Sunday, July 1, 2012

TDS RATE CHART FY 2012-13 TCS RATES CHART AFTER BUDGET 2012


on Sunday, July 1, 2012

TDS(tax Deducted at source) Rate chart for Financial year 2012-13 is given below for your ready reference . TCS( Tax collection rate chart ) for financial year 2012-13 is also given here under. In Budget 2012 Very few changes has been made in TDS rates and cut off amounts.However few new items has been inserted on which TDS is required to be deducted .Like Purchase of Immovable property ,and TCS on jewellery sale etc. Complete details Of TDS rate changes , Tcs rate changes, Due date to deposit TDS , Due date for Form 16, Due date for Form 16A , Due date for ETDS return Form 24Q,Penalty and interest provision for late deposit of TDS ,consequences for default in filing of Etds Return , TDS rate applicable in case of Non submission of PAN ,TDS rate applicable on service tax or not , on job work or not , which rate is applicable to individual , HUF , who should deduct TDS , who should not deduct tds ,whether tds should be deducted on service tax on rent or professional services all such queries has been replied here
under.
Download Link for full complete post is give in the end.
TDS -TCS RATES ,DUE DATE FY 2013-14 IS AVAILABLE HERE 
we will update this post regularly ,if their is any mistake ,error then please point out this in comment section.

Sl. No.
Section Of Act
Nature of Payment in brief
Cut Off Amount
Rate %
01.04.2012
01.07.2012
HUF/IND
Others
1
192
Salaries
Salary income must be more then exemption limit after deductions.
Average Rate
2
193
Interest on debentures
2500
5000
10
10
3
194
Deemed dividend
-
-
10
10
4
194A
Interest other than Int. on securities (by Bank)
10000
10000
10
10
4A
194A
Interest other than Int. on securities (By others)
5000
5000
10
10
5
194B
Lottery / Cross Word Puzzle
10000
10000
30
30
6
194BB
Winnings from Horse Race
5000
5000
30
30
7
Contracts
30000
30000
1
2
8
Sub-contracts/ Advertisements
30000
30000
1
2
9
194D
Insurance Commission
20000
20000
10
10
10
194EE
Payments out of deposits under NSS
2500
2500
20
-
11
194F
Repurchase of units by MF/UTI
1000
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
1000
10
10
13
194H
Commission or Brokerage
5000
5000
10
10
14
Rent (Land & building) furniture & fittings)
180000
180000
10
10
Rent (P & M , Equipment
180000
180000
2
2
15
Professional/Technical charges/Royalty & Non-compete fees
30000
30000
10
10
16
194J(1)(ba) 
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)
NA
NIL
10
10
17
194LA
Compensation on acquisition of immovable property
100000
200000
10
10
18
194LLA
Payment on transfer of certain immovable property other than agricultural land (Finance Minister has withdraw TDS on such transaction on 07/05/2012)
 (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) 
Note:
  1. Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
  2. TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
  3. No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
  4. 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.
  5. In the case of Company other than Domestic Company, the rate of surcharge is @ 2% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
  6. NoCess on payment made to resident: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.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.


TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 100/25 Lakh.


TCS (tax collection at source rates fy 2012-13)(read more details by Tax collection at source)


Sl.No.
Nature of Goods
Rates in %
1
Alcoholic liquor for human Consumption
1
2
Tendu leaves
5
3
Timber obtained under  forest lease
2.5
4
Timber obtained by any mode other than a forest lease
2.5
5
Any other forest produce not being timber or tendu leaves
2.5
6
Scrap
1
7
Parking lot
2
8
Toll plaza
2
9
Mining & Quarrying
2
10
Minerals, being coal or lignite or iron ore 
1 wef 01.07.2012
11
Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 5 lakhs in jewellery and two lakh in case of Bullion) 
1 wef 01.07.2012

Due date to Deposit TDS and TCS

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub­ section (1A) of section 192.

Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

(a) on the same day where the tax is paid without production of an income‐tax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
Tax to be deducted by Govt  Office
1
Tax deposited without challan
Same day
2
Tax deposited with challan
7th of next month
3
Tax on perquisites opt to be deposited by the employer
7th of next month
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐

(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which‐
  1. the deduction is made; or 
  2. income‐tax is due under sub‐section (1A) of section 192. 
Tax deducted by other
1
tax deductible in March
30th April of next year
2
other months & tax on perquisites opted to be deposited by employer
7th of next month
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table:‐
SrNo
Quarter ended On
Date of payment
1
30th June
7th July
2
30the September
7th October
3
31st December
7th January
4
31st March
30Th April

Person required to file ETDS Return Filing due Dates

NOTIFICATION No. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs return.

1. All Government department/office or
2. All companies.or
3. All person required to get his accounts audited under section 44AB in the immediately preceding financial year; or
4 The number of deductees’ records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty,

DUTIES OF TAX DEDUCTOR/COLLECTOR
  1. 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.
  2. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
  3. 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.
  4. To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS 281 by quoting the TAN and relevant section of the Income-tax Act.
  5. 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).
  6. To file TDS/TCS quarterly statements within the due date.
  7. 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: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.
  • Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of TAN :Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
  • Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in time: For each type of failure, penalty of Rs.100/- per day for the period of default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
New Section for Penalty for non submission of ETDS /ETDS return (section 271H)(applicable from 01.07.2012)
  • Failure to deliver statement within time prescribed u/s 200 (3) or to the proviso to sub-section (3) of section 206C may liable to penalty which shall not be less than Rs. 10,000/- but which may extend to Rs. 1,00,000/-. No penalty if payment of tax deducted or collected along with fee or interest and delivering the statement  aforesaid before the expiry of 1 year from the  time prescribed for delivering the such statement. However No penalty shall be imposed u/s 271H if the person proves that there was reasonable cause for the failure.(section 273B) 
Assessee In default (amendment in section 201)


The Deductor will not to be treated as assessee in Default provided the resident payee has furnished his return u/s 139 and has taken into account such  amount for computing  income in such Return of Income and has paid the Tax Due on the income declared by him in such return of income and furnishes a certificate to this effect, duly certified by a CA, in the prescribed form. This form is yet to be notified.  

However, the interest for not deducting tax would be  payable from the date on which such tax was collectible till the date of  furnishing of return of  income by the resident payee. 

The limit of passing orders under section 201(1) increased from 2 years to 6 years (retrospective amendment wef 1-04-2010) 

Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others ,27Q for Non-resident

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)

Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A
Sl. No.
Quarter ending
From 01.11.2011 on wards For Govt offices 
For other deductors
Etds return
Form 16A
Etds return
Form 16A
1
30th June
31st July
15th August
15th July
30th July
2
30th September
31st October
15th November
15th October
30th October
3
31st December
31st January
15th Feburary
15th January
30th January
4
31st March
15th May 
30th May        (31st May   for form 16)
15th May
30th May        (31st May for form 16)

Download Full Notification 41/2010.right click on link and select save target as or save link as as the case may be "


Issuance Of TDS certificate Form 16 and Form 16A
Tax deducted on or after 01.04.2012, it is mandatory for all type of deductors to issue quarterly form 16A (non salary tds certificate) only after downloaded the same from the TIN-NSDL website. Earlier this was mandatory for only companies ,Banks and co-operative societies engaged   in Banking services with effect from 01.04.2011 through circular number 3/2011.

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)
Form 16A downloaded from TIN-NSDL can be signed manually or can be authenticated through digital signature only.

Though this will be an increase in work load on small traders also but it is welcome step as it will reduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form 26AS. Moreover small traders are also not small now .TDS is to be deducted by HUF and Individual only if their turnover/Receipt is during the immediately preceding year more than limit prescribed under section 44AB .Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25 lakh for Professionals.

