Tds Chart1

TDS Chart Sec. Applicable Rules

192

193

194A

194B

21A, 21AA, 26A, 26B, 28, 28AA, 33

Nature of Payments

Exemption and Limit

Rate of Procedure for Annual TDS Deduction Nil / Lower Return / Certificate (Financial year Deduction Statement Form No./Due 1999-2000) Form No./Due Date. Date

Salary to any person

Rs.50,000 after As applicable to Employee to considering deduction u/ss. individual Sch-1, apply in F. 13 to 16, 80D, 80DD, 80RRA & Part III of the the A.O. to obtain rebate u/s. 88 & loss under Finance Act, 2000 certificate in F. head 'Income from House as increased by 15AA. Property' surcharge of 10%/15% as applicable. 28, Interest on Securities to a) Rs.2,500 for interest on Co. 22% 1. If F. 15H is 28AA, any person debentures paid by a furnished by a 29C, widely held company (to a Other than Co. person other than 37A resident individual). a company or a 11% b) Interest on any State or firm. Central Government 2. Payee to apply Security in F. 13 to the A.O. to obtain certificate in F. 15AA.

28, Interest (other than a) Rs.10,000 in case of Co. 22% 28AA, Interest on Securities) to bank interest & deposit 29C. resident with housing finance Other than Co. companies, Rs.2,500 in all 11% other cases. b) Individual or HUF not required to deduct tax. c) No deduction required for following payments : i) Firm to partner ii) On deposits with bank made before 1.7.1995 iii) Co-operative Society to member or other co-operative society iv) Central Govt. to assessees Winnings from lottery & Rs.5,000 44% crossword puzzles to any

F.24 31st May.

F.16 Within 1 month from the close of financial year.

F.25 30th June

F.16A 1. If income is credited on the date on which accounts are made by the payer within 1 week after expiry of 2 months from the mth in which income is credited.

1. If F.15H is furnished by a person other than a company or a firm. 2. Payee to apply in F.13 to the A.O. to obtain certificate in F.15AA.

F.26 A 30th June

Not permissible

F.26B 31st May

2. Any other case — within 1 month from end of month of deduction. F.16A As per S.193 above.

F.16A As per S.194

person ( Including winning in kind) Foreign Cos. 194BB Winnings from horse Rs.2,500 races to any person 194C(1) 28, Payment to Resident Rs.20,000 per contract 28AA Contractors by 1. Central or State Govt. or 2. Local Authority or 3. Corporation or 4. Company or 5. Co-op. Society. 6. Any authority for housing accommodation etc. 7. Any society or 8. Trust or 9. University 10. Firm 194C(2) 28, Payment to resident sub- Rs.20,000 per contract 28AA contractors (by above Contractors)not being individual / HUF 194D 28, Insurance commission to Rs.5000 28AA Resident

194E

37A

194EE

29C

194F

-

194G

Payments to NonN.A. resident sportsmen / sports association Payments of deposits Payment to heirs exempt. under NSS to any person In any other case Rs.2,500

Payment to any person on account of repurchase of units by Mutual Fund / UTI 28, Commission / 28AA Remuneration on sale of lottery tickets to any person

194I

28, 28AA

194J

-

As above a) Advt. contract1.1% b)Other contract2.2%

If Certificate is obtained from the A.O. for lower deduction.

F.26BB 31st May. F.26C 30th June

F.16A As per S.194 F.16 A As per S.193 above

As above

As above

Payee to apply in F.13C to the A.O. to obtain certificate in appropriate form.

1.1%

Co.-22%

As above

Payee to apply in F.13 to the A.O. Any other person- to obtain certificate in 11% F.15AA.

10%

22%

Not Applicable

22%

Rs.1000

11%

Rent paid to any person Rs.1,20,000 pa. for land, building or building along with furniture and fittings other than by an individual / HUF Fees for professional Rs.20,000 pa.

