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Smart & Easy TDS Software for Preparing TDS Returns

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

CPC(TDS) reminder communication to Banks: Closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 to Financial Year 2016-17 (Q3)

Date of communication: 19/04/2017

The Principal Officer

Name: XXXXXXX

TAN: XXXXXXXXXXXX

Please refer to the earlier CPC(TDS) Communication regarding defaults in TDS Statements for different TAN’s associated with your PAN.

The Centralized Processing Centre (TDS) has observed from its records that there are Defaults in Quarterly TDS Statements submitted by different TANs associated with your PAN.

The details of the TANs and outstanding Defaults against them as per Financial Year have been provided as annexed with this letter. Furthermore, Financial Year, Form Type and Quarter wise breakup of the default details are also available for online view on the web-portal TRACES (www.tdscpc.gov.in) under “Aggregated TAN compliance Report”.

Please note that:

  • Order u/s 201/Intimation u/s 200A of the Income Tax Act, 1961 intimating the outstanding demand for different years has already been sent by Income Tax Department on registered email addresses of your TANs and also by post, at the addresses, mentioned in their relevant TDS Statements.
  • This information is being provided to you for further necessary action for closure of Defaults at the earliest.
  • This would be helpful for you in complying with the provisions of section 40(a)(ia) of Income Tax Act, 1961 and to ensure that correct information is disclosed in paragraph 21(b) of Tax Audit Report(Form 3CD) u/s 44AB of the Income Tax Act.

Actions to be taken by the TAN holders associated with you:

  • Download “Aggregate TDS Compliance Report” from TRACES portal for the details of defaults against each TAN associated with your PAN.
  • Quarter-wise Justification Reports can be downloaded by the referenced TANs from TRACES portal for the details of defaults.
  • Please use Challan ITNS 281 for payment of TDS in case of insufficient total balance available in the challans.
  • Online Correction facility provided by TRACES should be used for closing the above defaults by suitably moving deductee rows/ matching/ tagging of challans. However, functionality of adding or modifying deductee details available from FY 2013-14 onwards.

For any assistance, you can write to Corporate_connect@tdscpc.gov.in or call on +91 120 4816103.

CPC (TDS) is committed to provide best possible services to you.

Kailash V Gautam

Assistant Commissioner of Income Tax

Centralized Processing Cell- TDS

Source: TRACES

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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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IMPORTANT DATES – TDS & TCS

Tax Collection at Source (TCS) – FY: 2016-17 (Q4)

Last Date of payment for March 2017 – 7th April 2017
Last Date for Return Filing – 15th May, 2017

Tax Deducted at Source (TDS) – FY: 2016-17 (Q4)

Last Date of payment for March 2017- 30th April 2017
Last Date of Return Filing – 31st May, 2017

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