Key Features – File Validation Utility (FVU) version 6.2 & 2.158

      No Comments on Key Features – File Validation Utility (FVU) version 6.2 & 2.158

File Validation Utility (FVU) version 6.2

  • Changes in FVU validations based on new changes in Annexure II (Salary Details) of Form 24Q-Q4
    1. Validations related to new fields as per the Income Tax Department (ITD) Notification No. 36/2019 have been incorporated in this FVU version.
    2. These validations will be applicable for regular as well as correction statements.

File Validation Utility (FVU) version 2.158

  • There is no change from the previous version 2.157

These versions of FVU is applicable with effect from May 12, 2019.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

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

      1 Comment on 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.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

TCS Return – Last Date 15th May

      1 Comment on TCS Return – Last Date 15th May

15th May is the last date for filing  TCS Returns for FY:18-19, Quarter 4.

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 certificate 30th May.

Last date for TDS Returns is 31st May.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Basic duties of the person who is liable to deduct tax at source

      No Comments on Basic duties of the person who is liable to deduct tax at source

Following are the basic duties of the person who is liable to deduct tax at source:

  • He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
  • He shall deduct the tax at source at the applicable rate.
  • He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
  • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
  • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*).

*Refer tax calendar for the due dates.

Facebooktwittergoogle_plusredditpinterestlinkedinmail