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TDS COMPLIANCES

Those person or entity pay any payment exceed the prescribed limit liable to deduct TDS on such payment .They have to get 10 digit TAN number from Income tax Authority and quoting such number at the time of TDS payment and TDS return.

Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent.

Payment Plan

TDS RETURN FILING

Person liable to deduct TDS on payment obtain the 10 digit alphanumeric TAN number from appropriate authority. Those entity have TAN number require to file TDS return, TDS return due quarterly and file of 30th of next month of every quarter in prescribed form.

TDS PAYMENT

  • Those entity deduct TDS must be deposit in authorised bank within due date, TDS will paid 5th of next month of every quarter in prescribed 281 form.
  • Entity should be deduct tds on the payment of salary, rent, contract ,sub contract , commission , professional fee, interest , etc at rate prescribe by government.
  • Rate chart for FY 2017-18

    Section

    Nature of income

    Rate of TDS

    192

    Salary

    On the average rates on the basis of per rates for individuals. (30% if no Valid PAN)

    192A

    Payment of accumulated balance due of Employees’ Provident Fund Scheme, 1952, to Employess which is taxable in their hand
    (w.e.f 01-06-15)

    10%

    (30% if no Valid PAN)

    193

    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 in accordance 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

    10%

    (20% if no Valid PAN)

    194

    Dividend other than the dividend as referred to in Section 115O

    10%

    (20% if no Valid PAN)

    194A

    Interest other than
    “Interest on securities”

    10%

    (20% if no Valid PAN)

    194B /194BB

    Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort and Income by way of winnings from horse races

    30%

    (30% if no Valid PAN)

    194C

    Payment to
    contractors/ sub-
    contractors

    2% – For payments to
    contractor/Sub-contractor
    who is not an
    Individual/HUF(20% if no Valid PAN)

    1% – For payment to
    contractor/Sub-contractor
    who is an Individual/HUF(20% if no Valid PAN)

    194D

    Insurance Commission

    10% from 01.04.2016 to 31.05.2016

    5% wef 01.06.2016)

    (20% if no Valid PAN)

    (Please refer Note

    194DA

    Payment under life
    insurance policy
    (including Bonus)

    2%

    (1% wef 01.06.2016)

    (20% if no Valid PAN)

    194E

    Payment to Non-Resident Sportsmen or Sports Association

    20%

    (20% if no Valid PAN)

    194EE

    Payment in respect of deposit under National Savings scheme (NSS)

    20% (1-April-2016 to 31-May-2016)

    10% (on or after 1-Jun-2016)

    (20% if no Valid PAN)

    194F

    Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India

    20%

    (20% if no Valid PAN)

    194G

    Commission on sale of lottery tickets

    10% from 01.04.2016 to 31.05.2016

    5% wef 01.06.2016

    (20% if no Valid PAN)

    194H

    Payment of commission
    brokerage

    10% from 01.04.2016 to 31.05.2016

    5% wef 01.06.2016

    (20% if no Valid PAN)

    194I

    Rent

    10% – If rent is for land,
    building or furniture(20% if no Valid PAN)

    2% – If the rent is for
    Machinery, Plant or
    Equipment(20% if no Valid PAN)

    194IA ((See note-8)

    Payment on transfer of certain immovable property other than agriculture land.

    1%

    (20% if no Valid PAN)

    194IB

    Rent payable by an individual or HUF not covered u/s. 194I (W.E.F. from 01.06.2017)

    Threshold limit Rs. 50,000/- per month. TDS to be deducted @ 5%

    194IC

    Payment of Consideration (not being in kind) under Joint Development Agreement or other similar agreement

    Threshold limit Rs. Nil TDS to be deducted @ 10% (Applicable from 01.04.2017)

    194J

    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.

    10%

    2% in case of payments received or credited to a payee, being a person engaged only in the business of operation of call center wef 01.06.2017.

    (20% if no Valid PAN)

    194K

    Income in respect of Units

    Omitted w.e.f 01.06.2016 as Section was non-operational.

    194L

    Payment of Compensation on acquisition of Capital Asset

    Omitted w.e.f 01.06.2016 as Section was non-operational

    194LA

    Payment on transfer of certain immovable property other than agricultural land

    (Read Note-8)

    10%

    (20% if no Valid PAN)

    194LB

    Payment of interest on infrastructure debt fund to non-resident or foreign company

    5%#

    (20% if no Valid PAN)

    194LBA

    Certain income from units of a business trust(applicable from 01.10.2014

    10% #

    (20% if no Valid PAN)

    194LBA

    194LBA – Certain income from units of a business trust to non-resident (applicable from 01.10.2014)

    5%#

    (20% if no Valid PAN)

    194LBB

    Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] shall deduct tax therefrom (with effect from 01.06.2015).

    10% from 1-April-2016 to 31-May-2016

    40% For Non Residents (1-Jun-2016 to 31-Mar-2017)

    30 % For Non Residents (on or after 1-Jun-2016 )

    (20% or Rate Applicable whichever is higher if no Valid PAN)

    194LC

    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)

    5%#

    Concessional rate of five per cent TDS on interest payment under this section will now be available in respect of borrowings made before the 1st July, 2020.

    194LD

    Payment of interest on rupee denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor

    5%

    196A

    Foreign comp unit holder of MF

    10 % In case of a Company

    20% In the case of a person other than a company

    196B

    Income from units (including long-term capital gain on transfer of such units) to an offshore fund

    10%

    (20% if no Valid PAN)

    196C

    Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)

    10%

    (20% if no Valid PAN)

    196D

    Income of FIIs from securities

    20%

    (20% if no Valid PAN)

PROCESS

  • Letsfiling.com help to file your TDS return and TDS payment at time, We provide free consultancy on Income tax return and Income tax payment we collect all document in our prescribed form
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