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Wednesday, July 25, 2012

TDS under various provisions - Compliance under income Tax Laws


TDS under various provisions 
a) Salary- (Sec-192) Compliance be made within seven days from end of the month in which TDS is deducted & in case of March provision within seven days of deduction.

Consequences of non-compliance- Interest u/s.201(1)

b) Interest (other than "Interest on securities") (Sec- 194A) -  TDS must be deducted within seven days from the end of the month in which TDS is paid before 31st March deducted & in case of provision on 31st March, it is payable on or before 31st  May.

Consequences of non-compliance- Interest u/s.201(1) & if not interest u/s.201(1), the corresponding expense is disallowed u/s.40a(ia) & in case of failure prosecution proceedings attracted.  

c) Commission or Brokerage (Sec-194H) - Compliance within seven days from the end of the month in which TDS is deducted paid before 31st March & in case of provision on 31st March, it is payable on or before 31st May.    
Consequences for non-compliance- Interest u/s.201(1), & if not paid before 31st March or 31st May the corresponding expense is disallowed u/s.40a (ia) & in case of failure prosecution proceedings attracted

d) Rent (Sec-194I) - Within seven days from the end of  the month in which TDS is deducted & in case of provision on 31st March, it is payable on or before 31st May. 

Consequences for Non-Compliance: Interest u/sec.201(1), & if not paid before 31st March or 31st May, the corresponding expense is disallowed u/s.40a(ia) & in case of failure prosecution proceeding attracted.

e) Payments to Contractors (Sec-194C)Within seven days from the end of the month in which TDS is deducted & in case of provision on 31st March, it is payable on or before 31st May. 
Consequences for non-compliance - Interest u/sec.201(1), & if not paid before 31st March or 31st May, the corresponding expense is disallowed U/s.40a(ia) & in case of failure Prosecution proceedings attracted. 

f) Fee for Professional or Technical services (Sec-194J)- Within seven days from the end of the month in which TDS is deducted & in case of provision on 31st March, it is payable on or before 31st May.      

Consequences of non-compliance - Interest u/sec.201(1), & if not paid before 31st March or 31st May, the corresponding expense is disallowed u/sec.40a(ia) & in case of failure prosecution proceedings attracted.

g) Payment to NRI (Sec-195)- If tax is not deducted then salary & interest is disallowed u/sec.40a.

h) Quarterly of  filing E-TDS -Within 15 days from the end of each quarter except in case of March quarter for which due date is 15th June  

Consequence of non-compliance -  If not paid within due date, penalty is levied of Rs. 100/-for everyday from the due date till the date of filing quarterly return.

i) Payment of Advance Tax - before 15th june-30%, 15th sept.- 45%, before 15th Dec-75%., before 15th March-100% & if not paid Interest u/sec.234B & 234C is payable.

j) Payment of Advance Fringe Benefit Tax (FBT) - before 15th june-30%, 15th sept-45%, before 15th Dec-75%,before 15th March-100% and it not paid then interest payable u/sec.234B & 234C.                                                     

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