TCS Return – Last Date 15th July

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15th July is the last date for filing  TCS Returns for FY:19-20, Quarter 1.

Typically TCS is applicable on sale of items like scrap, forest products, minerals, bullion, etc. and is covered under section 206C of the Income Tax Act.

Last date for issuing of TCS certificates is 30th July.

Last date for TDS Returns is 31st July.

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Online TDS/TCS/Demand Payment using Challan ITNS 281

Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment.

Following details are necessary to fill while payment of Challan ITNS 281:

1. Tax Applicable : This column has 2 options –

0020: This is applicable in case of income tax of companies if deductee is company
0021: This is applicable to income tax for other than companies  if deductee is not a company.

2. Assessment Year
3. TAN No, Name and Address
4. Type of Payment:

200 – TDS/TCS payable by taxpayer
400 –  TDS/TCS payable regular assessment

5. Nature of Payment: Deductor has to select Section code as per section under which TDS/TCS is deduted.

Steps for Online TDS/TCS/Demand Payment using Challan ITNS 281:

1. Click on “e-payment Pay Taxes Online” at home page of Services option

2. Select Challan ITNS 281 for demand payment, Challan ITNS 281 form will appear.

3. Select Major Head (0020/0021), enter valid 10 digit TAN, assessment year, address. Minor Head (200/400), Nature of Payment, Mode of Payment & Bank Name.

4. Click on Submit to bank option.

5. Deductor will be re-directed to internet banking site of the bank.

6. Enter user id and password.

7. Enter payment details and make TDS payment.

Source: TRACES

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TDS/TCS Compliances for July, August & September 2019

Compliances for July

15th July – last date of filing TCS Returns for FY: 19-20, Quarter 1 (Apr – Jun)
30th July – last date for issuing TCS Certificates for FY: 19-20, Quarter 1 (Apr – Jun)
31st July – last date of filing TDS Returns for FY: 19-20, Quarter 1 (Apr – Jun)

Compliances for August

7th August – last date for TDS/TCS payment for deductions/collections during July
15th August – last date for issuing TDS Certificates for FY: 19-20, Quarter 1 (Apr – Jun)

Compliances for September

7th September – last date for TDS/TCS payment for deductions/collections during August

 

Basic provisions relating to due date for payment of TDS

Sections under which interest for various delays/ defaults need to be paid

 

 

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TDS & TCS Rate Chart (FY: 2019-20 / AY: 2020-21)

 

  TDS RATE CHART FY: 2019-20 (AY: 2020-21)
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)  40000 10 10
194A Interest (Others) 5000 10 10
194A Senior Citizen 50000 10
194B Winning from Lotteries  10000 30 30
194BB Winnings from Horse Race 10000 30 30
194C Contractor – Single Transaction  30000 1 2
194C Payment to Contractor
(including Transporter with more than 10 carriages)
1 Lakh 1 2
194C Transporter (44AE) declaration with PAN (upto 10 carriages)
194D Insurance Commission (15G-15H allowed)  15000 5 10
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 2.40 Lakh 10 10
194I Rent of Plant / Machinery / Equipment  2.40 Lakh 2 2
194IA  Transfer of certain immovable property other than agriculture land 50 Lakh 1 1
194IB Rent by Individual / HUF (wef 01.06.2017) 50000/PM  5
194IC Payment under Specified agreement 10 10
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
194LBA Certain income from units of a business trust(applicable from 01.10.2014) 10 10
194LBA Certain income from units of a business trust to non resident (applicable from 01.10.2014) 5 5
194LBB Income in respect of units of investment fund 10% For Residents, 10% For Non-Residents ( 1-April-2016 to 31-May-2016), 30 % For NonResidents (1-Jun-2016 to 31-Mar-2017) 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)
194LBC Income in respect of investment in securitization trust 30% For Residents, 40% For Non Residents, 25% for Individual and HUF 30% For Residents, 40% For Non Residents, 25% for Individual and HUF
194LC  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 RATE CHART FOR FY: 2019-20 (AY: 2020-21)
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
 206C Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs 1
 206C TCS on sale in cash of any goods (other than bullion/jewellery) 1
 206C TCS on providing of any services (other than Ch-XVII-B) 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

Click here to download the list of TDS & TCS Rate Chart for FY: 2019-20.

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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