TDS(Tax Deduced at Source)

Tax Return Services in Chennai

TDS is Tax deducted at source. It is the indirect way of collecting tax. It is the tax deducted from the Income at the time of its generation and paid into the government account

Due date for Payment of TDS:

Tax deducted from the deductee should be deposited in the Government account within 7th of the following month

  • Tax deducted in the month other than March 7th of the following month
  • Tax deducted in the month of March 30th April of the next financial year

Interest on late deduction of TDS at 1% for every month or part of a month and Interest on late payment of TDS after deduction at 1.5% for every month or part of a month.

Due date for ETDS returns:

TDS return has to be furnished quarterly once. Returns have to be filed within 15th of the following month of the every quarter ending.

Quarters Due Date
For the 1st Quarter ending June (April to June) 15th July
For the 2nd Quarter ending September (July to September) 15th September
For the 3rd Quarter ending December (October to December) 15th January
For the 4th Quarter ending March (January to March) 15th May
Penalty for late filing of TDS return:

When the Assessee fails to furnish TDS return within due date late filing fee of Rs.200 per day will attract under section 234E of Income Tax Act, Effective from 1st July 2012.

TDS Rate Chart for FY 2015-16 (AY 2016-17)
Section
Nature Of Payment
Threshold Limit
TDS Rate
Individuals
Others
192
Salary
Net taxable salary exceeds tax free limit.
As per Slab rate
192A
Payment of accumulated balance due of Employees' Provident Fund Scheme, 1952, to Employees (w.e.f 01-06-15)
Rs. 30,000
10%
193
Interest on Debentures
Rs. 5000
10%
10%
194
Deemed dividend
-
10%
10%
194A
Interest other than Int. on securities
Rs. 5000
Rs. 10000 ( incase interest from Bank)
10%
10%
194B
Lottery / Cross Word Puzzle
Rs. 10000
30%
30%
194BB
Winnings from Horse Race
Rs. 5000
30%
30%
194C
Payment to Contractors/Sub Contractors
Rs. 30000
1%
2%
194D
Insurance Commission
Rs. 20000
10%
10%
194F
Repurchase of units by MF/UTI
Rs. 1000
20%
20%
194H
Commission or Brokerage
Rs. 5000
10%
10%
194I
Rent (Land & Building)
Rs. 180000
10%
10%
Rent (Plant & Machinery, Equipment, Furniture & fittings)
Rs. 180000
2%
2%
194J
Professional/Technical charges/Royalty & Non-compete fees
Rs. 30000
10%
10%
194J(1)(ba)
Any remuneration or commission paid to director of the company (Effective from 1 July 2012)
NIL
10%
10%
194IA
Transfer of immovable property other then agricultural Land
Above Rs.5000000
1%
1%
194LB
Payment of interest on infrastructure debt fund to non-resident or foreign company
5%
5%
194LBB
Payments to a unit holder in respect of units of Investment Fund u/s 115UB
10%
10%
206C
Collection on Sale of bullion and Jewellery
Above Rs.200000
1%
1%

APPOINTMENT

Instant online Appiontment

Subscribe to news letter: