TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

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

Due date to deposit TDS, March 2013, Form 16,16A, 24Q, 26Q

Due date to deposit TDS, March 2013, Form 16, 16A, 24Q, 26Q are as follows:

 

  1. Due date to deposit tax deducted (TDS) in March 2013 is 30.04.2013
  2. Etds return due date for salary Q4 (01.01.2013 to 31.03.2013) (form 24 Q) is 15.05.2013
  3. Etds return due date for other than salary Q4(01.01.2013 to 31.03.2013) (26q) is 15.05.2013
  4. Due date for form 16(salary) FY 2012-13 is 31.05.2013
  5. Due date for Form 16A quarter four (01.01.2013 to 31.03.2013) is 30.05.2013

Please note down all date given above and make sure that you are on time in each case.

Due date to deposit the tax deducted on amount/Income paid in March 2013 and Tax deducted on provisions created in March 2013 is 30.04.2013. This is as per notification 41/2010 dated 31.05.2010.

Rule:

  • As per latest rule for TDS deducted in march 2013, due date to deposit TDS is 30.04.2013..
  • Further same due date is applicable for complete month ,means whether tax deducted on 31.03.2013 on provisions or 01.03.2013 to 30.03.2013.
  • Due date remains to be 30.04.2013 for all type of assessee except Govt offices.
  • Further 30.04.2013 is applicable for salary as well as for other than salary both.

So no need to deposit TDS on 07.04.2013 enjoy for one month and deposit tax on or before 30.04.2013.

New rule has been reproduced here under:

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub -­ section (1A) of section 192.

Rule: 30

(1) All sums deducted in accordance with the provisions of Chapter XVII-B by an office of the Government shall be paid to the credit of the Central Government

(a) on the same day where the tax is paid without production of an income-tax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or income-tax is due under sub-section (1A) of section 192, where tax is paid accompanied by an income-tax challan.

Tax to be deducted by Govt. Office

1.

Tax deposited without challan Same day

2.

Tax deposited with challan 7th of next month

3.

Tax on perquisites opt to be deposited by the employer 7th of next month

 (2) All sums deducted in accordance with the provisions of Chapter XVII-B by deductors other than an office of the Government shall be paid to the credit of the Central Government –

(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which-

  1. the deduction is made; or
  2. income-tax is due under sub-section (1A) of section 192.-

Tax deducted by other

1.

tax deductible in March 30th April of next year

2.

other months & tax on perquisites opted to be deposited by employer 7th of next month

(3) Notwithstanding anything contained in sub-rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column-

(2) of the Table below by the date referred to in column (3) of the said Table:-

SrNo. Quarter ended On Date of payment
1. 30th June 7th July
2. 30the September 7th October
3. 31st December 7th January
4. 31st March 30Th April

 

Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others, 27Q for Non-resident

Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A

Sl. No.

Quarter ending

For Govt offices

For other deductors

Etds return Form 16A Etds return Form 16A

1.

30th June 31st July 15th August 15th July 30th July

2.

30th September 31st October 15th November 15th October 30th October

3.

31st December 31st January 15th Feburary 15th January 30th January

4.

31st March 15th May
30th May (31st May for form 16) 15th May 30th May (31st May for form 16)
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E-filing may be must for people with annual income above Rs 5 lakh

Taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior Finance Ministry official said on Tuesday. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.

“Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. This is a move towards using technology so that the interface between Assessing Officer and assessee is minimised, Revenue Secretary Sumit Bose said at a Ficci event here.

The government had last year introduced the system of e-filing of Income tax returns for assessees with annual income of Rs 10 lakh and above.

Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form.

At present, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.

Sections 139C and 139D of the IT Act contain provisions for facilitating filing of return of income in electronic form by certain class of income-tax assessees.

“In order to facilitate electronic filing of annexure, less return of net wealth, it is proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar lines. The amendments will take effect from June 1, 2013,said the Memorandum to the Finance Bill 2013.

 

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CIT, CPC (TDS) will be subordinate to DGIT (System)

  MINISTRY OF FINANCE (Department of Revenue),

 (Central Board of Direct Taxes), NOTIFICATION No. 15/2013,

 Income-Tax, New Delhi, the 26th February, 2013

 S.O. 460(E).-In exercise of the powers conferred by Section 118 of the Income-taxAct,1961(43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authority specified in column (3) of the Schedule below shall be subordinate to the income-tax authority specified in column (2) of the said Schedule.

SCHEDULE

S. No. Designation of Income Tax Authorities Designation of Income Tax Authorities
1. Director General of Income Tax (System) Commissioner of Income Tax Centralised Processing Cell (TDS)

This notification shall come into force from the date of its publication in the Official Gazette.


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Ten Tax Saving Options for Salaried Employees

1. Leave allowance: An employee can use such an allowance to cover his domestic travel and can be used for air, rail, and road transport.

2.Gratuity paid to an employee also has taxation benefits. To determine the taxability of gratuity, it is important to understand whether an employee is covered by payment of gratuity act. If an employee is covered by this act, lower of the following will be exempted from tax: –

  • 15 days salary based on salary drawn for each year of service.
  • Rs. 10,00,000/-
  • Actual gratuity received.

If an employee is not covered under the gratuity act then, the lower of the following will be exempted from tax:-

  • ½ month salary for each completed year of service.
  • Rs. 10,00,000/-
  • Actual gratuity received.

3.New pension scheme (NPS) : In this scheme an employer contributes an amount to the NPS which is the same amount that is contributed by the employee. Both of these contributions are eligible for deduction u/s 80 CCD (2) of the act. Thus such contributions reduce the overall tax liability of the employee.

4.House rent allowance (HRA) is paid by an employer to an employee to pay any rental towards his house property. An exemption is available under such HRA. The exemption is based on the least of the following: –

  • An amount equal to 50% of the yearly salary received (applicable to major Indian metros and 40% in other cases)
  • Actual HRA received
  • Rent paid in excess of 10% of the salary received in a year

5. Travelling allowance: Such an allowance is paid by the employer to the employee to meet his cost of travel on tour or on transfer from his work. This allowance can be completely exempt if the employee utilizes an amount equal to or more than the allowance.

6. Another option that is available to the employee is transport allowance. Such allowance is exempt up to Rs. 800/- per month i.e. 9600/- per year as a maximum deduction is available against this allowance.

7. In case a salaried employee has children, he should ask his employer to pay him children education allowance. A deduction of Rs. 100/- per month per child up to a maximum of two children is available.

8. An employee is entitled to receive perquisites  from his employer. The tax on such perquisites is generally borne by the employer and is tax exempt for the employee. Perquisites include payments by the employer to the employee such as car conveyance, free food and beverages, interest free or concessional  loan, sweeper/gardener/cook allowance, leave travel concession etc. These options are generally available as a part of salary structuring which an employee can provide to his employer.

9. Other general deductions u/s 80 C is also available to the salaried employee. Under this section, he can make investments in approved FD, Equity oriented MF, PPF etc. He can also pay his life insurance premiums. The total benefit available under this section if Rs. 100000/-.

10. An employee can also make several donations u/s 80 G and use that to reduce his total income. Such donations offer either 100% deduction or 50% deduction depending on the institution to which the donation is made.

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