134466_20150402154108_frequently_used_tds_rates_for_fy_2015_16_ay_2016_17_
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Prepared by : CA. ANKIT GAJJAR | B.Com, FCA, DISA (ICAI) (M) 9998494429 | Email : [email protected] Frequently Used TDS Rates & Related Provisions ‐ Financial Year 2015‐2016 (AY 2016‐2017) Sections Individual / HUF Others 194A 10% 10% 194C 1% 2% 194C Nil Nil Contractors (including advertising, sub‐contractor & transporter other than covered below) Rs.30,000 per pmt or Rs.75,000 p.a. Transport Contractors who owns ten or less goods carriage at any time during the year and furnishes PAN (w.e.f. 1‐6‐2015) Nil Nature of payment Payment in excess of Interest other than from a Banking Co. Rs. 5,000 p.a. 194D 10% 10% 194H 10% 10% 194I 10% 10% 194I 2% 2% 194IA 1% 1% Transfer of Immovable Property other than Agriculture Land Rs. 50,00,000 Commission or Brokerage Rs. 5,000 p.a. Rent of Land or Building (including factory building) or Furniture or Fittings Rs. 1,80,000 p.a. Rent of Plant & Machinery and Other Equipments Rs. 1,80,000 p.a. Insurance Commission Rs. 20,000 p.a. 194IA 1% 1% 194J 10% 10% 194J(1)(ba) 10% 10% Note ‐1: No surcharge and education cess to be added while deducting TDS Note ‐2: As per Section 206AA, TDS is required to be deducted @ 20% if the deductee does not possess OR fails to furnish PAN No. Note ‐3: Cir No. 1/2014 dt. 13.01.2014 ‐ TDS to be deducted on amount without including service tax component if in terms of agreement/contract, it is indicated separately. Payment for professional services, technical services & royalty (Note‐4) Rs.30,000 p.a. Any payment to directors other than those on which TDS is deductable u/s 192 ‐ Note ‐4: Notification no. 21/2012 dt. 13.06.2012 ‐ TDS is required to be deducted on acquisition of software u/s 194J if condition stated therein are not satisfied. Payment e‐Return filing Issue of Certificate Payment e‐Return filing Issue of Certificate April ‐ 2015 07.05.2015 Interest @ 1% p.m. from date of Months Due Dates Forms Events Consequences th May ‐ 2015 07.06.2015 June ‐ 2015 07.07.2015 July ‐ 2015 07.08.2015 Aug ‐ 2015 07.09.2015 Sep ‐ 2015 07.10.2015 Fails to deduct / deposit TDS Interest @ 1% p.m. from date of deductible to deducted And @ 1.5% p.m. from date of deducted to date of deposit 15 th Oct, 2015 30 th Oct, 2015 (Other than salary) Fess @ Rs. 200 per day subject to max. amount of TDS 15 th July, 2015 30 th July, 2015 (Other than salary) Challan No. 281 • Salary : Form 24Q • Others than Salary : Form 26Q • Salary : Form 16 • Others : Form 16A Sep 2015 07.10.2015 Oct ‐ 2015 07.11.2015 Nov ‐ 2015 07.12.2015 Dec ‐ 2015 07.01.2016 Jan ‐ 2016 07.02.2016 th 30 th May, 2016‐ Others Provide incorrect detail in TDS Penalty : Fails to furnish TDS Return max. amount of TDS Penalty is also applicable if fails to furnish TDS Return even after one year from due date 15 th Jan, 2016 30 th Jan, 2016 (Other than salary) Note: e‐payment of TDS is compulsorily for companies and those covered Form 26Q Note: Compulsory to generate Form‐ 16A and Form‐ 16(Part‐A) from TRACES Website Feb ‐ 2016 07.03.2016 March ‐ 2016 30.04.2016 Note : For payment of TDS on Transfer of Immovable Property other than Agri. Land, Form‐26QB Challan‐cum‐TDS Statement is applicable and issue Form‐16B for TDS Certificate. 15 th May, 2016 Others 31 th May, 2016‐ Salary detail in TDS return Min. ‐ Rs. 10,000 Max. ‐ Rs. 100,000 Disclaimer : This chart contains only frequently used TDS rates on payments to residents & related provisions and is intended for knowledge sharing purpose only. Before making any decision users are requested to refer the provisions of Income Tax Act, 1961 and should consult professional advisor in this regards. While every effort has been made to ensure accuracy of information contained in this chart, we assume no responsibility or any liability whatsoever for any direct or consequential loss howsoever arising from any use of this chart or its contents or otherwise arising in connection herewith those covered under tax audit. TRACES Website. liability whatsoever, for any direct or consequential loss howsoever arising from any use of this chart or its contents or otherwise arising in connection herewith.
