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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters

Circular No.18/2016

 

F.No 142/32/2015-TPL

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

(TPL Division)

Dated: 23rd May, 2016

Sub: Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters – reg

The existing provisions of section 197A of the Income-tax Act, 1961(‘the Act’) inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the payer a self-declaration in Form No.15G/ 15H in accordance with provisions of the said section. The manner of filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962 (‘the Rules’).

The amended Rule 29C which comes into effect from 1st October, 2015 in addition to paper filing, also provides for online filing of self-declaration for non-deduction of tax under section 197A of the Act. In this regard, Notification No.76/2015 dated 29.09.2015 has been issued for E-enablement & simplification of procedure for filing self-declaration (Form No.15G/15H) and furnishing of such declaration to the Income-tax Department. Further, as per sub-rule (7) and (8) of rule 29C of the Rules notified vide aforesaid notification, the Pr. DGIT (Systems) is required to specify the procedures, formats and standards for the purposes of furnishing and verification of the declaration and allotment of unique identification number. In pursuance of the same, Pr. DGIT (Systems) has issued Notification No. 4/2015 dated 1st December, 2015 to notify the procedure, formats and standards.

Sub-rule (3) of Rule 29C provides for allotment of Unique identification number to each declaration received in Form 15G/15G by the deductor. Further, sub-rule (5) of Rule 29C provides that the payer shall also furnish unique identification number along with the details of the transactions covered under Form 15G/15H in quarterly TDS statements in accordance with the provisions of clause (vii) of sub-rule (4) of Rule 31A irrespective of the fact that no tax has been deducted in the said quarter.

Representations have been received that due to operational constraints, the Form 15G/15H and the details thereof could not be included in the quarterly statement for the quarter ending 31.12.2015 and 31.3.2016 respectively.

Taking into account the concerns of the stakeholders, the Central Board of Direct Taxes, hereby relaxes the condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in the quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C.

 

 (Lakshmi Narayanan)

Under Secretary TPL-III 

CBDT

Source: Income Tax

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Issue TDS certificates by 30th May to avoid penalties

Last date for issuance of TDS certificates for Q4 of FY: 2015-16:

 1)  Form 16A (Non Salary) – 30th May, 2016

 2)  Form 16 (Salary) – 31st May, 2016

Delay in certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for more details.

Quick steps to generate TDS Certificate using TDSMAN

In TRACES Information menu:
1. Request for Form 16A / Form 16 (Part A). It takes 24 – 48 hours for your request to get accepted.
2. After acceptance, go to “Download Requested files” to download the file.
3. Download PDF converter Utility to create PDFs.
In PDF Converter Utility provide the path of the downloaded file. Provide your TAN as password and click on “Proceed” to create the certificates.

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Details available in TDS certificate (Form 16 / 16A)

The details available are as below:

  • 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)

Source: TRACES

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TDS and TCS Rates for FY: 2016-17 (Domestic)

TDS Rates for FY: 2016-17

(Domestic)

Nature of Payment Made To Residents

Threshold(Rs.)

Company / Firm / Co-operative Society / Local Authority

Individual / HUF

If No / Invalid PAN

Section – Description IT Rate (%) IT Rate (%)

IT Rate (%)

192 – Salaries

NA Average rates as applicable

30

192A – Payment of accumulated balance due to an employee.(applicable from 01.06.2015)

30000

10% (1-April-2016 to 31-May-2016)

10% (1-Jun-2016 to 31-Mar-2017)

30

193 – Interest on securities

10000

10 10

20

194 – Dividends

2500

10 10

20

194A – Interest other than interest on securities – Others

10 10

20

194A – Banks

10000

10 10

20

194B – Winning from Lotteries

10000

30 30

30

194BB – Winnings from Horse Race

5000 (1-April-2016 to 31-May-2016)

10000 (1-Jun-2016 to 31-Mar-2017)

30 30

30

194 C – Payment to Contractors

Payment to Contractor

75000 (1-April-2016 to 31-May-2016)

100000 (1-Jun-2016 to 31-Mar-2017)

2 1

20

– Contract –

Transporter who has provided valid PAN

20

194D – Insurance Commission

20000 (1-April-2016 to 31-May-2016)

15000 (1-June-2016 to 31-Mar-2017)

10 5

20

194DA Payment in respect of life insurance policy(applicable from 01.10.2014)