FY 2010-11
FY 2011-12
FY 2012-13 onwards
Download Form 16A from TDSCPC (TRACES) Web Site
Optional
Mandatory for Companies and Banks. Optional   for others
Mandatory for all type of deductors 
Digitally Sign Form 16A
Optional but only if downloaded from TDSCPC (TRACES) Web site
Optional but only if downloaded from TDSCPC (TRACES) Web   site
Optional but only if downloaded from TDSCPC (TRACES) Web site
Manually Issue TDS Certificate(Form 16A)
All deductors can manually issue TDS Certificate
Companies and Banks cannot manually issue TDS Certificate
No deductor can  issue manually TDS certificate
Manually Issue TDS Certificate(Form 16 salary)
All deductors can manually issue TDS Certificate
All deductors can manually issue TDS Certificate
Part B to be issued manually

So manually field form 16A cannot be issued for tax deducted on or after 01.04.2012.  
Update (22.04.2012) Form 16 (Part-A) to be issued mandatory through download from TDSCPC website (circular 04/2013 dated 17.04.2013) salary can be issued without downloading from the TDSCPC (TRACES) site. Now you are interested in how you can download Form 16A from TDS CPC (TRACES) website
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)
  3. HOW TO DOWNLAOD FORM16 FROM TDSCPC WEBSITE
GENERAL INFORMATION
  1. Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it is issued. It cannot be used retrospectively.
  2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details marking it as duplicate.
  3. Refund can be claimed by the deductee on filing of return of income.
  4. Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay interest and penalty.
Other Point to be Noted
  1. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
  2. TDS on Cold Storage (194C clarification)
  3. TDS on Rent without service tax(194 I)(clarification 4/2008)
  4. Tds on Professional service (194J) including service tax (clarification)
  5. TDS on Rent (various circulars by department on tds on rent )
  6. Do and Dont's Tax deposit of Taxes
  7. E-payment of TDS mandatory from 01.04.2008
  8. E-Payment Auto Filler for Tds Challan 
  9. E-Payment From Other Banks Account Allowed
  10. TDS challan ITNS 281 In excel & 
  11. How to Fill TDS CHALLAN-ITNS 281
  12. How To pay Income Tax/Tds Online FAQ
  13. Nil TDS on Transporter and others to be reported in ETDS quarterly returns
  14. TDS changes by Budget 2012 (detailed)
  15. TCS changes by Budget 2012(detailed)
  16. TDS on rent section 194-1 brief notes, circular, notification and case laws
Download this post complete with detail of changes in 
TDS rates and TCS rates in Fy 2012-13 (Budget 2012)
TDS -TCS RATES ,DUE DATE FY 2013-14 IS AVAILABLE HERE 

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TDS -TCS RATES ,DUE DATE FY 2013-14 IS AVAILABLE HERE 
2012-13 ,

119 comments: Post Yours! Read Comment Policy ▼
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  1. As i know TDS on furniture & fixtures is 10%.

    ReplyDelete
    Replies
    1. TDS on furniture& fixtures is 10%

      Delete
    2. Ya yes 10% rate are charge for that.

      Delete
    3. Ya yes 10% rate charge for that.

      Delete
    4. 10 % rate are charge for Furniture & fixture

      Delete
    5. this year tds amt what

      Delete
  2. hi Pooja,
    yes, it was 10% earlier & changed to 2% long back

    ReplyDelete
  3. Sir

    One of my friend doing contract (civil Contractor) in the name of M/s Sri Builders single properitor But some of the department deduct 2% Income tax. i.e. correct or wrong.

    ReplyDelete
    Replies
    1. it is wrong . In case of HUF /Individual tds rate u/s 194C is 1 % only . no surcharge /Cess applicable.

