TDS Return is a daily statement submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid by the deductor to the Income Tax Authority
TDS Provisions are introduced with following intentions which are given below:
1) To ensure continuous flow of Revenue to Government
2) To check the practice of Tax Evasion among taxpayers
3) To ensure that maximum number of Persons file ITR (It is generally seen that persons whose TDS is deducted file ITR)
Lex N Tax Associates are providing Best TDS Return Filing in Delhi NCR or TDS Return Filing Service in Delhi NCR with experienced, experts and qualified staff who always ready to helps you.
Applicability of TDS Return Provision
Companies, LLP(Limited Liability Partnership) have to comply with TDS Returns Provisions irrespective of Amount of turnover however Individual , HUF shall have to deduct TDS if their turnover is Above 2 crore.
Section -192 (TDS on salary)
This section deals with TDS Provision related to Salary. Any person who is liable to pay salary to their employees shall have to deduct TDS as per slab rate as specified in Finance Act. At present slab rate is
Rs 0- to Rs 2,50,000
Rs 2,50,000/- to Rs 5,00,000/-
Rs 5, 00,000/- to Rs 10,00,000/-
Above Rs 10,00,000/-
Applicable Health & Education Cess is @ 3%
While deducting TDS on salary every employer shall have to Provide Deductions under Sec-80C – Sec 80U and for this employee have to submit Form -12BB which consist the details of all deduction under sec 80 C-Sec 80U
TDS under section 194C
TDS under section 194 –C deals with provisions related to TDS on payment to contractor Every person who is liable to make payment to contractor shall have to deduct TDS @1 % if the payment is made to Individual & HUF however TDS shall be deducted @ 2 % if payment is made to Company
TDS under Section 194 I
Every person who is liable to make payment of Rent shall have to deduct TDS @ 10% if the rent paid or payable during the year is more than Rs 240,000/- however in case of payment of rent on machine TDS shall be deducted @2%
TDS Under section -194 J
Every person who is liable to make payment of Professional fees TDS shall be deducted @ 10% if the amount paid or payable during the year is Rs 30,000/- however TDS On technical services shall be deducted @ 2% w.e.f from 01.04.2020
TDS under Section 194 –H
Every person who is liable to make payment of Commission TDS shall be deducted @ 5% if the amount paid during the year is more than Rs 15000/-
TDS under Section 194-D
Every person who is liable to make payment of Insurance Commission shall have to deduct TDS @ 5 % If the commission paid or payable during the year is more than Rs 15000/-
TDS under Section 193
This section deals with payment of Interest on Securities if the amount paid or payable during the year is more than Rs 5000/- and TDS shall be deducted @ 10 %
TDS under Section 194 –A
Every person who is liable to pay Interest other than interest on securities TDS shall be deducted @ 10 % provided amount paid or payable during the year is more than Rs 5000/-. The Rate of TDS shall be 10 %.
In case of banking company making payment of Interest on Term Deposit Tds shall be deducted @ 10 % provided amount paid or payable during the year is more than Rs 40000/- in case of Normal person and Rs 50000/- in case of senior citizen
TDS under Section 194-IA
Every person who is liable to make payment of purchases of property TDS shall be deducted@ 1% if the amount paid or payable during the year is more than Rs 50,00,000/-
No TDS shall be deducted in case of payment is made for Agriculture land in Rural area
Section -194 DA
This section deals with TDS on payment of Maturity amount of Insurance policy. TDS shall be deducted @ 5% if the amount paid during the year is more than Rs 1,00,000/-. TDS shall be deducted if exemption under section 10 (10D) of income tax act -1961 is not applicable
Section 194 IB
Every Individual or HUF making payment of Rent of more than Rs 50,000/- per month than TDS shall be deducted @ 5 % and TDS shall be deducted at the last month of financial year or last month of tenancy (Whatever the case may be)
In this section TDS shall be deposited by filling form 26QC available on TIN NSDL site
As per Section 203A every person who is liable to deduct TDS shall have to avail TAN no by Filling Form 49 B within 30 days from the date of applicability of TDS provisions.
TAN No is a 10 digit alphanumeric code issued by Income Tax Department to tax deductors
However Individual or HUF deducting TDS under Section 194 IA , 194 IB & 194IC there is no need to apply for TAN no
Payment of TDS
TDS payment online, Every person who is deducting TDS shall have to deposit TDS on monthly basis and TDS so deducted shall be deposited to government Upto 7th of next month however TDS for the month of March shall be deposited up to 30th April
In case of Default in payment of TDS interest shall be charged @ 1.5 % pm from the date of deduction of TDS to the date of payment of TDS (TDS payment online). We are here to give Best TDS Services in Delhi NCR
Every person who is liable to deduct TDS shall have to submit TDS return on quarterly basis and it should be submitted up to 31st of next month from the end of quarter. However TDS return for quarter ending March shall have to be submitted up to 31st May. We are providing TDS Services in Delhi NCR or TDS Return Filing Services in Delhi NCR, Lex N Tax always ready to solve your questions regarding what is tax deducted at source, TDS return filing, TDS Services in Delhi NCR, TDS payment online etc.
As per above mentioned if TDS Deductee has not submit PAN card than TDS shall be deducted @ 20 %
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