Comparative Chart Of 8th Amendment Made In Regard With Tds

COMPARATIVE CHART OF 8th AMENDMENT MADE IN REGARD WITH TDS. SL. NO Particulars .

Old Provision (TDS)

New Provision of TDS after Notification No. S.O.858 (E) dated 25th March 2009 Under 8th Amendment.

Corporate assessee & persons All deductors. No Payments would be accepted directly at Mandatory covered under mandatory tax Bank Branches E-Payment audit. New TDS Challan, Form 17 is introduced and will be No Specific Challan available by the end of April ‘09 Challan is section Independent. Deductor can prepare a Single challan is prepared for each single challan at the end of the month for all his TDS 2 Challans sections at the end of the month. deductions (Including Salaries and Non Salaries). Due date of deposit of TDS is same as per old provision. Deductor has to provide deductee wise PAN, Name and Nothing was required. TDS amount. The Deductee records under that challan have to be entered online [if less than 10] or have to be uploaded through a file. Unique On successful payment, an acknowledgement would be Transactio generated in Form 17 format, which validates [Yes/No] for 3 n Number each PAN of the deductee and generates a Unique [UTN] Transaction Number [UTN] for each deductee record. It is a common link between Challan, TDS certificate and eTDS Statement and will be provided by the I.T. department. 1

Return was filed in Form No. 24Q, 26Q, 27Q and 27EQ. 4

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Return Filing

Due Date for 30th June was 15th July, 30th Sept. was 15th Oct., 31st Due date is once a year i.e. on or before 15th June. Dec. was 15th Jan. & 31st Mar. was 15th June. It is TDS Compliance Statement to be filed by all assesses who have been allotted TAN. Section wise (all), 3 months separately information, are to be filed electronically on quarterly basis, even if no tax is deducted. TDS It contain information of Total Payment, Total amount Complianc eligible for deduction, Total amount considered for TDS at e full rate, Amount of TDS at full rate, Total amount Statement considered for TDS at lesser rate, Amount of TDS at lesser (24C) rate, Total TDS. Due Date for 30th June was 15th July, 30th Sept. was 15th Oct., 31st Dec. was 15th Jan. & 31st Mar. was 15th June.

Form 16, 16A and 16AA.

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Forms remains as it is, with a little change in File structure. i.e deductee wise details , Unique Transaction No is to be given.

TDS Certificates

New Formats of Form 16 for 192 and 16A for XVII-B and applicable for FY 2009-10. UTN has to be mentioned, along with Gross amount paid and TDS amount. Forms should contain UTN against each payment shown in TDS certificate and several details is not required i.e. Date of payment, Chq No, BSR Code, CIN etc

Date of Payment is not required. That means if a party Date of Payment is required in 16A. payment is shown consolidate in monthly challan, a yearly Form 16A contains only 12 entries. Indivisual section waise details is Form 16A is section independent. It can contain multiple required in 16A. section related deductions 16AA was there in existence. Form 16AA abolished. 1) Within one month from the end 1) When tax is deducted at the time of passing credit of moth during which the amount entry on the last day of the accounting year - Within one was paid or credited. week from the date of deposit of TDS 2) Within one week after the expiry 2) TDS on salary (192) and On issue of consolidated TDS Due date of two months from the month in certificate - By April 30 after the end of the F Y. 3) Prior Approval on of AO for Quaterly deposit - Within 14 7 for giving which income was credited. certificates 3) In case of salary or insurance days from the date of deposit of TDS. commission , within one month 4) Any other case - Within one month from the end of the from the close of financial year in month in which tax is deducted. which such deduction was made.

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Others

Not in existence.

Duplicate request of certificate concerned

issuance of TDS/TCS certificate allowed on the deductee. A.O. to give credit on duplicate on filing of affidavit and confirmation by A.O.