Wednesday, June 2, 2010

TDS Rules changed ,Form 16A quarterly,year return by 15 May wef FY 2010-11


on Wednesday, June 2, 2010

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.The main changes are listed out below.


  1. This rules are applicable only for the TDS deducted on or after 01.04.2010 means applicable for Financial year 2010-11 assessment year 2011-12.
  2. Last date to file quarterly etds return( form 24Q,form 26Q) has been changed to 15 May of succeeding year.Presently it is 15 June.
  3. Form 16,Form 16A required to be issued for Financial year 2010-11 has also been changed.
  4. Due date to make TDS payment and mode of TDS payments has also been changed(CHECK details HERE )
  5. UTN has been introduced again in modified version ,now TAN of deductor ,PAN of deductee and PRN (receipt number) of ETDS return form a UTN for verification of tax credit.
  6. Form 16A(non salary tds) is now required to be issued quarterly within 15 days from due date to file etds statements.
  7. Form 16 (tds from salary) is now required to be issued by 31st May of the financial year immediately following the financial year in which the income was paid and tax deducted.


New Changes in TDS Rules

CBDT Press Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.
Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.
Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems). 
Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are
Sl. No.
Date of ending of the quarter of the financial year
Due date
1.
30th June
15th July of the financial year
2.
30th September
15th October of the financial year
3.
31st December
15th January of the financial year
4.
31st March
15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :
Sl. No.
Category
Periodicity of furnishing TDS certificate
Due date

1.
Salary       (Form No.16)
Annual
By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2.
Non-Salary
(Form No.16A)
Quarterly
Within fifteen days from the due date for furnishing the ‘statement of TDS’
Download Full Notification 41/2010.right click on link and select save target as or save link as as the case may be "


Update
 :Please Note that Form 16A now(01.01.2013) shall be available through new website www.tdscpc.gov.in only .Read more from links given below

  1. Procedure How  to register at TRACES (www.tdscpc.gov.in) and 
  2. How to download Form 16A form TRACES (www.tdscpc.gov.in)


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