ADVANCE TAX SELF ASSESSMENT TAX TDS/TCS OTHER MODES

Certain Expenditure Paid to Certain Person Beyond Certain Limit In a specific period Is subjected to TDS

SALARIES

Applicable to: Employees having Taxable Salary .(IF THE SALARY AFTER DEDUCTIONS IS MORE THAN THE BASIC EXEMPTION LIMIT)

Person Responsible to Deduct: Any person responsible for paying any income chargeable under the head “SALARY”.

The liability to deduct TDS on Salaries is on “PAYMENT BASIS” but not on due basis.

Consider All Income; and ‘Loss only from House Property’

(if declare by Employee to Employer)

AMOUNT OF TDS: Prescribed for the financial year in which the payment to employees is made

CERTIFICATE: TDS certificate will be given to the

employee in Form 16 annually on or before May 31 after the end of the financial year.

AN EXAMPLE SHEET IS PROVIDED FOR YOUR

IMMIDIATE REFERANCE

EC and SHEC on TDS: During the F.Y. 2012-13, EC (2%) and SHEC (1%) will be applicable in the following cases-

1.Tax deducted from payment of SALARY (where recipient is resident or non- resident).

If the recipient does not furnished his PAN to the deductor, tax will be deducted at the normal rate or at the rate of 20% (W/H)

FORM 24Q

OTHER THAN SALARIES

Person Responsible to Deduct Tax: Any ‘SPECIFIC PERSON’ other than Individual, HUF who not subject to Tax Audit.

Rate: 1% where payment is made to individual or HUF

2% where payment is made or credited to any other

entity

No TDS:Single payment is less than Rs.30,000/-Sum Aggregate paid in financial year is less than

Rs.75,000/-If recipient is transport operator and has furnished his

PAN to the payer, TDS rate is “NIL”

The term ‘WORK’ includes: Advertising Broadcasting and Telecasting Carriage of goods & passengers Catering Manufacturing or supplying a product according

to specification of customers by using material purchase from such customer.

Tax shall be deducted at source- On the invoice excluding the value of material if

such value is mentioned separately in the invoice.

On whole invoice value, if value of material not mentioned seperatly.

TDS is on Gross amount inclusive of Service Tax.

Person Responsible for Deduction: All Assessee except Individual, HUF who are not subjected to Tax Audit

Rate: On plant, Machinery or equipment 2%Land, building, furniture or fittings 10%

No TDS: Aggregate amount of Rent paid (or) credited does not exceed Rs.1,80,000.

Time: Credit (or) Payment which ever is earlier.

“Rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or

arrangement for the use of any, Land, building, land appurtenant to a building, machinery, plant, equipment, furniture, fittings.

Any deposit given by the tenant which is adjustable against “future rent” in the nature of “advance rent” will be subjected to TDS

Tax to be deducted on non-refundable deposit and “no” TDS on “refundable deposit”.

Any person not being an individual or HUF who is responsible for paying to a resident any sum by way of:

Professional Services Fee Technical Services Fee Royalty Fee Payment Refund U/s 28(1)(Va)

Rate: 10%

No TDS: Aggregate payment does not exceed Rs.30,000/-TDS is on Gross amount inclusive of Service Tax.Time: Credit (or) Payment which ever is earlier.

FORM 26Q

Sr. No.

Different Situation Time of Deposit TDS

1. Tax deducted by an office of the Govt. and tax is paid without production of income-tax challan

On the same day on which tax is deducted

2. Tax is deducted by an office of the Govt. and tax deposit is accompanied by an income-tax challan

On or before 7 days from the end of the month in which tax is deducted

3. Tax is deducted by person (not being an office of the Government)

•Where income or amount is paid or credited in the month of March: Tax should be deposited by April 30• Where income or amount is paid or credited before March 1: Tax should be deposited within 7 days from the end of the month in which tax is deducted.

Filling Quarterly Statements.

Quarter Due date30th June 15th July.30th Sep 15th Oct.31st Dec 15th Jan.31st March 15th June.

The person is said to be default in respect of following non- compliance:

Non/short deduction of tax at source.

Non/Short payment of tax payable.

The person responsible for Tax Deduction at Source shall be deemed to be assessee in default and liable to pay simple interest if he:

Does not deduct the whole (or) Part of Tax. Fails to Remit to Government.

Sr. No.

