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Workshop on TDS and e-filing of TDS returns K Brahmanayagam FCA.

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Presentation on theme: "Workshop on TDS and e-filing of TDS returns K Brahmanayagam FCA."— Presentation transcript:

1 Workshop on TDS and e-filing of TDS returns K Brahmanayagam FCA

2 Legal provisions The scheme of tax deduction at source (TDS) is such that, persons responsible for making payment of income, are responsible to deduct tax at the prescribed percentage and deposit the same to the Central Government’s account within the stipulated time.

3 Rate of TDS for the financial year Nature of paymentThreshold Limit SectionRate Payments to Contractors, Sub-contractors and Advertising Contractors (Individuals) 30,000194C1% Payments to Contractors, Sub-contractors and Advertising Contractors (Other than Individuals) 30,000194C2% Payments to Contractors, Sub-contractors in Transport Business Not applicable 194C0% Rent of Plant, Machinery or Equipment1,80,000194I2% Rent of Land, Building or Furniture1,80,000194I10% Commission or Brokerage5,000194H10% Fee for Professional Services30,000194J10% Interest other than interest on securities5,000194A10%

4 Rate of TDS for the financial year Notes: Threshold limit of Rs /- is for single payment and TDS will be NIL if the annual payment is less than Rs /-, if Payments to Contractors, Sub- contractors and Advertising Contractors (Individuals). If the recipient does not furnish his PAN to the deductor, tax has to be deducted at the rate of 20%. Section 194C are applicable only where contract is either a WORKS CONTRACT or a CONTRACT FOR SUPPLY OF LABOUR FOR WORKS CONTRACT. Section 194C is not applicable to the contract for sale of goods. Time of deposit of TDS/TCS Where the income or amount is paid or credited in the month of March – April 30 Where the income or amount is paid or credited before March 1 – within 7 days from the end of the month in which tax is deducted

5 Rate of TDS for the financial year Notes: Consequences for failure: Fails to deduct/collectInterest at 1% pm from the date on which tax was deductible to the date of actual deduction Fails to pay after deductionInterest at 1.50% pm from the date on which tax was actually deducted to the date of actual payment

6 Rate of TDS for the financial year Relief for the defaulters (w.e.f 01/07/2012): The payer shall not be deemed to be in default if: the recipient has included such income in his return and paid tax on such income; and the payer submits a certificate (in Form 26A/Form 27BA in case of TCS) to this effect from a Chartered Accountant. In such a case, interest shall be payable at 1% from the date on which tax was deductible to the date of furnishing of return of income.

7 Quarterly statement of tax deduction/collection ParticularsForm No Tax deduction from salary u/s Q Tax deduction from the payments to non-resident27Q Tax deduction in any other case26Q Tax collection27EQ Notes:  Where an employee has worked with a deductor for part of the financial year only, the deductor should deduct tax at source from his salary and report the same in the quarterly statement of the respective quarters up to the date of employment with him. While submitting Form no. 24Q4, the deductor should include particulars of that employee in Annexure II & III irrespective of the fact that the employee was not under his employment on the last day of the year.  Similarly, where an employee joins employment with deductor during the course of the financial year, his particulars should be reported by the current deductor in Form 24Q of the relevant quarter. Further, while submitting Form No. 24Q for the last quarter, the deductor should include particulars of such employee for the actual period of employment under him in Annexure II & III

8 Quarterly statement of tax deduction/collection Quarter endingDue date of submission of quarterly TDS/TCS returns June 30 July 15 September 30 October 15 December 31 January 15 March 31 May 15 of the following financial year

9 Certificate of tax deduction/collection FormPeriodicityDue Date Form 16AnnualOn or before May 31 st Form 16A/27DQuarterlyFor quarter ending 30 th June – on or before July 30 For quarter ending 30 th September – on or before October 30 For quarter ending 31 st December – on or before January 30 For quarter ending 31 st March – on or before May 30

10 How to prepare quarterly returns Go to the site

11 Select e-TDS/TCS Filing:

12 Select e-TDS/TCS RPU:

13 Save that to your computer (in Program files):

14 Click on e-TDS/TCS RPU.exe (Version 3.80):

15 Save it to your computer (Program files):

16 Unzip/extract there itself:

17 Go to that extracted folder:

18 Make a short cut to the desktop the application file (RPU):

19 Select latest FVU (e-TDS/TCS FVU.exe (Version 3.8)) for validating the file prepared:e-TDS/TCS FVU.exe (Version 3.8)

20 Save it to the Program file and extract:

21 Go to that folder and create a short cut to the desktop the executable file:

22 e-TDS/TCS returns There are 3 parts in e-TDS RPU 3.5 which you have to use for preparation of returns: Deductor details Challan details Deductee details (Annexure I) For 24Q4 (Form 16 details in annexure II)


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