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Smart & Easy TDS Software for Preparing TDS Returns

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

TDS & TCS RATE CHART (FY: 2017-18 / AY: 2018-19)

  TDS RATE CHART FY: 2017-18 (AY: 2018-19)
Section Nature of Payment  Threshold Indv/ HUF Others
    Rs. TDS Rate (%)
192 Salaries   Avg 
192A Premature withdrawal from EPF  50000 10
193 Interest on Securities  10000 10 10
194 Dividends  2500 10 10
194A Interest (Banks)  10000 10 10
194A Interest (Others) 5000 10 10
194B Winning from Lotteries  10000 30 30
194BB Winnings from Horse Race 10000 30 30
194C Contractor – Single Transaction  30000 1 2
194C Contractor-During the F.Y.  1 Lakh 1 2
194C Transporter (44AE) declaration with PAN
194D Insurance Commission(15G-15H allowed)  15000 5 5
194DA Life insurance Policy  1 Lakh 1 1
194E Non-Resident Sportsmen or Sports Association 20 20
194EE  NSS  2500 10 10
194F Repurchase Units by MFs  –  20 20
194G Commission – Lottery  15000 5 5
194H Commission / Brokerage  15000 5 5
194I  Rent of Land and Building – F&F 1.80 Lakh 10 10
194I Rent of Plant/Machinery/Equipment  1.80 Lakh 2 2
194IB Rent by Individual/HUF(wef 01.06.2017) 50000/PM  5
194IA  Transfer of certain immovable property other than agriculture land 50 Lakh 1 1
194J  Professional Fees/ Technical Fees/ etc. 30000 10 10
194J  Payment to Call Centre Operator (wef 01.06.2017) 30000 2 2
194LA Compensation on transfer of certain immovable property other than agricultural land 2.50 Lakh  10 10
194LA  Immovable Property(TDS exempted under RFCTLARR Act (wef 01.04.2017)
194LB Income by way of interest from infrastructure debt fund (non- resident) 5 5
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
194LD  Interest on certain bonds and Govt. Securities(from 01-06-2013) 5 5
Note : TDS Rates without PAN – 20% flat (if TDS rate is lower than 20%)

Note: The above list covers most of the sections applicable for domestic transactions

TCS RATES FOR FY: 2017-18 (AY: 2018-19)
Section Nature of Payment TCS Rate %
 206C Scrap 1
 206C Tendu Leaves 5
 206C Timber  obtained  under  a forest lease or other mode 2.5
 206C Any other forest produce not being a timber or tendu leave 2.5
 206C Alcoholic Liquor for human consumption 1
 206C Parking   Lot,   toll   plaza, mining and Quarrying 2
 206C Minerals, being coal or lignite or iron ore (applicable   from   July   1,2012) 1
 206C Sale of motor vehicle of the value exceeding Rs. 10 Lacs; (wef 01.06.2016)

Motor vehicle clause Not applicable on Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; local authority ; a public sector company which is engaged in the business of carrying passengers (wef 01.04.2017)

1
Note : TCS Rates without PAN – Double of TCS rate as above or 5%, whichever is higher

Note: The above list covers most of the sections applicable for domestic transactions

Note :
1. Surcharge is not deductible on payments made to residents, other than salary.
2. In case of non-resident, surcharge would be applicable on TDS.

Disclaimer : Efforts have been made to provide correct information. However, we do not take liability of any kind in case of any error or miscommunication in the article.

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CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

PRESS RELEASE

New Delhi, 11th April, 2017

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.

Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the Company.

Till 31st March 2017, 19,704 newly incorporated Companies were allotted PAN in this manner. During March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hrs in 95.63% cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 % cases and within 1 day in 99.73% cases.

CBDT’s initiative in starting of a business is expected to significantly improve the ranking of India in the Ease of Doing Business Study conducted by World Bank by reducing the number of processes of registration before various authorities under law, reducing the time taken for allotment of the registration number (CIN, PAN, TAN) and making the entire registration process for new companies much simpler.

CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).

 (Meenakshi Goswami)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Source: Income Tax

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TDS & TCS Return Filing Dates

TDS due dates

Periodicity Due date (Return file) Due date (TDS Certificate)
Q1 (Apr – Jun) 31st July 15th August
Q2 (Jul – Sep) 31st October 15th November
Q3 (Oct – Dec) 31st January 15th February
Q4 (Jan – Mar) 31st May 15th June

TCS due dates

Periodicity Due date (Return file) Due date (TCS Certificate)
Q1 (Apr – Jun) 15th July 30th July
Q2 (Jul – Sep) 15th October 30th October
Q3 (Oct – Dec) 15th January 30th January
Q4 (Jan – Mar) 15th May 30th May
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Due Dates for the month of March 2017

2 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017

7 March 2017 – Due date for deposit of Tax deducted/collected for the month of February, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

15 March 2017 – Due date for furnishing of Form 24G by an office of the Government where TDS for the month of February, 2017 has been paid without the production of a challan

15 March 2017 – Fourth instalment of advance tax for the assessment year 2017-18.

15 March 2017 – Due date for payment of whole amount of advance tax in respect of assessment year 2017-18 for assessees covered under presumptive scheme of Section 44AD.

17 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017

30 March 2017 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of February, 2017

31 March 2017 – Last date for declaration of undisclosed income under Pradhan MantriGaribKalyanYojana, 2016.

31 March 2017 -​ Due date for payment of second installment (i.e., 25% of tax, surcharge and penalty) under Income Declaration Scheme, 2016.

Source: Income Tax

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