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GENERAL PROVISION OF TDS / TCS

GENERAL PROVISION OF TDS / TCS . -:Presented by:- CA DEVENDRA UPADHYAY 9314506178. DEDUCTION OR COLLECTION OF TAX AT SOURCE.

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GENERAL PROVISION OF TDS / TCS

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  1. GENERAL PROVISION OF TDS / TCS -:Presented by:- CA DEVENDRA UPADHYAY 9314506178

  2. DEDUCTION OR COLLECTION OF TAX AT SOURCE PERSONS RESPONSIBLE FOR MAKING PAYMENT OF INCOME COVERED BY THE SCHEME OF TAX DEDUCTION ARE REQUIRED TO DEDUCT TAX AT SOURCE AT THE PRESCRIBED RATES. TAX SO DEDUCTED SHOULD BE DEPOSITED WITHIN THE PRESCRIBED TIME. MOREOVER, RETURNS OF TAX DEDUCTION AT SOURCE SHOULD BE SUBMITTED WITHIN THE SPECIFIED TIME.

  3. GENERAL PROVISIONS 1.Deduction at source and advance payment u/s 190 . As per the basis of charge u/s 4 (2) In respect of income chargeable under sec. 4(1) income tax shall be deducted at source or paid in advance , where it is so deductable or payable under any provision of this act. 2. Direct payment (sec. 191) In case of income in respect of which provision is not made under this chapter for deducting income-tax at the time of payment , or in any case where income-tax has not been deducted as per provision of this chapter, income tax shall be payable by the assessee direct.

  4. 3. If any person dose not deduct, or after so deducting fails to pay, or does not pay, the tax as required by or under this act and where the assessee has also failed to pay such tax directly, then such person shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default within the meaning of sec. 201(1), in respect of such tax.

  5. TDS Rates Chart for assessment year 2012-13 or financial year 2011-12. Section 192 (TDS ON SALARY) Note: Age of senior citizen is 60 and above years. New category of assessee “Very Senior Citizen”, aged above 80 years, is exempted till 5,00,000 of income

  6. TDS Rates Chart for assessment year 2012-13 or financial year 2011-12 .

  7. TDS Rates Chart for assessment year 2012-13 or financial year 2011-12. .

  8. QUARTERLY RETURN OF TAX DEDUCTION/COLLECTION

  9. Due Dates for filing Quarterly Statements for TDS/TCS are as under For quarter ended Due Dates 30/06/2011 15/07/2011 30/09/2011 15/10/2011 31/12/2011 15/01/2012 31/03/2012 15/05/2012

  10. PERTICULARS REQUERED IN THE RETURN FORM 1. TAN NO. OF DEDUCTOR 2. PAN NO. OF DEDUCTOR(EXCEPT OF OFFICE OF GOVT.) 3. PAN NO. OF DEDUCTEE 4. PERTICULARS OF TAX PAID INCLUDING BOOK IDENTIFICTION NO. OR CHALLAN NO.

  11. -:CERTIFICATE OF TDS/TCS:- FORM NO. 16 IN CASE OF SALARY FORM NO. 16A IN CASE OF OTHER THEN OF SALARY FORM NO. 27E IN CASE OF TAX COLLECTION :- TIME LIMITE OF ISSUE OF FORM NO.16 ON MAY 31, FOR FORM 16A WITHIN 15 DAYS FORM THE DUE DATE OF FURNISHING QUTERLY TDS/TCS RETURN.

  12. 1. Where assessee get a certificate form A.O. in form 13.2. Where assessee give declaration in form 15G or 15H.3. As per the prescribed monitory limit of individual section from 192 to 196D. Cases where tax is not deductable or deductable at lower rates

  13. Refund/adjustment of tax deducted at source (u/s 200A(2)) The excess amount (difference between the actual payment made and the tax deducted at source) is first adjusted against the existing tax liability of the deductor under the direct tax acts and after meeting such liability the balance if any is refunded to the assessee by the ITO who will refund amount ,would be the one who receives the quarterly/annual return(in case of salarys) of tds. Circular no.285, dated 21-10-1980, 2 dated 28-2-2011FN NO. 385/25/2010.

  14. Penalty u/s 271CA for failure to collect tax at source – amount of tax which a person has failed to collect

  15. Interest u/s 201(1A) or 206C(7) INTEREST WILL BE PAYABLE IN THE FOLLOWING CASE If the person responsible for deducting/collecting tax at source does not deducted/collected tax at source wholly or partly, u/s 192 to 196C and 206C. After deducting /collecting tax he fails to pay in govt. account. -Rate of interest w.e.f. 1-7-2010 :-

  16. 3. Time limit – no time limit is fixed for passing order u/s 201(1A).however ,Courts have held that action u/s 201 would be possible by a competent authority under the Act within period of four years.Tax not deducted u/s 192 (salary) on a uniform basis for each month .there is an express provision u/s 192(3) authorizing the person responsible for deducting tax to increase or reduce the amount to be deducted u/s 192 for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the f.y.

  17. THANK YOU CA DEVENDRA UPADHYAY 9314506178

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