Wednesday, December 22, 2010

TDS RATES FOR AY 2011-12 TDS RATE CHART LATEST TDS RATES


on Wednesday, December 22, 2010

tds rate chart AY 2011-12 IS GIVEN BELOW FOR YOUR READY REFERENCE

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Notes : 

  1. Surcharge on Income-tax is not deductible/collectible at source in case of individual/HUF/Firm/AOP/BOI/Domestic Company in respect of payment of income other than salary.
  2. In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000.
  3. Education Cess is not deductible/collectible at source in case of resident individual/HUF/Firm/AOP/BOI/Domestic Company in respect of payment of income other than salary.
  4. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
  5. All deductors/collectors of Income-tax of Central and State Government Departments and all Corporate deductors, including Public & Private Sector Banks, LIC & Insurance Companies should file their Quarterly Statements of TDS/TCS in Computer Media at any of the TIN Facilitation Centres. The e-TDS Statement has to be accompanied by Form No.27A and e-TCS Statement to be accompanied by Form No.27B
  6. Other deductors/collectors have the option of filing Quarterly Statements either in Electronic Media or Paper format before the TIN Facilitation Centres of NSDL. 
  7. The Due Dates for filing Quarterly Statements for TDS/TCS are as under:

    For quarter ended
    Due Dates
    30/06/2010
    15/07/2010
    30/09/2010
    15/10/2010
    31/12/2010
    15/01/2011
    31/03/2011
    15/05/2011

DUTIES OF TAX DEDUCTOR/COLLECTOR
  • To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the designated TIN facilitation centers of NSDL(please see www.incometaxindia.gov.in), within one month from the end of the month in which tax was deducted.
  • To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
  • To deduct/collect tax at the prescribed rates at the time of every credit or payment, whichever is earlier, in respect of all liable transactions.
  • To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS 281 by quoting the TAN, jurisdiction AO code and relevant section of the Income-tax Act.
  • To issue TDS/TCS certificate, complete in all respects, within the prescribed time in Form No.16(TDS on salaries), 16A(other TDS) 27D( TCS).
  • To file TDS/TCS quarterly statements within the due date.
  • To mention PAN of all deductees in the TDS/TCS quarterly statements.

CONSEQUENCES OF DEFAULT

Failure to deduct or remit TDS /TCS(full or part)
  • Interest at the rates in force (12% p.a.) from the date on which tax was deductible/collectible to the date of payment to Government Account is chargeable.The Finance Act 2010 amended interest rate wef 01.07.2010 and  created a separate class of default in respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in case the tax is deducted late after the due date. The rationale behind this amendment is that the tax once deducted belongs to the government and the person withholding the same needs to be penalized by charging higher rate of interest
  • Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.

    In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to 7 years and fine can be levied.

the above charts can be downloaded from following link
Download Tds rate for 2010-11 Financial year and download income tax rate 2010-11
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