|
|194H||Commission or brokerage||5||Rs. 5,000|
|194-I||Rent a) Plant & Machineryb) Land or building or furniture or fitting||2 10||Rs. 1.8 lakhs|
|194-IA||Payment on transfer of certain immovable property other than agricultural land||1||–|
|194-IB||Payment of rent by individual or HUF not liable to tax audit||5||–|
|194-IC||Payment of monetary consideration under Joint Development Agreements||10||–|
|194J||Any sum paid by way of||10||Rs. 30,000|
|194LA||Payment of compensation on acquisition of certain immovable property||10||Rs. 1 lakh|
|194LBA||Income distribution by a Business Trust u/s 115UA||10||–|
|194LBB||Income distribution by a Investment Fund u/s 115UB||10||–|
|194LBC||Income distribution by a Securitisation Trust u/s 115TCA||25% in case of Individual or HUF 30% in case of other individual||–|
|Any other Income||10||–|
On NSDL, you can select Challan 281 and use net banking to make the payment online. Before the TDS return can be filed, these payments need to be made. E-installment is necessary for all Corporate surveys and non-corporate assessees who are responsible for review u/s 44AB. Challan 281 can be used to make a physical payment at the authorized bank branch.
Each individual deducting charge according to arrangements of segment 203 is expected to give a testament to the payee in regard of duty deducted by him alongside specific different points of interest. The name of this certificate is TDS Certificate. TDS certificates are issued by even banks that deduct TDS from pensions.
Different kinds of TDS certificates that can be given out:
Salaries: The TDS Payment, tax deducted at source, and tax calculation based on which TDS was estimated are all required to be included in the Certificate on Form 16. The certificate ought to be given out by May 31 of the following fiscal year.
Non-Salary Benefits: Form 16A, which details the payment and the tax deducted at source, will be used to issue the certificate. Within 15 days of the return's due date, the certificate should be issued.
TCS: Endorsement to be given in Structure 27D containing the Assessment Gathered and Paid subtleties. There will be a Rs. penalty if a certificate is not given out. 100 for each day the disappointment go on yet restricted to the TDS sum.
Once tax is deducted the deductor should deposit the tax deducted with Central Government within time limit specified in the table below :
|Type of Deductor||Payments made between April – Feb||Payments made in March|
|Government||Without Challan: Same day With Challan: On or before 7th of next month||Without Challan: Same day With Challan: On or before 7th of next month|
|Other than Government||On or before 7th of next month||On or before 30th April|
|Other than Government (payment u/s 194IA)||On or before 30th of next month||On or before 30th of next month|
It is a document that is attached to the notification that is going to be sent to the deductor. The deductor will receive notification via mail or postal mail, but a justification report must be downloaded from the portal.