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Transcript of 134466_20150402154108_frequently_used_tds_rates_for_fy_2015_16_ay_2016_17_
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Preparedby:CA.ANKITGAJJAR|B.Com,FCA,DISA(ICAI) (M)9998494429|Email:[email protected]
FrequentlyUsedTDSRates&RelatedProvisionsFinancialYear20152016(AY20162017)Sections Individual/HUF Others194A 10% 10%194C 1% 2%
194C Nil Nil
Contractors(includingadvertising,subcontractor&transporterotherthancoveredbelow) Rs.30,000perpmtorRs.75,000p.a.TransportContractorswhoownstenorlessgoodscarriageatanytimeduringtheyearandfurnishesPAN(w.e.f.162015)
Nil
Natureofpayment PaymentinexcessofInterestotherthanfromaBankingCo. Rs.5,000p.a.
194D 10% 10%194H 10% 10%194I 10% 10%194I 2% 2%194IA 1% 1%TransferofImmovablePropertyotherthanAgricultureLand Rs.50,00,000
CommissionorBrokerage Rs.5,000p.a.RentofLandorBuilding(includingfactorybuilding)orFurnitureorFittings Rs.1,80,000p.a.RentofPlant&MachineryandOtherEquipments Rs.1,80,000p.a.
InsuranceCommission Rs.20,000p.a.
194IA 1% 1%194J 10% 10%
194J(1)(ba) 10% 10%Note1:NosurchargeandeducationcesstobeaddedwhiledeductingTDSNote2:AsperSection206AA,TDSisrequiredtobededucted@20%ifthededucteedoesnotpossessORfailstofurnishPANNo.Note3:CirNo.1/2014dt.13.01.2014TDStobedeductedonamountwithoutincludingservicetaxcomponentifintermsofagreement/contract,itisindicatedseparately.
p y g , ,Paymentforprofessionalservices,technicalservices&royalty(Note4) Rs.30,000p.a.AnypaymenttodirectorsotherthanthoseonwhichTDSisdeductableu/s192
/ g p g / , p yNote4:Notificationno.21/2012dt.13.06.2012TDSisrequiredtobedeductedonacquisitionofsoftwareu/s194Jifconditionstatedthereinarenotsatisfied.
PaymenteReturnfiling
IssueofCertificate
PaymenteReturnfiling
IssueofCertificate
April2015 07.05.2015 Interest @ 1% p.m. from date of
MonthsDueDates Forms
Events Consequences
thMay2015 07.06.2015June2015 07.07.2015
July2015 07.08.2015Aug2015 07.09.2015Sep 2015 07.10.2015
Failstodeduct/depositTDS
Interest@1%p.m.from dateofdeductibletodeducted
[email protected]%p.m.fromdateofdeductedtodateofdeposit
15thOct,2015 30thOct,2015
(Otherthansalary)[email protected]
max. amount of TDS
15thJuly,2015 30thJuly,2015
(Otherthansalary)ChallanNo.
281 Salary:Form24Q
OthersthanSalary:
Form 26Q
Salary:Form16
Others:Form16A
Sep 2015 07.10.2015
Oct2015 07.11.2015Nov2015 07.12.2015Dec2015 07.01.2016
Jan2016 07.02.2016th
30thMay,2016Others
Provideincorrectdetail in TDS
Penalty:
FailstofurnishTDSReturn
max.amountofTDS
PenaltyisalsoapplicableiffailstofurnishTDSReturnevenafteroneyear
fromduedate
15thJan,2016 30thJan,2016
(Otherthansalary)
Note:epaymentof
TDSiscompulsorilyforcompaniesandthose covered
Form26QNote:
CompulsorytogenerateForm16AandForm16(PartA)fromTRACES WebsiteFeb2016 07.03.2016
March2016 30.04.2016Note:ForpaymentofTDSonTransferofImmovablePropertyotherthanAgri.Land,Form26QBChallancumTDSStatementisapplicableandissueForm16BforTDSCertificate.
15thMay,2016 Others31thMay,2016
Salary
detailinTDSreturn
Min.Rs.10,000Max.Rs.100,000
Disclaimer:ThischartcontainsonlyfrequentlyusedTDSratesonpaymentstoresidents&relatedprovisionsandisintendedforknowledgesharingpurposeonly.BeforemakinganydecisionusersarerequestedtorefertheprovisionsofIncomeTaxAct,1961andshouldconsultprofessionaladvisorinthisregards.Whileeveryefforthasbeenmadetoensureaccuracyofinformationcontainedinthischart,weassumenoresponsibilityoranyliability whatsoever for any direct or consequential loss howsoever arising from any use of this chart or its contents or otherwise arising in connection herewith
thosecoveredundertaxaudit.
TRACESWebsite.
liabilitywhatsoever,foranydirectorconsequentiallosshowsoeverarisingfromanyuseofthischartoritscontentsorotherwisearisinginconnectionherewith.
