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

admin — Wed, 21 Mar 2012 06:54:56 +0000

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 %
		Nature of Payment in brief	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
14	194I	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 %
Sl.No.	Nature of Goods	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 15^th May (from earlier 15^th 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.	30^th June	15^th July of the financial year
2.	30^th September	15^th October of the financial year
3.	31^st December	15^th January of the financial year
4.	31^st 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 31^st 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.

New Changes in TDS Certificate – announced by IT Dept.

admin — Wed, 25 Aug 2010 09:24:03 +0000

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

admin — Sat, 05 Jun 2010 07:57:18 +0000

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.	30^th June	15^th July of the financial year
2.	30^th September	15^th October of the financial year
3.	31^st December	15^th January of the financial year
4.	31^st 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 31^st 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.	30^th June	15^th July of the financial year
2.	30^th September	15^th October of the financial year
3.	31^st December	15^th January of the financial year
4.	31^st March	15th May of the financial year immediately following the financial year in which deduction is made