Period of Default Rate of Interest

1. From the date the tax was deductible to the date on which such tax is deducted

1% p.m. or part of the month

2. From the date on which such tax is deducted to the date on which such tax is actually paid.

1.5% p.m. or part of the month

TDS and amount of Interest shall be charge up on all the assets of the person or company responsible to deduct and remit tax

DOWNLOAD THE RPU (RETURN PREPARATION UTILITY) FROM THE WE SITE OF NSDL

https://www.tin-nsdl.com/etds-etcs/etds-rpu.php

PAGE – 1 FROM

PAGE – 2 CHALLAN

PAGE – 3 ANNEXURE

DETAILS OF DEUCTOR DETAILS OF PERSON RESPONSIBLE FOR

DEDUCTION(AUTHORISED OFFICER) FOR GOING DOWN USE THE SCROLL

BOTTON AT THE TOP RIGHT

CLICK ON INSERT ROWS TYPE THE NO PRESS ENTER

ONLY TDS COLUMN OTHER COLOUMNS ONLY IF NEEDED

LIKE IF PAYMENT IS MADE LATE WE HAVE TO

ENTER THE DETAILS OF THE INTEREST ETC.,

COL NO 19 NO (WE ARE NOT PAYING BY BOOK ADJUSTMENT)

COL NO 22 SELECT THE CODE 200 (CODE 400 ONLY WHEN TAX IS PAID AFTER NOTICE FROM IT DEPT)

IF WE ARE DEPOSITING TDS OF 4 PERSONS FOR ALL THE FOUR PERSONS THE CHALLAN NO SHALL BE 1

EXAMPLE TDS OF RS. 2500 IS DEDUCTED FOR FIVE PEOPLE SELECT CHALLAN NO 1 FOR ALL THE FIVE PERSONS

FOR SALARIES 192A FOR CONTRACTORS SECTION 194C FOR PROFESSTIONALS SECTION 194J FOR RENT SECTION 194I

GIVE THE SERIAL NO FROM 1 TO…. DEPENDING UPON THE NO OF PARSONS FOR EACH CHALLAN(IF ONE CHALLANHAS 5 PERSONS TDS AMOUNT GIVE 1…5 )

FOR THE CHALLAN NO 2 AGAIN START GIVING NO FROM 1TO …..

COL NO 3, 4 AND 5 FROM THE CHALLAN PAGE

SAVE : TO SAVE THE DATA ENTERED IN THE FORM

OPEN: TO OPEN A SAVED TDS FILE AND A CONSOLIDATED FILE OF EARLIER TDS RETURN

CREATE: TO CREATE THE FVU FILE (FILE VALIDATION UTILITY)

FILL THE RPU FORM IN TOTAL DOWNLOAD THE CHALLAN STATUS FILE

WITH NSDL A CHALLAN STATUS FILE IS THE FILE OF

CHALLANS PAID BY US IN THE BANK AND SAME IS SENT BY THE BANKER TO THE NSDL

https://tin.tin.nsdl.com/oltas/ IN THE TDS RETURN BOTH SHALL MATCH

ENTER THE TAN NO

SELECT THE PERIOD FOR CSI FILE

THEN CLICK ON DOWNLOAD CHALLAN FILE

ROW-1: SELECT THE CSI FILE

ROW-2: FOR CORECTION (NOW #NA#)

ROW-3: PATH OF THE FVU

CLICK ON THE VALIDATE BUTTON AND WAIT FOR A WHILE. THE FILE WILL SHOW THE STATUS OF VALIDATION. IF THERE ARE ANY ERRORS IN THE VALIDATION, IT WILL SHOW THE SAME IN THE THIRD PATH WE HAVE SELECTED

CORRECT THE ERROS AND REPEAT THE SAME TILL WE GET SUCCESSFUL VALIDATION.

ALWAYS THE DATE OF PAYMENT AND THE DATE OF DEDUCTION SHALL BE SAME

BECAUSE IF THERE IS DELAY IN THE PAYMENT WE HAVE TO PAY PENALITY

IT IS THE FORM OF THE PERSON RESPONSIBLE FOR DEDUCTIN GIVING THE DECLATION AS THE THE TRUTHUFULNESS OF THE INFORMATIN INCLUDED IN THE TDS RETURN

THE FVU (FILE VALIDATION UTILITY)

AND FORM 27A IS TO BE TAKEN TO THE NEAREST TIN FECILITATION CENTRE (NSDL)

THEY WILL UPLOD THE TDS RETURN FEE RS .35 FOR BELOW 100 RECORDS

RS. 200 FOR ABOVE 100 RECORDS (SUBJECT TO REVISOIN

CONTACT STATE PROJECT OFFICE

MR. CHANDRA MOHAN

7 3 8 6 6 7 4 6 4 3

-By Chandra Mohan Goulikare-mail ID: goulichandu@gmail.com