      Delete
    2. in case of individual civil cont.TDS should be deducted @1%

      Delete
  4. hi what we need for service tax registration of new company

    ReplyDelete
    Replies
    1. send details at sahhil.beri@yahoo.com

      Delete
  5. SIR PLS SEND ME TDS DETAIL ON JOB WORK

    ReplyDelete
    Replies
    1. please check the details from link given below

      http://www.simpletaxindia.org/2009/11/tds-on-job-work-us-194c-amended-from.html

      Delete
  6. SIR PLS SEND ME TDS DETAIL ON RENT (RENT 16,500 PER MONTH) TDS APPLICABE/NOT APPLICABLE ?

    ReplyDelete
    Replies
    1. Tds is applicable @ 10 % as the yearly payment is in excess of 180000 per year

      http://www.simpletaxindia.org/2008/05/tds-on-rent-194-i-not-including-service.html

      Delete
  7. sir,

    please provide us transport TDS % rate

    ReplyDelete
    Replies
    1. no tds on transport contract if pan has been provided

      http://www.simpletaxindia.net/2009/11/no-tds-on-transport-contracts-if-pan-is.html

      Delete
  8. sir, i am a Landscape consulatant. I came to know that the current TDS rate for professional servics is 12.36% is it true? how can i make sure that my client pays the TDS for the payments made towards my services. also could you pls explain if there are any slabs for which the tax percentage changes.

    ReplyDelete
    Replies
    1. TDS rate is 10 % not 12.26 %. Further person giving the service have no responsibility to make sure that tds be deducted by the payer(client)

      Delete
  9. Sir, i want to what is the Section for Incentive payable

    ReplyDelete
    Replies
    1. If it has been paid to employees then it is covered under salary income and TDS is to be deducted under section 192.

      If paid other than employee then u/s 194H commission or brokerage

      Delete
  10. Mrs. x is an employee of one company he get salary 50,000P.A and 50,000 as incentive. what is the treatement for TDS according to Section 192.

    ReplyDelete
    Replies
    1. No tax is deductible as the income from salary is less than exemption limit.

      Delete
  11. Please Advice????

    TDS has been deducted & deposited by one of my client u/s 194-c @ 2% but PAN is not provided. total Bill Amount of Rs.65,000/- i.e. less than Rs.75,000/- & all single bill is less than Rs.30,000/-.

    whether should we deduct TDS @ 20% in such case?

    ReplyDelete
    Replies
    1. Tds is not deductible in such case so do not post this entry in tds return

      Delete
  12. sir, I want is the payment challan number for appeal fees?
    What is the major head for Individual

    ReplyDelete
    Replies
    1. Please note that to deposit Appeal Fees either Major Head 021 has to be tocked under ‘Tax Applicable’.

      Followed by this; Minor Head: Self Assessment Tax (300) has to be ticked under ‘Type of Payment’ and the amount is to filled under

      Others in ‘Details of Payments’.

      The above answer is for individual personal tax not for tds appeal

      Delete
  13. I am a dubbing artist my studio deducts 10% service tax from me. Is it correct.

    ReplyDelete
    Replies
    1. You are covered under professional services under section 194J so kindly refer rate above and more details from link given below

      http://www.simpletaxindia.net/2012/06/tds-on-fees-for-professional-or.html

      Delete
  14. hi

    i am a voice over artist. My studio deducts 10% professional tax from the payment they give me for a programme I do. Is it right. Because from the list of TDS it seems the tax is just 1%

    ReplyDelete
    Replies
    1. You are covered under professional services under section 194J so kindly refer rate above and more details from link given below

      http://www.simpletaxindia.net/2012/06/tds-on-fees-for-professional-or.html

      Delete
  15. What is the Rate od TDS deduction on Director's Salary?

    ReplyDelete
    Replies
    1. Director salary is covered as normal salary slab u/s 192

      Delete
  16. Sir,Me an NRI living in the US for last 15 yrs sold a property which i purchased in Bangalore urban in the year 2004 by remitting dollars and also taking loan from ICICI Bank.In the year 2012 (9/5/12) i sold it for 1.2 crores.Now my queries are.

