TDS / TCS Rates for Financial Year 2012-13

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Post Union Budget 2012-13 TDS Rates for financial year (FY) 2012-13 and assessment year  (AY) 2013-14

The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below:

 

TDS Rates Chart Financial Year 2012-13 (Assessment Year 13-14)

Sl. No. Section Of Act Nature of Payment in brief

Cut Off Amount

Rate %

    01.04.2012 01.07.2012 HUF/IND Others
1 192 Salaries Salary income must be more then exemption limit after deductions. Average Rate
2 193 Interest on debentures 2500 5000 10 10
3 194 Deemed dividend 10 10
4 194A Interest other than Int. on securities (by Bank) 10000 10000 10 10
4A 194A Interest other than Int. on securities (By others) 5000 5000 10 10
5 194B Lottery / Cross Word Puzzle 10000 10000 30 30
6 194BB Winnings from Horse Race 5000 5000 30 30
7 194C(1) Contracts 30000 30000 1 2
8 194C(2) Sub-contracts/ Advertisements 30000 30000 1 2
9 194D Insurance Commission 20000 20000 10 10
10 194EE Payments out of deposits under NSS 2500 2500 20
11 194F Repurchase of units by MF/UTI 1000 1000 20 20
12 194G Commission on sale of lotteryĮՁ¡Æ’Å¡ tickets 1000 1000 10 10
13 194H Commission or Brokerage 5000 5000 10 10
14 194I Rent (Land & building) 180000 180000 10 10
Rent (P & M, Equipment, furniture & fittings) 180000 180000 2 2
15 194J Professional/Technical charges/Royalty & Non-compete fees 30000 30000 10 10
16 194J(1)(ba) Any remuneration or commission paid to director of the company(Effective from 1 July 2012) NA NIL 10 10
17 194LA Compensation on acquisition of immovable property 100000 200000 10 10
18 194LLA Payment on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012) NA (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area)(Effective from 1 October 2012) 1 1

TCS Rates for the FY 2012-13

TCS Rates for the Financial Year 2012-13 is tabulated below:

Sl.No. Nature of Goods Rates in %
01.04.2012 01.07.2012
1. Alcoholic liquor for human Consumption 1 1
2. Tendu leaves 5 5
3. Timber obtained under forest lease 2.5 2.5
4. Timber obtained by any mode other than a forest lease 2.5 2.5
5. Any other forest produce not being timber or tendu leaves 2.5 2.5
6. Scrap 1 1
7. Parking lot 2 2
8. Toll plaza 2 2
9. Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore NA  1
11 Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs) NA  1

No Education Cess on payment made to resident – Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

Surcharge on Income-tax – Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15thJune). The revised due dates for furnishing TDS return are:

Sl. No. Date of ending of the quarter of the financial year Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No. Category Periodicity of furnishing TDS certificate Due date
1. Salary(Form No.16) Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2. Non-Salary(Form No.16A) Quarterly Within fifteen days from the due date for furnishing the statement of TDS

Due Date for Payment of March 2012 – The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

To view the TDS rates of FY: 2013-14, Click here
To view the TDS rates of FY: 2014-15, Click here
To view the TDS rates of FY: 2015-16, Click here
To view the TDS rates of FY: 2016-17, Click here

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NEW FVU Files released by TIN-NSDL

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New File Validation Utilities – FVU 3.4 & 2.132 has  been released pertaining to validation of eTDS & eTCS returns.

FVU 3.4 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards & FVU 2.132 will be applicable for quarterly TDS / TCS statements pertaining up to FY 2009-10.

Key features of File Validation Utility (FVU) version 3.4:

  • FVU 3.4 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards.
  • Deductor can now quote the Date of deduction beyond the quarter.
  • FVU version 3.4 will be applicable with immediate effect.

Key features of File Validation Utility (FVU) version 2.132

  • FVU 2.132 will be applicable for quarterly TDS / TCS statements (regular and correction) up to FY 2009-10.
  • Deductor can now quote the Date of deduction beyond the quarter.
  • FVU 2.132 will be applicable with immediate effect.
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Declaration for No TDS on Interest under Senior Citizens Savings Scheme – Clarification

The Government has issued followed clarification regarding Senior Citizens Saving Scheme:

  1. An individual resident in Indian of sixty-five years of age or above may furnish a declaration in Form No. 15H to the bank/post office if the tax on his estimated income for the financial year is nil.
  2. A declaration in Form No. 15G can be furnished by a depositor of less than sixty-five years of age if-
  • The tax on his estimated total income for the financial year is nil, and
  • The aggregate amount of interest credited or paid or likely to be credited or paid during the during the financial year is not more than the maximum amount which is not chargeable to tax (Rs. 1, 00, 000 for male taxpayer and Rs. 1, 35, 000 for a woman taxpayer)

Note:Both the above conditions are required to be fulfilled. The information relating to deposits under the Senior Citizen Saving Scheme, 2004 may be given by the depositors inSchedule III of Form No. 15G

  1. On furnishing of a declaration in Form No.15H or Form No. 15G to the bank/post office, no deduction of tax shall be made by the bank/post office.
  2. In suitable cases a certificate for lower dedication or no deduction of tax at source under section 197 (1) may also be obtained by the depositors from their Assessing Officers.

Bank and post offices have been advised that such portion of the tax not deduction by them during 2004-05 and 2005-06, which has been paid directly by the depositors as advancetax or self-assessment tax or otherwise and for which necessary evidence is furnished by the depositors to the from the post office, will not be recovered by the Income-tax Department form the bank/post office. Similarly, to the extent of the amount for which declaration in Form Nos. 15H and 15G as well as certificate under section 197 (1) are available with the bank/post office, the department would not make recovery from the bank/post office.

The interest accruing on the deposits held under the Senior Citizen Saving Scheme, 2004 is taxable as per the provision of the Income-tax Act, 1961 and is also liable for Tax Deductionat Source (TDS) as per provisions of section 194A of the Act.

Clarifications has been sough form the Government as to whether declaration made by the depositors under SCSS in Form No. 15H and Form No. 15G of the Income-tax Rules may be accepted by the bank and post officers. Moreover, clarification had been sought on the recovery of TDS pertaining to financial year 2004-05 and 2005-06 in the current year. After examination of the issue the Government has issued the above clarification.

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