TDS Returns

What is Tax Deducted at Source (TDS):

Tax:                  Tax here means – “Income Tax”

Deducted at:      Deduction of Tax by the Deductor from the amount paid/payable to Deductee

Source:             Deduction of Income Tax at the Source Itself.

Who is required to deduct TDS:

The Tax deduction provisions are applicable to the following category of Payers/Deductors:

v   All Government Payers

v    All Body Corporates/Companies

v    All Partnership Firms/AOP/BOI/AJP/Local Bodies

v    All Individuals who have been audited U/s 44AB in the previous Financial Year i.e. their turnovers have exceeded the limit prescribed for getting Tax Audited in the last year.

Payments that attract TDS provisions:

The Tax deduction provisions are applicable to the following categories of Incomes/Payments:

       Nature of Payment                              Under Section

v    Salary Payments                                                192

v    Rent                                                                194I

v    Interest on Securities                                         194

v    Int. other than Int. on Securities                         194A

v    Professional Services                                          194J

v    Commission or Brokerage                                   194H

v    Contract Payments                                            194C

Threshold Limits for TDS provisions:

The Tax deduction provisions are not applicable for payments which are below the threshold limits:

       Nature of Payment                  Threshold Limit Per Annum

q    Salary Payments                              Net Taxable Income below the basic tax                                                                                        exemption limit

q    Rent                                           Rs. 1,80,000/-

q    Interest on Securities                    Rs. 5,000/-

q    Int. other than Int. on Sec.           Rs. 5,000/- (Rs.10,000/- in case of Bank int)

q    Prof/Techincal Services                 Rs. 30,000/-

q    Commission or Brokerage                  Rs. 2,500/-         

q    Contract Payments                       Rs. 50,000/- in aggregate and Rs. 30,000/- in a                                                                                  single payment

Due Dates for Deduction of TDS:

v    The Deductor having a valid TAN has to make deduction of TDS out of payments to          the deductees

v   The due dates for deduction are as under:

  Nature of Payment

 Due Date for Deduction

In the case of Salaries

At the time of payment

In the case of other Payment

At the time of payment or credit whichever is earlier

Due Dates for Payment of Tax Deducted:

v   After the Deductor has deducted the Tax amount from the Deductee within the due dates, he has to deposit the same to the Income Tax Department within the due dates.

v    The due dates for payment of TDS are as under:

Deductor

Due Date for Payment

Government Deductors

On the same day

Non-Government Deductors

7 Days from the end of the month in which the deduction is made


Filing of Quarterly TDS Returns:

v   The Deductor after making payment of TDS by a challan or Book Entry Adjustment, needs to file Quarterly ETDS Returns/Statements.

v     There are Two (2) Basic ETDS Quarterly Returns, which are to be filed. They are as under:

Quarterly TDS Return Form

Applicable Payments

Form 24Q

For Salary Payments

Form 26Q

For Non-Salary Payments


Due Dates for Filing TDS Returns:

v The Deductors have to file the TDS Returns within the Due dates laid down.

v The summary of Due dates for Filing TDS returns is as under:

Quarter

Period

Due Dates
Govt Deductors

Due Dates
Other Deductors

Q1

Apr – Jun

31st July

15th July

Q2

Jul – Sep

31st Oct

15th Oct

Q3

Oct – Dec

31st Jan

15th Jan

Q4

Jan – Mar

15th May

15th May

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M/S JALARAM AND ASSOCIATES

101 ASHISH ORCHIDS, 3.5.170/1/8 NEAR SHANTI TALKIES,
YMCA NARAYANAGUDA,
Hyderabad-500029,
Telangana
Phone: 040-23221799/23221800
Mobile: 91-924662628
Fax: 040-66662628
E-mail: sbchandrana@gmail.com

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