Not permissible

F.16A As per S.193 or at the option of the payee within 1 month from the close of the financial year. Not permissible F.27 Refer S.196 F.16A below. As per S.193

If written declaration in F.15-I is given Not permissible

Payee to apply in F.13D to the A.O. to obtain certificate in appropriate form Individual / HUF Payee to apply in - 16.5% F.13 to the A.O. Any other person to obtain - 22% certificate in form 15AA 5.5%

Payee to apply in

F.26D / 26E 30th June

F.26F 30th June.

F.16A As per S.194

F.26G 30th June

F.16A As per S.194

F.26H 30th June.

F.16 As per S.193 above

F.26J 30th June

F.16A As per S.193 above

F.26K

F.16A

services or for technical services. 194K

-

194L

-

195

Income in respect of units of a mutual fund / UTI. (No deduction after 1.6.1999)

Compensation or Consideration on account of compulsory acquisition of any Capital Assset. (No deduction after 1.6.2000) 29B, Interest or other sums 37A paid to Non-Resident (int. on securities and salaries excluded).

1. Rs. 10,000 per scheme Co. - 22% per branch. Other than Co. 2. Income exempt u/ss.11, 16.5% 12, 10(22), (22A), (23), (23AA), (23C). 3. Notified schemes.

Rs.1,00,000 p.a.

11%

F.13E to obtain certificate in appropriate form 1. F.15H is furnished by a person other than a company or firm 2. Payee to apply in F.13 to AO to obtain certificate in F.15AA Payee to apply in F.13 to A.O. to obtain certificate in F.15AA.

30th June

As above

F.26 30th April

F.16A As per S.194 above

*

*

As per double 1. Payee to apply F.27 taxation in F.15C/15D to Within 14 days avoidance treaty the A.O. to obtain from the end of or as per part II of cert. in F.15E. quarter in which Sch. I to the 2. Payer may deduction made. Finance Act, 2000 apply to the A.O. whichever is to determine beneficial to the income assessee. component in payment for lower deduction.

--

F.16A As per S.193 above

* to be notified Notes : The rates of deduction in this chart is inclusive of surcharge of 10%. However, in the case of a payee other than company, firm, co-op. society: if the total income of the payee exceeds Rs. 1,50,000/- surcharge is to be considered @15% and if the total income of the payee does not exceed Rs.60,000/-, surcharge will be nil. Non-residents are also liable for surcharge. This column does not cover all the possibilities. Rules common for all Sections are : Rules 26, 30, 31, 36, 36A, 37. Please refer Sch. I, Part II of the Finance Act, 2000 for more details. 1. Time Schedule: Nature of Payment

Salary

Time of Deduction

At the time of payment of Salary Time of deposit of tax Within one week from the (Other than on behalf of date of deduction Govt.)

Other Misc. ref./statements

-

Dividend

Other than Salary & Dividend

Before making payment to a shareholder Within one week from the date of deduction

When income paid or credited to the account including to interest "payable" or "suspense" a/c. whichever is earlier a) If credited on the date on which accounts are made, within two months from the end of the month in which income is credited. b) Any other case, within one week from the end of the month in which deduction is made. -

F.27

2. Copies of Form Nos. 15G and 15H received by the payer have to be filed with the Chief Commissioner/Commissioner within 7 days of the succeeding month. 3. If the person responsible for deducting and paying tax fails to do so, he shall be considered as an assessee in default, liable to pay interest @ 18% on the amount of such tax from the date on which such tax was deductible to the date of actual payment, and penalty, not exceeding the amount of tax and rigorous imprisonment ranging from 3 months to 7 years and fine. 4. Also, please refer Notification No. 50 148(E) dated 28.2.1991. Issue of consolidated certificate is also now permitted (See Notification dated. 2.7.1996) 5. S. 199 - Credit for tax deducted : a. Credit will be given for the assessment year in which such income is assessable. b. Where such income is assessable in the hands of any other person, credit shall be given to such other person. c. When any security, property etc. is jointly owned by two or more persons not constituting partnership, credit for TDS on income therefrom shall be given to such persons in the proportion in which the income is distributed. 6. TDS returns can now be filed (optional) on a computer media (see rule 37B and Form 27A)