100000

2 % (1-April-2016 to 31-May-2016)

1 % (1-June-2016 to 31-Mar-2017)

2 % (1-April-2016 to 31-May-2016)

1 % (1-June-2016 to 31-Mar-2017)

20

194E – Payment to Non-Resident Sportsmen or Sports Association

20 20

20

194EE – Payments out of deposits under NSS

2500

20% (1-April-2016 to 31-May-2016)

10% (1-Jun-2016 to 31-Mar-2017)

20% (1-April-2016 to 31-May-2016)

10% (1-Jun-2016 to 31-Mar-2017)

20

194F – Repurchase Units by MFs

0

20 20

20

194G – Commission – Lottery

1000 (1-April-2016 to 31-May-2016)

15000 (1-Jun-2016 to 31-Mar-2017)

10% (1-April-2016 to 31-May-2016)

5 % (1-Jun-2016 to 31-Mar-2017)

10% (1-April-2016 to 31-May-2016)

5 % (1-Jun-2016 to 31-Mar-2017)

20

194H – Commission / Brokerage

5000 (1-April-2016 to 31-May-2016)

15000 (1-Jun-2016 to 31-Mar-2017)

10% (1-April-2016 to 31-May-2016)

5 % (1-Jun-2016 to 31-Mar-2017)

10% (1-April-2016 to 31-May-2016)

5 % (1-Jun-2016 to 31-Mar-2017)

20

194I – Rent – Land and Building / furniture / fittings

180000

10 10

20

194I – Rent – Plant / Machinery / equipment

180000

2 2

20

194IA -Transfer of certain immovable property other than agriculture land(w.e.f 1-6-2013)

5000000

1 1

20

194J – Professional Fees

30000

10 10

20

194LA – Immovable Property

200000 (1-April-2016 to 31-May-2016)

250000 (1-June-2016 to 31-Mar-2017)

10 10

20

194LB – Income by way of interest from infrastructure debt fund (non-resident)

5 5

20

194LBA – Certain income from units of a business trust(applicable from 01.10.2014)

10 10

20

194LBA – Certain income from units of a business trust to non resident (applicable from 01.10.2014)

5 5

20

194LBB – Income in respect of units of investment fund. (applicable from 01.06.2015)

10% For Residents

10% For Non Residents (1-April-2016 to 31-May-2016)

40% For Non Residents (1-Jun-2016 to 31-Mar-2017)

10% For Residents

10% For Non Residents ( 1-April-2016 to 31-May-2016)

30 % For NonResidents (1-Jun-2016 to 31-Mar-2017)

20/30/40

Sec 194LBC – Income in respect of investment in securitisation trust.

30% For Residents

40% For Non Residents

25% For Residents

30% For Non Residents

25/30/40

Sec 194 LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (applicable from July 1, 2012)

5 5

20

194LD – Interest on certain bonds and govt. Securities(from 01-06-2013)

5 5

20

Click here to view complete list of TDS Rates for FY: 2016-17.

TCS Rates for FY: 2016-17

Section Nature of Payment Cut-off Amount TCS Rates (%)
FY:2012-13 to 2015-16 FY:2016-17
      Individual / HUF Other Individual / HUF Other
206C Scrap 1 1 1 1
206C Tendu Leaves 5 5 5 5
206C Timber obtained under a forest lease or other mode 2.5 2.5 2.5 2.5
206C Any other forest produce not being a timber or tendu leave 2.5 2.5 2.5 2.5
206C Alcoholic Liquor for human consumption 1 1 1 1
206C Parking Lot, toll plaza, mining and quarrying 2 2 2 2
206C Minerals, being coal or lignite or iron ore (applicable from July 1, 2012) 1 1 1 1
206C Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs or jewellery if consideration exceeds Rs. 5 Lakhs (and any amount is received in cash) (applicable from July 1, 2012) 1 1 1 1
206C TCS on sale in cash of any goods (other than bullion/jewellary) 200000 1 1
206C TCS on providing of any services (other than Ch-XVII-B) 200000 1 1
206C TCS on Motor Vehicle 1000000 1 1

Source: TRACES

Prepare error free TDS returns with TDSMAN

For more information, visit www.tdsman.com

To view the TDS rates of FY: 2012-13, Click here
To view the TDS rates of FY: 2013-14, Click here
To view the TDS rates of FY: 2015-16, Click here
To view the TDS rates of FY: 2016-17, Click here

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