TDS/TCS Rates Chart for A.Y. 2014-15 or F.Y. 2013-14

A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages

 Section
No.

Nature of Payment

Threshold
Total Payment
During the Year

Payment to

Individual
or HUF

Others

193

Interest on Debentures

Rs. 5000/-

10%

10%

194

Deemed Dividend

10%

10%

194 A

Interest by banks (Other than interest on securities)

Rs. 10000/-

10%

10%

194 A

Interest by Others (Other than interest on securities)

Rs. 5000/-

10%

10%

194 B

Winnings from Lotteries / Puzzle / Game

Rs. 10000/-

30%

30%

194 BB

Winnings from Horse Race

Rs. 5000/-

30%

30%

194 C (1)

Payment to Contractors

Rs. 30000/-

1%

2%

194 C (2)

Payment to Sub-Contractors / for Advertisements

Rs. 30000/-

1%

2%

194 D

Payment of Insurance Commission

Rs. 20000/-

10%

10%

194 EE

Out of deposits under NSS

Rs. 2500/-

20%

NA

194 G

Commission on Sale of Lottery tickets

Rs. 1000/-

10%

10%

194 H

Commission or Brokerage

Rs. 5000/-

10%

10%

194 I

Rent of Land, Building or Furniture

Rs. 180000/-

10%

10%

194 I

Rent of Plant & Machinery

Rs. 180000/-

2%

2%

194 J

Professional / technical services, royalty

Rs. 30000/-

10%

10%

194 J
(1)

Remuneration / commission to director of the company

10%

10%

194 J (ba) w.e.f. 01 .07.2012, Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.

10%

10%

194 LA

Compensation on acquisition of certain immovable property

Rs. 2,00,000/-

10%

10%

194 IA

Compensation on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013)

Consideration is
Rs. 50 lakh or
more.

1%

1%

194LD

Interest on certain bonds & Govt. securities (w.e.f. 01 .06.2013)  

5%

5%

 B. The Tax Collection at Source Rates for the Financial Year 2013-14 is tabulated below:

Sl. No.

Nature of Goods

Rates in %

1

Alcoholic liquor for human Consumption

1

2

Tendu leaves

5

3

Timber obtained under forest lease

2.5

4

Timber obtained by any mode other than a forest lease

2.5

5

Any other forest produce not being timber or tendu leaves

2.5

6

Scrap

1

7

Parking lot

2

8

Toll plaza

2

9

Mining & Quarrying

2

10

Minerals, being coal or lignite or iron ore

1

11

Bullion or jewellery (if the sale consideration is paid in cash  exceeding INR 2 lakhs)

1

Use TDSMAN software having Auto Tax Calculation feature to file your TDS / TCS returns.

To download the free trial of TDSMAN software, click here 

For more information, visit www.tdsman.com

Facebooktwitterredditpinterestlinkedinmail

TDS on transfer of immovable properties w.e.f 01.06.2013

From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.

The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions.

This form requires mandatory quoting of PAN which is verified with the IT Department’s website. It also asks for address of the transferor and transferee along with the address of the property transaction.

Following details has been asked in the form :
1. PAN details of the Transferee
2. PAN details of transferor
3. Complete address details of Transferee
4. Complete address details of transferor
5. Address of property involved in transaction
6. Amount payable
7. Tax 1 % amount deductible /deducted
The new form is available on TIN-NSDL and field with * sign is only mandatory.

To fill the form online, Click on the link below:
e-payment of TDS on Sale of  Property

Facebooktwitterredditpinterestlinkedinmail

Issuance of Form No. 16 (TDS Certificate for Salary)

Form No. 16 has to be issued annually by an employer (deductor) to its employees (deductee) in case of deduction made under section 192 (Salaries). It is to be noted that Form No. 16 should be issued by 31st May of the financial year immediately following the financial year in which income was paid and deducted.

Form No. 16 has two parts viz Part A and Part B.

