TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

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

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

facebooktwittergoogle_plusredditpinterestlinkedinmail

Procedure for submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G/15H

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income Tax (Systems)

Notification No 7/2016

New Delhi, 4th May, 2016

Procedure for submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G/15H under sub-section (1) or under sub-section (1A) of section 197A of the Income-tax Act, 1961 read with Rule 29C of Income-tax Rules, 1962.

As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall be in Form No. 15G and declaration under sub-section (1C) of section 197A shall be in Form No. 15H.

2. As per sub-rule (3) of rule 29C, the person responsible for paying any income of the nature referred to in sub-section (1) or sub-section (1A) or sub-section (1C) of section 197A, shall allot a unique identification number to each declaration received by him in Form No.15G and Form No.15H respectively during every quarter of the financial year in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (7) of rule 29C.

3. As per sub-rule (4) of rule 29C, the person referred to in sub-rule (3) herein shall furnish the particulars of declaration received by him during any quarter of the financial year along with the unique identification number allotted by him under sub-rule (3) in the statement of deduction of tax of the said quarter in accordance with the provisions of clause (vii) of sub-rule (4) of rule 31A. As per sub-rule (7) of rule 29C, the Principal Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the declaration, allotment of unique identification number and furnishing or making available the declaration to the income tax authority and shall be responsible for the day-to-day administration in relation to the furnishing of the particulars of declaration in accordance with the provisions of sub-rule (4) of rule 29C.

4. In exercise of the powers delegated by Central Board of Direct Taxes (‘Board’) under sub-rule (7) of rule 29C of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby lays down the following procedures:

a. Registration: The deductor/collector is required to register by logging in to the e-filing website (https://incometaxindiaefiling.gov.in/) of the Income Tax Department. To file the “Statement of Form 15G/15H”, deductor should hold a valid TAN. Following path is to be used for the registration process:

  Register yourself → Tax Deductor & Collector

b. Preparation: The prescribed schema for Form 15G/15H and utility to prepare XML file can be downloaded from the e-filing website home page under forms (other than ITR) tab. The Form 15G/15H utility can be used to prepare the xml zip file. The declaration is required to be submitted using a Digital Signature Certificate. The signature file for the zipped file can be generated using the DSC Management Utility (available under Downloads in the e-Filing website https://incometaxindiaefiling.gov.in/)

c. Submission: The designated person is required to login to the e-filing website using TAN and go to e-File → Upload Form 15G/15H. The designated person is required to upload the “Zip” file along with the signature file (generated as explained in para (b) above). Once uploaded, the status of the statement shall be shown as “Uploaded”. The uploaded file shall be processed and validated at the e-filing portal (list of validations are given in the user manual). Upon validation, the status shall be either “Accepted” or “Rejected which will reflect within 24 hours from the time of upload. The status of uploaded file will be visible at My account → View Form 15G/15H. In case the submitted file is “Rejected”, the reason for rejection shall be displayed and the corrected statement can be uploaded again.

(Gopal Mukherjee)

Pr. DGIT (System), CBDT

Source: Income Tax

facebooktwittergoogle_plusredditpinterestlinkedinmail

Procedure for online submission of TDS/TCS statement

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income Tax (Systems)

Notification No. 6/2016

New Delhi, 4th May, 2016

Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively.

The provisions relating to the statement of deduction of tax under sub-section (3) of section 200 and the statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (the Act) are prescribed under Rule 31A and Rule 31AA of the Income-tax Rules, 1962 (the Rules) respectively. As per sub-rule (5) of rule 31A and sub-rule (5) of rule 31AA of the Rules, the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements and shall be responsible for the day to day administration in relation to furnishing and verification of the statements in the manner so specified.

2. In exercise of power conferred by sub-rule (5) of rule 31A and sub-rule (5) of rule 31AA of the Rules, the Principal Director General of Income-tax (Systems) hereby lays down the following procedures of registration in the e-filing portal, the manner of the preparation of the statements and submission of the statements as follows:

3. The deductors/collectors will have the option of online filing of e-TDS/TCS returns through e-filing portal or submission at TIN Facilitation Centres. Procedure for filing e-TDS/TCS statement online through e-filing portal is as under:

a. Registration: The deductor /collector should hold valid TAN and is required to be registered in the e-filing website (https://incometaxindiaefiling.gov.in/) as “Tax Deductor & Collector” to file the “e-TDS/e-TCS Return”.

b. Preparation: The Return Preparation Utility (RPU) to prepare the TDS/TCS Statement and File Validation Utility (FVU) to validate the Statements can be downloaded from the tin-nsdl website (https://www.tin-nsdl.com/). The statement is required to be uploaded as a zip file and submitted using a Digital Signature Certificate. The signature file for the zipped file will be generated using the DSC Management Utility (available under ‘Downloads’ in the e-Filing website https://incometaxindiaefiling.gov.in/).

c. Submission: The deductor/collector is required to login to the e-filing website using TAN and go to TDS -> Upload TDS. The deductor/collector is required to upload the “Zip” file along with the signature file (generated as explained in para (b) above). Once uploaded, the status of the statement shall be shown as “Uploaded”. The uploaded file shall be processed and validated at the e-filing portal. Upon validation the status shall be either “Accepted” or “Rejected which will reflect within 24 hours from the time of upload. The status of uploaded file will be visible at TDS -> View Filed TDS. In case the submitted file is “Rejected”, the reason for rejection shall be displayed.

 

(Gopal Mukherjee)

Pr. DGIT (System), CBDT

Source: Income Tax

facebooktwittergoogle_plusredditpinterestlinkedinmail
  • RSS
  • Facebook

Subscribe to get Latest Updates


Save your time and get all new posts and updates delivered to you in your Mailbox