Student TDS AOSC · 2019-12-25 · THREE BASIC RULES OF TDS (4/5) 18th Dec 2019 CA PINKI KEDIA 8 DECLARE TDS Return Due date wef 1st jun 2016 Form 24Q, 26Q & 27Q 31st of succeeding

DISCLAIMER

CA PINKI KEDIA 1 18th Dec 2019

WHAT IS TDS ?/ PARTIES INVOLVED IN TDS

• Why to deduct? • Who should deduct? • When to deduct ? • Which payment/ receipt/ person is subject to TDS ?

• How to deduct? • What to do after deducting? • Deductor/ Deductee/ Bank/ Government.


THREE BASIC RULES OF TDS (1/5)

DEDUCT ‐‐‐‐ AS PER PROVISIONS OF CHAPTER XVIIB

DEPOSIT ‐‐‐‐ WITHIN DUE DATES

DECLARE ‐‐‐‐ BY FILING TDS STATEMENT

18th Dec 2019 3 CA PINKI KEDIA



DEDUCT

As per Provision of Ch. XVII‐ B Contact seniors in your office in Doubts Avoid Penal Provisions Avoid Prosecutions

18th Dec 2019 CA PINKI KEDIA 5

TDS / TCS RATE CHART APPLICABLE from 01.04.2019

Sr No Section HEAD Threshold Limit Rs.

Individual / HUF

Any Other Entity

1 192 Income from Salary (if No PAN 30%) Nil Average

Tax rate N.A.

2 192A EPF - prematured withdrawal (if no PAN 20%) 50,000/- 10% N.A.

3 193 Interest on Securities/ Debentures 10,000/- 10% 10% 4 194 Dividends (other than listed Companies) 0 10% 10%

5 194A Interest from a Banking Company (for senior citizen - 50000/-) 40,000/- p.a 10% 10%

6 194A Interest other than from a Banking Co. 5,000/- p.a 10% 10% 7 194B Winning from Lotteries & Puzzles 10,000/- 30% 30% 8 194BB Winning from Horse Races 10,000/- 30% 30% 9 194C Payment to Contractors / Sub-Contractors / Adv Contract 30,000/- per

contract or 1,00,000/- p.a

1% 2%

10 194C Contractor / Sub-contractor in transport business ( If PAN Quoted) wef 01/06/15 if owns less than 10 good carriages

- Nil Nil

11 194C Contractor / Sub-contractor in transport business ( If PAN not Quoted) - 1% 2% 12 194D Insurance Commission (15G – 15H allowed) 15,000/- 5% 10%

13 194DA Payment in respect of a life insurance policy 1,00,000/- 1% 1%

14 194E Non-resident Sportsman or Sports Association Any Amount 20% 20%

15 194G Commission on Sale of Lottery Tickets 15,000/- p.a 5% 5%

16 194H Commission/Brokerage 15,000/- p.a 5% 5%

17 194I Rent on Plant / Machinery 2,40,000/- p.a 2% 2%

18 194I Rent Other then Plant / Machinery 2,40,000/- p.a 10% 10%

19 194IA Payment on transfer of certain immovable property other than agriculture land. Rs.50 lacs 1% 1%

20 194IB Rent payable by an individual or HUF not covered u/s. 194I (w.e.f from 01.06.2017)

50000 pm 5% 5%

21 194J Fees for Professional / Technical Services 30,000/-p.a 10% 10%



DEPOSIT

Type Due Date

TDS for the month of April to February

Within 07th of Next Month

TDS for the month of March

Within 30th April

CHALLAN 281- IMPORTANT POINTS




DECLARE

TDS Return Due date wef 1st jun 2016 Form 24Q, 26Q & 27Q 31st of succeeding month – Q1 ‐ Jun, Q2 ‐ Sep, Q3 ‐ Dec 31st May – Q4 ‐ Mar Form 27EQ 15th of succeeding month – Q1 ‐ Jun, Q2 ‐ Sep, Q3 ‐ Dec 15th May – Q4 – Mar Form 26QB & 26QC within 30 days from the end of the month in which the deduction is made

CA PINKI KEDIA 9


Form no Particulars Periodicity

24Q Statement of TDS from Salary.

Quarterly

26Q Statement of TDS other than Salary

Quarterly

27Q

Statement of TDS for payment to non resident

Quarterly

27EQ

Statement of TCS Quarterly

26QB Challan cum statement for TDS on immovable property.

w.e.f 01/06/13

18th Dec 2019

18th Dec 2019 CA PINKI KEDIA 10

POINTS TO REMEMBER WHILE PREPARING TDS STATEMNT

You have latest version of RPU/ other software. other wise download from NSDL. Choose the correct form. Ensure you have all the data/ details. Fill in all the details correctly. Extra care while entering challan details. No mistake can be accepted while entering Dedutee details. Keep your deadline one week prior to due date.

FORM 16/ FORM 16 A/ FORM 16B

What is form 16/ form 16A/ Form 16B ? Form16 [part A] , Form 16A , and Form 16B DOWNLOADED

FROM TRACES WILL ONLY BE considered as valid TDS certificate :‐ as per circular number 04/2013.date 17apr 2013.

