tds gourav

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PRESENTED BY- GOURAV GUPTA

50/MBA/10MBA 3RD SEMKATHUA CAMPUUNIVERSITY OF

JAMMU

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Tax Deducted at Source or best known TDS is one of themodes of collecting Income-tax from the assesses in India.This is governed under Indian Income Tax Act, 1961, by theCentral Board for Direct Taxes (CBDT) and is part of theDepartment of Revenue managed by Indian Revenue Service(IRS), Ministry of Finance, Govt. of India

In simple terms, TDS is the tax getting deducted from the

person amount (Employee/Deductee) by the personpaying such amount (Employer/Deductor).

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SECTION 193INTEREST ON SECURITIES

Person Responsible to Deduct : Central & StateGovernment, Local authority , Company etc.,

To Payee: Any Person being residentRate: Tax Rate.

Listed Debentures 10% + 10% + 3%

Non-Listed Debentures 20% + 10% + 3%Domestic Company 20% + 10% + 3%

Exemption:Dematerialized listed SecuritiesIssued by company where in public are substantially

interestedAmount does not exceed Rs.2500/-Time of Deduction: Credit (or) Payment which ever isearlier

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SECTION 194TDS ON DIVIDEND

Applicable to: Indian Company (or) Company which paysdividend as u/s 2(22)(e)Exemptions:

Dividend tax paid u/s 115-ODividend paid which is less than 2,500/-

Time of Deduction: At the time of making payment.Time of Deposit: With in 7 days.

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TDS ON INTEREST OTHERTHAN INTEREST ON

SECURITIESApplicable to:All Assesses other than Individual, HUF whose accounts

are not subjected to Tax Audit.Amount paid to Resident

Rate: Tax Rates.Paid to Non Corporate Assessee 10% + 10% +3%Paid to Corporate Assessee 20% +

10% +3%

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No TDS:

Up to Rs.10,000/- if paid by Banking Company Corporative Society engaged in banking business Senior Citizen in savings scheme

In other Cases up to Rs.5000/-

Time:Credit (or) Payment which ever is earlierNEXT
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SECTION 194BWINNING FROM LOTTERY,

CROSS WORD PUZZLE, ETCPerson Responsible to Deduct: Any person paying the sum byway of Winning Lottery, Cross Word, Puzzles,

Card Games.Category of Payee : Applicable to all Assesses.Rate of deduction : 30% + 10% + 3%.Limit : Each payment exceeding Rs.10,000/-

Time of Deduction : Before realizing the Prize.NEXT
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SECTION 194C

TDS ON CONTRACTSPerson Responsible to Deduct Tax: Any SPECIFIC PERSONother Individual, HUF who not subject to Tax Audit.Category of Payee: Resident assesses.Rate of Deduction:

Advertisement 1%Contractor 2% + 10% + 3%Sub-contractors 1% + 10% + 3%

No TDS:Single payment is less than Rs.20,000/-

Sum Aggregate paid in financial year is less thanRs.50,000/-
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Meaning of ContractThe term WORK includes Advertising,

Broadcasting, Telecasting including Productionof programs from such Broadcasting andTelecasting.

Service contract means services other than those

specifically covered in 194J.

Material Contract where principal contract isfor work and labour but not for sale of material.

Catering contract.

Transport contract for goods carriage other thanRailways.

t
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xempte rom194C

Contract for Hiring or Renting Equipments.Sale of Goods.Works executed under National Rural Employment

Program.Payment to Airlines or Travel Agents.Small Transporters.

TDS is on Gross amount inclusive of Service Tax.
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SECTION 194DTDS ON INSURANCE

COMMISSIONPerson Responsible for Deduction: Insurance Company.Category of Payee : Resident assessee.Rate:

Non-corporate Assessee 10% + 10% +3%

Domestic Company 20% + 10% + 3%Exemption Limit: Aggregate amount exceedingRs20,000/-

NEXT

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SECTION 194I

TDS ON RENTPerson Responsible for Deduction: All Assessee exceptIndividual, HUF who are not subjected to Tax AuditCategory of Payee: Resident assessee.Rate:

If payee is an Individual, HUF 15% + 10%+3%In other case 20% +10% +3%Machinery (or) Plant 10% + 10% + 3%

No TDS:

Aggregate amount of Rent paid (or) credited doesnot exceed Rs.1,20,000.The Payee is Government (or) Local Authority.

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

SECTION 194J
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SECTION -194JTDS ON PROFESSIONAL

FEEPerson Responsible for Deduction: All assessee exceptIndividual, HUF who are not subjected to Tax Audit.Category of Payee: Resident assessee.Payment:

Fee Professional ServicesFee Technical ServicesFee RoyaltyPayment Refund U/s 28(1)(Va)

Rate: 10% + 10% + 3%No TDS:

Aggregate payment does not exceed Rs.30,000/-

Reimbursement of Actual expenses to be includedin Professional charges

TDS is on Gross amount inclusive of Service Tax.NEXT
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TDS ON COMPENSATION

ON CERTAIN IMMOVABLEPROPERTIESNature of Payment: Paying compensation (or) enhancecompensation, consideration on account of compulsory

Acquisition under any law other than Agricultural Land.Category of Payee : Resident assesses.Rate : 10% + 10% + 3%.vAggregate payment does not exceed Rs.100,000/-

NEXT

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SECTION 194E

NON-RESIDENT SPORTMANCategory of Payee: Income to a Non-Resident foreigncitizen by way of

Participating in India in any game other than cardgame, gambling.Advertisement.Contribution of articles relating to any game or

sport in India in Newspapers, Magazines, Journals

Rate: 10% + 10% +3%NEXT

NON - RESIDENTS
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Due Date for remittance of

Tds and Quarterly returnIn case of deduction by or on behalf of the government payment onthe same day.If the amount is credited on the last day of the accounting yearpayment within 2 months from the end of the month in which it iscredited.In other cases within 1week from the last day of the month of taxdeducted.Filling Quarterly Statements.Quarter Due date

30th June 15th July.30th Sep 15th Oct.

31st Dec 15th Jan.31st March 15th June.

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Section 191assessee in default

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.NEXT

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Section 220

Interest on TdsThe person responsible for Tax Deduction at Source shall bedeemed to be assessee in default and liable to pay interest if

he:

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

Rate: 1% for every month or Part of a month.

Period:From date of deduction to the date of actual payment.

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Failure to RemitTDS and amount of Interest shall be charge up on all the

assets of the person or company responsible to deduct andremit tax

Sec Nature of Default Penalty271C Failure to deduct whole/part of TDS Amount equal to Tax

272A(2) Failure to file the Return Rs.100/- per day of delaybut less than Tax liability

272A Failure to issue TDS certificate Rs.100/- per day of delaybut less than Tax liability

Prosecution

276B Failure to pay Tax Deducted atSource

Rigorous Imprisonment for3 months to 7 years

Penalit

y

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TDS IN TATA

BASIC OR FIRST PAGE OF SAP OF TTL FOR BOOKING OF VENDORS CLAIM AND

TDS DEDUCTION

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4/28/12 IN 2ND STEP VENDORS CODE ALONG WITH INVOICE ISENTERED

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4/28/12 Entering cost center

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4/28/12 In this step home bank acc no isentered

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4/28/12 BUSINESS AREA ISENTERED

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4/28/12 Tax and surcharge invoice

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4/28/12 Document overview

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4/28/12 g/l acc item

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4/28/12 DISPLAYDOCUMENT

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TDSCERTIFICATE

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THANKY

OU

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