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TDS Requirements

TDS Requirements. Accounting and Taxation Compliance for NGOs Pune,30 th April,2010.

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TDS Requirements

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  1. TDS Requirements Accounting and Taxation Compliance for NGOs Pune,30 th April,2010

  2. Every person making a payment or crediting income of specified types to another person is required to deduct a specific percentage of amount paid / credited within specified time limits of the payment / credit being made, whichever is earlier. TDS provisions must be complied with even if the payer / recipient is a charitable organisation with 12A registration Where recipient has applied to his AO and provides the payer a certificate for Nil tax deduction at source or deduction at a lower rate, the payer may retain the same and comply TDS Requirements

  3. Tax Deduction Account Number ( TAN ) • Any Organisation required to make any payment which is subject to tax deduction at source should apply for and obtain a TAN number. • Application is to be made in Form 49B to the assessing officer/chief commissioner, depending on the location of the assesse. Application can also be made online at the NSDL website • TAN number must be quoted in all challans for TDS payment, returns furnished and certificates issued against TDS

  4. Remittance of TDS • All tax deducted at source should be remitted to the central government within specified time limits. TDS is now required to be deposited online. • Amount of TDS from Salaries and Other payments is required to be within one week from the end of the month in which the deduction is made. • For payments other than salaries credited at the end of the year the amount of TDS can be remitted within two months thereof

  5. Issue of Certificate & Filing of Returns • The organisation deducting tax at source is required to provide a Tax Deduction Certificate to the person from whose payment tax has been deducted, within prescribed time limits • This certificate should be in Form 16 for deduction from salaries and Form 16A for all other payments • Quarterly returns of tax deducted at source are required to be filed – 24Q for Salaries and 26Q for others • Quarterly returns to be filed by : • For the first three quarters 15 th July 15 th October 15 th January last quarter 15 th June • If an organisation does not deduct or does not pay or having deducted failed to pay – may be levied interest / penalty , including imprisonment of the principal officer

  6. TDS Deposit & Returns • If an organisation does not deduct or does not pay or having deducted failed to pay the amount of TDS – may be levied interest / penalty , including imprisonment of the principal officer • Non filing of quarterly returns is punishable with fine upto Rs.100 per day

  7. TDS Rates for FY 2010 - 11

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