  • Part A: It contains the details of tax deduction and deposit.
  • Part B: It contains the details of the income.

As per the Circular No. 04/2013 dated 17th April 2013, it is now mandatory for all employers (including government deductors who deposit TDS in Central Government Account through book entry) to issue the Part A of Form No. 16 to their employees by generating and subsequently downloading the certificate from the TRACES  website.

Part B of the Form No. 16 shall be prepared manually by the employer and will be issued to the employee.

One can use TDSMAN software to generate both Part A and Part B of Form No. 16.

TDSMAN is also integrated with the TRACES website and helps downloading Part A of Form No. 16 from the software itself. The software takes care of all the data that is to be sent to the TRACES website for the authentication of the deductor.

Further, users can view the lists of requests done to the TRACES website with the option of downloading the requested file from the TDSMAN software itself.

Facebooktwitterredditpinterestlinkedinmail

Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements

Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). 

Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the Income tax Act) of amount paid/credited to deductee has not exceeded in the initial quarter (s) but has exceeded in subsequent quarter. 

1)    Flag Y may be selected in the field of Reason for non deduction/ lower deduction/ higher deduction to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded.

2)    Threshold flag can be quoted only  against the following section codes in corresponding challan details:
193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA

3)    Following approach may be referred for reporting threshold transactions in quarterly statements:

In case there is no deduction of tax in the first two quarters of a F.Y. where the prescribed rate of deduction as per Income Tax Rules is 10%. In the third quarter the threshold limit exceeds.

Approach 1:

The deductor may report those transactions in the respective quarterly TDS statements with zero rate of deduction (0.0000), zero tax deducted/ deposited (0.00) and amount paid in the respective quarters with threshold flag. The deductor will mention the prescribed rate of deduction, the amount paid in the third quarter, tax deducted/ deposited (deductee) on the total amount paid till that quarter. The same is represented as follows:

Pertaining to quarter Reporting Quarter PAN Rate of deduction Date of payment* Amount paid (Rs.) Date of deduc-tion Amount deducted (Rs.) Amount deposited (Rs.) Reason for non deduction /lower deduction
Q1 Q1 PAN1 0 Q1 1,00,000 0 0 Threshold flag Y present
Q2 Q2 PAN1 0 Q2 1,00,000 0 0 Threshold flag Y present
Q3 Q3 PAN1 30 Q3 1,00,000 Q3 30,000.00 30,000.00 No flag present

*The deductor must report the actual date of payment irrespective of the manner of reporting

Approach 2: 

The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows: 

Pertaining to quarter Reporting Quarter PAN Rate of deduction Date of payment* Amount paid (Rs.) Date of deduction Amount deducted (Rs.) Amount deposited (Rs.) Reason for non deduction /lower deduction
Q1 Q3 PAN1 0.0000 Q1 1,00,000 0 0 Threshold flag Y present
Q2 Q3 PAN1 0.0000 Q2 1,00,000 0 0 Threshold flag Y present
Q3 Q3 PAN1 30.0000 Q3 1,00,000 Q3 30,000.00 30,000.00 No flag present

*The deductor must report the actual date of payment irrespective of the manner of reporting

Approach 3: 

The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows: 

Pertaining to quarter Reporting Quarter PAN Rate of deduction Date of payment* Amount paid (Rs.) Date of deduction Amount deducted (Rs.) Amount deposited (Rs.) Reason for non deduction /lower deduction
Q1 Q3 PAN1 10.0000 Q1 1,00,000 Q3 10,000.00 10,000.00 Threshold flag Y present
Q2 Q3 PAN1 10.0000 Q2 1,00,000 Q3 10,000.00 10,000.00 Threshold flag Y present
Q3 Q3 PAN1 10.0000 Q3 1,00,000 Q3 10,000.00 10,000.00 No flag present

*The deductor must report the actual date of payment irrespective of the manner of reporting

Facebooktwitterredditpinterestlinkedinmail