    1.The buyer has deducted TDS 10 % plus cess 3% that is 1236000/-Rs.
    you have stated above the finance minister has amended this rule and says no tds for sale on immovable property.Is it applicable for NRI also?

    2.If the entire proceeds Rs1.2 crore is invested in a small scale industry, caiptal gains tax need not be paid by NRIs?

    ReplyDelete
  17. WHAT IS TDS RATE FOR SPONSORSHIP?

    ReplyDelete
    Replies
    1. rate as applicable for 194C ie 1% if payment made to individual/huf and 2 % in other case.

      Delete
  18. Sir , I am working in NGO and salary is Rs. 120000.00 per annum. Now employer is deductind TDS @ 20% ( Since i don't have PAN NO.)

    Is it necessary to deduct TDS ? ( Since i am not in any tax bracket)
    May i ask to my employer for Non decuction of TDS ?
    Guide me ..

    ReplyDelete
    Replies
    1. If your salary income is less exemption limit then tds is not required to be deducted even you does not have pan . Means this year salary up to 200000 is covered and last year it was 180000 .
      As you have received just 120000 you employer can not deduct tax on it .

      Please refer circular 5/2011 dated 16.8.2011

      http://taxclubindia.com/simple/tds%20on%20salary%20Fy%202011-12.pdf

      Delete
  19. i mr. Alkesh soni...i wan't ahelp in tds..! i wan't to know detailed information about tds. n i m a tybcom paassed i m doing now ipcc

    ReplyDelete
    Replies
    1. Dear Soni ,

      go in search given above type tds and click and read all the results one by one.

      Delete
  20. Plz provide us service tax on transporter

    ReplyDelete
    Replies
    1. Service tax on transporter is payable by consignee or consignor (whoever is making the payment)in most of the case of 25 % amount of the bill @ 12.36%

      Delete
    2. Service tax on transporter is payable by consignee or consignor (whoever is making the payment)in most of the case of 25 % amount of the bill @ 12.36%

      Delete
  21. Plz provide us service charge on transporter

    ReplyDelete
  22. i m hemant. i m workin in GEPIL. now i received a first bill rs.10000. for prosessinol service. i want to know that i want to know that this bill s liable to deduct tds

    ReplyDelete
  23. i want to knw smthing abut service tax
    a person is having franchise of idea n he gets comission every month n he pays service tax too
    but in the month of march there was some dispute n he didnt got commission for the month of march n either he paid the service tax
    now he is having franchice of aircel n he want to get a service tax no.
    ut authorities are saying that first you have 2 surrender the servie tax no. earlier with u n pay the pending tax
    but since he didnt got th commission he is not willing to pay the tax

    so is there any solution for this???????

    ReplyDelete
    Replies
    1. if amount is not received then no need to pay service tax at all this can be adjusted . consult tax adviser

      Delete
  24. hi I am vishnu,

    Without PAN Card, for all the section of act we have to deduct TDS 20%?

    ReplyDelete
    Replies
    1. Yes , under all section as shown above

      Delete
  25. hi this is hemanth.is their any relation between the tds and advance paid of income tax.

    ReplyDelete
    Replies
    1. TDS is tax payment by other person on behalf of assessee and is being deducted fro assessee

      Advance tax is paid by assessee himself

      Delete
  26. I am a pensioner and annual tax payer with deposits
    I am on contract with ICICI Bank Ltd as consultant on 'Professional Fee' of Rs. 30500 pm (Annual Rs 366000) What is the tax rate payable for this? Is it only 10%

    ReplyDelete
    Replies
    1. Tax rate is applicable as per income tax slabs applicable on you .As you have income from profession also , so you have to file itr-4.

      you can deduct exp. which has been incurred to earn the professional fees ,like travelling , phone, office, helper etc etc

      Read more: http://www.simpletaxindia.net/2012/07/tds-rate-chart-fy-2012-13-tcs-rates.html#ixzz22CuPOK2C

      Delete
  27. Minerals, being coal or lignite or iron ore 1% wef 01.07.2012 come under TCS. I have a proprietorship firm, on purchase of coal TCS is deducted. when we sell the same coal to the manufacturing unit, whether we collect TCS or not. we have not TAN No.

