Posts Tagged ‘Form 16A’

Post Union Budget 2012-13 TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

March 21st, 2012

The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below:

TDS Rates Chart Financial Year 2012-13 (Assessment Year 13-14)

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(applicable only if amount exceeds : (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) (Effective from 1 October 2012) NA  (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) (Effective from 1 October 2012) 1 1

TCS Rates for the FY 2012-13

TCS Rates for the Financial Year 2012-13 is tabulated below:

Sl.No. Nature of Goods Rates in %
01.04.2012 01.07.2012
1. Alcoholic liquor for human Consumption 1 1
2. Tendu leaves 5 5
3. Timber obtained under forest lease 2.5 2.5
4. Timber obtained by any mode other than a forest lease 2.5 2.5
5. Any other forest produce not being timber or tendu leaves 2.5 2.5
6. Scrap 1 1
7. Parking lot 2 2
8. Toll plaza 2 2
9. Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore  NA  1
11 Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)  NA  1

No Education Cess 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.

Surcharge on Income-tax - 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.

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are:

Sl. No. Date of ending of the quarter of the financial year Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No. Category Periodicity of furnishing TDS certificate Due date
1. Salary       (Form No.16) Annual By 31st day of May of the financial yearimmediately following the financial year in which the income was paid and tax deducted
2. Non-Salary(Form No.16A) Quarterly Within fifteen days from the due date for furnishing the ‘statement of TDS’

Due Date for Payment of March 2012 – The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

TIN-NSDL to provide TDS Certificate – Form 16A

July 15th, 2011

CBDT has recently vide Circular No. 3/2011 permitted issue of certificate for tax deducted at source (TDS certificate) with digital signature for TDS from income other than salary income (non-salary TDS) in Form 16A. The Deductors exercising this option need to download Form 16A from the Tax Information Network (TIN) website.

The new facility is available for issue of Form 16A from financial year 2010-11 onwards. The Circular states that Companies, Banks & Deductors engaged in banking business will need to mandatorily issue Form 16A downloaded from the TIN website from FY: 2011-12.

Visit www.tin-nsdl.com for more details

New Changes in TDS Certificate – announced by IT Dept.

August 25th, 2010

In the recent announcement as published in the NSDL-TIN web portal, from the FY 2010-11, instead of printing the Provisional Receipt No. (as provided in the Acknowledgement received on of submission of the TDS return), the Receipt No. is to be printed.

Receipt number to be quoted in Form 16/16A will be generated by TIN. The Receipt number will be generated for the quarterly TDS/TCS statements pertaining to FY 2010-11 and onwards uploaded to TIN. Receipt number generated will be of eight digits (alphabets) and will be applicable only for statements pertaining to FY 2010-11 and onwards. The Eight digit receipt number can be obtained by viewing the status of the quarterly TDS/TCS statement at under Quarterly Statement Status feature available at TIN website (www.tin-nsdl.com).

Receipt number provided by TIN is in addition to the provisional receipt number provided on acceptance/upload of quarterly TDS/TCS statement. Provisional receipt number will be referred as Token no for the statements pertaining to FY 2010-11 and onwards.

New Changes in TDS Rules – CBDT Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010

June 5th, 2010

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are:

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No.

Category

Periodicity of furnishing TDS certificate

Due date

1.

Salary (Form No.16)

Annual

By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

2.

Non-Salary
(Form No.16A)

Quarterly

Within fifteen days from the due date for furnishing the ‘statement of TDS’

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made