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What is TDS ?

In simpler terms TDS is amount of tax which is deducted from the person (Employee or Deductee being third party) who has been paid by employer. This procedure is applicable for specific types of payments as specified in the Income tax Act. Every person collecting tax shall, within such time as may be prescribed, apply to the Assessing Officer for the allotment of a Tax Deduction and Collection Account Number.

Process of TDS is affected at the source where income arises. Wherever this amount is to be deducted a stipulated percentage of such income is considered for deduction. Rules of Income Tax Act are followed and if there has been excess amount then it is returned to the taxpayer.

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposited at any of the designated branches of banks authorised to collect taxes on behalf of Government of India.

The deductors of Tax has to file TDS returns containing details of deductee(s) and challan details relating to deposit of tax to Income Tax Department in specified format.

Process of e-filing

Quarterly/Annually E-TDS/TCS Statement/Return Defined:

  1. Annual e-TDS return:
  2. Form 24 salary

    Form 26 non-salary

    Form 26 non-salary

  1. Annual e-TCS return:
  2. Form 27E

  1. Quarterly return:
  2. Form 24Q salary

    Form 26Q non-salary

    Form 27Q non-resident

These Annual and Quarterly TDS return are filed in electronic form with the Tax Authorities within the specified time.
Due Date of Submission of Return:
For the Quarter ending June30th 31 July of the Financial Year
For the Quarter ending September30th 31 October of the Financial year
For the Quarter ending December 31 st 31 January of the Financial year
For the quarter ending March 31 st of the financial year 31 May of the Financial Year immediately

following the Financial year in which tax is deducted.

Penalty for Delay in furnishing of TDS return is Rs 200 per day for the period of delay maximum up to amount of tax deducted.

The income from the following sources is subjected to tax deduction at source:

Salary and all other positive incomes under any head on income (Section 192)

Salary and all other positive incomes under any head on income (Section 192)

Interest other than interest on securities (Section 194A)

Payments to contractors and sub-contractors (Section 194C)

Winnings from Lottery or crossword puzzles (Section 194B)

Winnings from horse races (Section 194BB)

Insurance Commission covering all payments for procuring Insurance business (Section 194D)

Any interest other than interest on securities payable to non-residents not being a company or to a foreign company (Section 195)

Payment to non-resident sportsman including athlete or sports association/institution. In case of non-resident sportsman,payments in respect of advertisements as well as articles on any game/sports in India in newspapers, magazines, etc. is included (Section 194E)

Payment in respect of deposits under NSS[National Savings Scheme] (Section 194EE)

Payment on account of repurchase of Units by Mutual Fund or UTI (Section 194F)

Payment for Commission or brokerage (Section 194H)

Payment of rent (Section 194I)

Insurance Commission covering all payments for procuring Insurance business (Section 194D)

Payment of fees for professional or technical services (Section 194J)

Commission to Stockist,distributors,buyers and sellers of Lottery tickets including remuneration or prize on such tickets (Section 194G)

Income from Units purchased in foreign currency or long-term capital gain arising from the transfer of such Units purchased in foreign currency (Section196B)

Payment of any income to non-residents in respect of interest or dividend on bonds and shares (Section 196C) etc.

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What is TCS ?

Tax collection at source arises on the part of the seller of goods. Here, tax is collected at the source of income itself. It is to be collected at source from the buyer, by the seller at the point of sale. Such tax collection is to be made by the seller at the time of debiting the amount payable to the buyer to the account of the buyer or at the time of receipt of such amount from the buyer, whichever is earlier. A person collecting tax shall furnish a certificate specifying whether tax has been collected or not, what sum has been collected, the rate of tax applied on it and other such particulars as may be prescribed. The taxes collected must be remitted into the income tax department's account. Every person collecting tax shall, within such time as may be prescribed, apply to the Assessing Officer for the allotment of a tax-collection account number.

The following goods when sold must be subjected to tax collection at source:-

Alcoholic liquor for human consumption (other than Indian made foreign liquo

Timber obtained under a forest lease.

Tendue Leaves.

Timber obtained by any mode other than under a forest lease.

Any other forest produce not being timber.

Scrap

Parking Lot, toll plaza, mining and quarrying.

Bullion if consideration exceed Rs 200000 or Jewellery if consideration exceed Rs 500,000.

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