    ReplyDelete
  28. plz. let me the TDS deduction on rent where Service Tax charged on rent

    ReplyDelete
    Replies
    1. As per clarification circular 4/2008 tds on service tax on rent is not applicable
      read clarification here

      http://www.simpletaxindia.org/2008/05/tds-on-rent-194-i-not-including-service.html

      Delete
  29. what is the rate for incentive paid by co & which is the limit of it

    ReplyDelete
    Replies
    1. No such rates are defined under the income tax act , its vary company to company

      Delete
  30. sir i want to know that what is tds rate applicable when a contractor not provide his firm name pan but provided his own name pan

    ReplyDelete
    Replies
    1. For prop. firm ,pan remain on person's name not on firm's name. And in these case tax rate u/s 194C remain 1 % . So you should deduct TDS on 1 %.

      Delete
  31. Filling of TDS return for salaried person is not mandatory for income upto Rs.5 lakh if there is no tax payable, is it correct as per new IT rules please confirm.

    ReplyDelete
    Replies
    1. Income tax return is exempted for salaried employees (not tds return ) if salary taxable income is up to 5 lakhs subject to few conditions

      http://www.simpletaxindia.net/2012/02/exemption-from-income-tax-return-filing.html

      Delete
  32. SIR I WANT TO KNOW THAT AC INSTALLATION CHARGES 75000/- AGAINST ONE BILL THAN WHAT IS TDS RATE OF % SHOULD BE DEDUCT

    REGARDS
    PANKAJ KUMAR

    ReplyDelete
    Replies
    1. if contractor is HUF/Individual then rate is 1 % in other case 2 %

      Delete
  33. What is the rate of service tax in Maharashtra? And also what is rate of VAT in the same state? And if I want to know about Maharashtra tax details, which site you recommend me to see..???

    ReplyDelete
    Replies
    1. Service tax rates are same all over India and rates are available here

      http://www.simpletaxindia.net/2012/03/rate-of-service-tax-wef-01042012-budget.html

      Maharashtra site is

      http://mahavat.gov.in/Mahavat/index.jsp

      Delete
  34. plz tell me the tds deduction limits of 30000 & 75000

    ReplyDelete
    Replies
    1. One contract value is 30000 and 75000 payment overall in a year to same person

      Delete
  35. surcharge on tds of foreign payment is 2% w.e.f 1.04.2011 instead of 2% please rectify

    ReplyDelete
  36. I AM PROP OF A FIRM I HAVE SUPPLIED A 2 YRS EXTENDED CARE PACK FOR HP SERVER HOW MUCH TDS WILL BE DEDUCTED BY COMPANY TO WHOM I SUPPLIED A CARE PACK

    ReplyDelete
  37. Whether service availed from outside INdia and also utilized outside India is eligible for TDS?

    ReplyDelete
  38. Sir i am an Accountant in one of the company in kerala i wish to know the current T.D.S rates and how it is filed both online and offline.

    ReplyDelete
    Replies
    1. TDS rates are available here

      http://www.simpletaxindia.net/2012/04/tds-rate-chart-fy-2012-13-tcs-rates.html

      Delete
  39. I am accountant but no more experience in Tax filing ..I wish to knows What is the new TDS rates and how its filed both online and offline ? What is the Service tax rates and how iy is filed ? and VAT rate of each commodity and hoe it is filed???