To able to view and use the functionalities Deductor/ Tax payer needs to register on TRACES.


REGISTRATION AND LOG IN ON TRACES

STEP‐1 Visit www. tdscpc.gov.in STEP ‐2 click on register as new user‐Deductor STEP ‐3 Enter your TAN STEP‐4 click on proceed. STEP‐5 Generation of authentication code. STEP‐6 fill up other organisational details. STEP ‐7 create user ID and password and click on create.


OTHER POINTS TO REMEMBER

Password should contain 8 alpha numeric character. Activation link will be sent to the e‐mail address and mobile number provided during registration.

Click on the activation link within 24 hours to avoid deactivation.

You can also add your DSC through profile page. Admin user can create 4 more sub –user under him.


STEPS FOR GENERATING CERTIFICATES

STEP ‐1 Log in to TRACES – www. Tdscpc.gov.in Form 16 can be generated only at the end of the financial

year. Form 16A can be generated on quarterly basis. Form 16 B after 10‐15 days from the date of payment of TDS. STEP ‐2 Under “ DOWN LOAD” menu select form 16/ from

16A.

CA PINKI KEDIA 14

STEPS 1 AND 2

18th Dec 2019

STEPS 3 TO 7

STEP ‐3 ‐ Fill in the required details‐ it should be as per the TDS statement .

STEP ‐4 ‐ Add all PAN for which certificate requires. Click on GO. Validation screen will be provided. STEP‐ 5 ‐ Click on submit button to submit download request. STEP ‐6 ‐ Generate authentication code.


CA PINKI KEDIA 16

STEP ‐7 ‐ Click on proceed for transaction. A request number will be generated. STEP ‐8 Click on “requested Download “ under Download menu. Write the request number arrived at STEP ‐7 or select through search criteria. STEP ‐9 Click on row to proceed. STEP ‐10 Click on HTTP Download / Down load manager. STEP ‐11 Run the TRACE –PDF Converter utility.

STEPS 8 TO 11

18th Dec 2019

STEP – 12 Select the HTTP Downloaded file as INPUT FILE

STEP ‐13 provide TAN in capital as pass word.

STEP – 14 Select the destination folder to save PDF files.

STEP ‐15 Select the digital signature if you want – not mandatory. Option for manual signature is available.

STEP ‐16 click on proceed. Certificates will be saved in the

output file in PDF format.

CA PINKI KEDIA 17

STEPS 12 TO 16

18th Dec 2019

• Name / address / TAN of Deductor • Name / address / PAN of Tax Payer • Certificate Number • Summary of payment made by deductor • Summary of tax deducted at source in respect of tax payer • Details of tax deducted and deposited in Central Government account

through challan / Book Adjustment (in case of Government deductor) • Details of tax deducted and deposited in Central Government account

through challan (in case of Non‐Government deductor) • TDS certificate download from TRACES are not editable. if any error is

identify in certificate than you will have to fill a correction statement. • Date of processing will appear on the top and Date of generation will

appear at the bottom of the certificate.

CA PINKI KEDIA 18

BRIEF INFORMATION ON CONTENT OF FORM 16/ FORM 16 A

TDS certificate download from TRACES are not editable. If any error is identify in certificate than you will have to file a correction statement.

18th Dec 2019

SYSTEM REQUIREMENT – TO CHANGE

e‐TDS/TCS Return Preparation Utility Ver. 2.9 e‐TDS/TCS FVU.exe (Version 6.4) Form 16 – Part A/16A ‐ TRACES‐PDF‐CONVERTER V 1.4 Light Version (Needs

JRE1.6 or above ‐ Size ~9 MB) Form 16 – Part B ‐ TRACES‐PDF‐CONVERTER V 1.1 Light Version (Needs JRE1.6

or above ‐ Size ~10 MB) TRACES Justification Report Generation Utility V 2.2 (Needs Excel 2003 or

later ‐ Size ~400Kb) install Web Socket emsigner set up V 2.0 (WebSocket EmSigner solution

works best only on Google Chrome, IE 10+ and Firefox.) JAVA 8, JRE7 or above and JAVA 32 Bit (even if system is of 64 bit) and version

141‐162 Java 1.8 latest update Please check if Pop up blocker is disabled in your browser settings or not. If

not please disable the same for using this functionality


FEW SUGGESTIONS


FEW SUGGESTIONS


WHAT IS TDS ?

TAX DEDUCTED AT SOURCE

NOT A TEDIOUS BUT

DOUBLE THREE DEE SYSTEM

DEDUCT –DECLARE – DEPOSIT DELETE – DEFAULT - DOWNLOAD

THANK YOU

CA PINKI KEDIA FCA, DISA, LLB

239 HUBTOWN SOLARIS, ANDHERI EAST Mumbai 400 069

9869030652 [email protected]


Documents

Student TDS AOSC · 2019-12-25 · THREE BASIC RULES OF TDS (4/5) 18th Dec 2019 CA PINKI KEDIA 8 DECLARE TDS Return Due date wef 1st jun 2016 Form 24Q, 26Q & 27Q 31st of succeeding