    ReplyDelete
  40. I am accountant but I am not having experience in EXCISE (till now i didn't take up any work related to EXCISE Registration, Filing, etc.... relating to Excise. But now, I am having an opportunity to go to the company having "Excise" (i.e., a manufacturing company). How can I improve myself regarding EXCISE and how to handle those. Please any one help me....

    ReplyDelete
  41. I am having 80000 in a FD for 1 Year in a Public Sector Bank in the name of my parent who is a Senior Citizen. Interest is credited to another banks account and 10% of the interest is deducted as TDS. Is this correct? Is TDS exemption available in case of senior citizens via certain form number. Thank You.

    ReplyDelete
    Replies
    1. Yes ,if your parents have nil tax liability then they can furnish 15H to bank and TDS will not be deducted

      Delete
    2. Ok. Checked with bank and bank has told us to submit form 15(G), but I shall clarify on my visit. Thanks for replying.

      Delete
    3. For Senior citizen 15 H can also be submitted

      Delete
  42. Tds deduction minimun amount of bill.

    ReplyDelete
    Replies
    1. Cut off amount against each section is already indicated

      Delete
  43. sir, i am a govt. employee our organisation is having a contract with an private organisation of photostate machines. thr are seven machines and thr is a separate contract for each of it. the amount of each contract does not exceeds thirty thousand but in total of seven contracts it exceeds seventy five thousand annual. so do we have to deduct tds before making payment to the provider.

    ReplyDelete
  44. I have found that outstanding more personal blogs in addition to message boards don't seem to be since enjoyable since this one particular. Often times lake stretch of land on a websites site the particular article content along with submissions are which means missing which move ahead directly. That isn't the outcome below. Thanks now much.

    ReplyDelete
  45. Hi Need some information on TDS, I have recently joined a company with a package of 16Lacs, In my new company i have declared my investments like insurance (32k/annum) and Rent of 1.8L. There was one more option where in i declare my previous employer's CTC after deduction (10C on my Form16), which was about 10L. I was shocked to see that a TDS of 40,000 was deducted from my monthly Sal, can anybody explain what is wrong or how do i go about on this ?

    ReplyDelete
    Replies
    1. Please provide complete detail of your gross salary for fy 2012-13 total from both the employers . What are its components like da ,basic ,hra other allowance etc so that I can guide you .Further refer this link to calculated tds on salary.

      http://www.simpletaxindia.net/2012/10/how-to-calculate-tds-tax-on-salary-fy.html

      Delete
    2. Hello Raja Babu, Thanks for your prompt reply,can i have your mail ID so that i can send those details across to you if you are fine with it. Thanks.

      Delete
  46. We are outsourced transporters of a Express Cargo company for Pick and deliver their customers cargo. Our Pick Charges are percentage of their freight revenue & delivery charges are in Rs./Kg.

    We are a Partnership firm under Partnership act. The company is deducting 10% TDS stating that we are getting commission although our scope is purely Transportation for them.

    My understanding is that Transportation (Goods Cargo) attracts no TDS. For the contractors 1% for Proprietorship & 2% for Partnership co. is applicable.

    Can you please guide if they are right in deducting @ 10% ???

    ReplyDelete
  47. Dear Sir,

    This is Gross Amount 12500P.M then TDS deduction Rules Against Informetion..
    So Please reply..

    ReplyDelete
  48. dear sir,i want full knowledge of tds .............plz plzzzzzzzzzzz
    my id dushyantsharma06@gmail.com
    plz send.....

    ReplyDelete
  49. Dear Sir
    Can Export of Iron Ore attract TCS ? if yes than what rate

    Thanks

    ReplyDelete
    Replies
    1. In our view no tcs is applicable for export

      Delete
  50. TDS rate chart is given in the post here useful post

    ReplyDelete
  51. This is a very nice article and gives in-depth information. Thanks for this nice article, which is a really good to read. I must admit that you are one of the best bloggers I ever saw. Thanks for posting this informative article, which is an excellent example of superior writing. I really appreciate it and I think people will like you.

    ReplyDelete
  52. Sir,
    The rent of Rs.18,000/- goes in two parts i.e. Rs.9,000/ each to husband and wife as both are co-owners of flat. Pl guide whether TDS is applicable or not. Also request,if you guide some circular/notification of GOI/ IT dept.

    Thanks

    ReplyDelete
    Replies
    1. If there are a number of payees, each having definite and ascertainable share in the property, the limit of Rs. 1,80,000 will apply to each of the payee/co-owner separately. The payers and the payees are however advised not to enter into sham agreements to avoid TDS provisions.

      No circular/notification in my knowledge on the subject

      Read more: http://www.simpletaxindia.net/2010/04/tds-on-payment-of-rent-194i-circulars.html#ixzz2KPC5K9Km

      Delete
  53. Amitabha, Berhampore

    Sir, I want to know that, I received building rent Rs. 1,96,600.00 for the financial year 2012-13, how much TDS amount will be paid.

    ReplyDelete
  54. SIR,

    PLEASE TELL ME TDS INTREST RATE FOR THE F.Y-2012-13

    ReplyDelete
  55. Sir, I have recently deposited 15 lakhs in a fixed deposit with a bank under my mother's name who is a senior citizen (house-wife with no other income). I have also submitted Form 15H and the copy of her PAN Card. Please confirm that whether TDS will be applicable or not.

    ReplyDelete
    Replies
    1. Not applicable as Income tax die is nil on your mother's income

      Delete
  56. Sir, could you please tell me if TDS is to be deducted on advance payments made to contractors, IF yes, and such TDS has not been deducted can the entire amount of TDS be deducted at the time of making final balance payment to such contractor. For eg: if Contractor's bill is Rs. 20lacs and advance payment without TDS is Rs.18lacs. Can entire TDS be deducted at the time of paying Rs. 2lacs. What would be the interest and penal consequences. thank u..

    ReplyDelete
    Replies
    1. Yes , tds is required to be deducted on payment or credit whichever is earlier basis. so you should deduct tds on advance payment also .

      If not deducted at the time of advance ,you should deduct it on balance payment and pay interest for late deposit

      In above example you should tds from 2 lakh on ful amount of 20 lakh .Further you should deposit interest on late deposit of tds also.

      Delete
  57. Sir could you please tell me rate of TDS on IT Equipment

    ReplyDelete
    Replies
    1. TDS is not applicable on sale /purchase

      Delete
  58. Sir could you please tell me if TDS has to be deducted on book printer,if yes what is the rate of TDS

    ReplyDelete
    Replies
    1. it is covered u/s 194C .Rate& limit already shown above

      Delete
  59. Dear sir, I am NRI & getting some assured return from my Flat in India i want to know that what is the TDS rate applicable on me.My client deduct 30% tds on me while paying me as Assure return.

    ReplyDelete
    Replies
    1. 10% if annual rent value exceed rs.180000

      Delete
  60. Dear Sir, As a NRI i am receiving some assure return from my flat & my client deducted 30% TDS.Is he write? what is the TDS rate for Assure return for NRI.

    ReplyDelete
  61. Is there any tds for bank fds

    ReplyDelete
  62. IN A STATE GOVT. THEIR ACCOUNTING YEAR IS MAR- FEB, SO NOW THE AMOUNT DEDUCTED IN THE MONTH OF MARCH IN WHICH QUARTER IT HAS TO BE SHOWN?

    ReplyDelete
  63. Dear sir please tel what type of labour charges applicable in construction company

    ReplyDelete
  64. whether tds @ 2% is to be deducted on job work carried out on a Govt. vehicle in the form of modification or alteration like repair of seat, rear part, body, rethreading of tyres etc, where job is carried out from a private firm and where expenditure is above rupees thrity thousand.

    ReplyDelete
  65. Confustions related figures. anand - 9840183666

    ReplyDelete