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The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source, and remit the same into the account of the Central Government.
A TDS Return is a quarterly statement, which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.
An eg., Mr. Kapoor rented an apartment and paying more than Rs.50,000/-, then he must deduct 5% of the rent and pay the remaining to the landlord. The deducted 5% is the TDS, that he must file under his TDS return.
|Quarter||Quarter Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July, 2019|
|2nd Quarter||1st July to 30th September||31st Oct, 2019|
|3rd Quarter||1st October to 31st December||31st Jan, 2020|
|4th Quarter||1st January to 31st March||31st May, 2020|
For assessee other than Companies
TDS will be deducted as follows...
|Section 192: Payment of salary||Normal Slab Rate|
|Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee (with effect from 01.06.2015).||10|
|Section 193: Interest on securities || 10|
|Section 194: Dividend other than the dividend as referred to in Section 115-O||10|
|Section 194A: Income by way of interest other than "Interest on securities"||10|
|Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort||30|
|Section 194BB: Income by way of winnings from horse races||30|
|Section 194C: Payment to contractor/sub-contractor ||1|
|Section 194D: Insurance commission||5(10% till Assessment year 2016-17)|
|Section 194DA: Payment in respect of life insurance policy||1(2% till 31-5-2016)|
|Section 194EE: Payment in respect of deposit under National Savings scheme||10(20% till 31-5-2016)|
|Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India||20|
|Section 194G: Commission, etc., on sale of lottery tickets||5(10% till 31-5-2016)|
|Section 194H: Commission or brokerage||5(10% till 31-5-2016)|
|Section 194-I: Rent ||2|
|Section 194-IA: Payment on transfer of certain immovable property other than agricultural land||1|
|Section 194J: Any sum paid by way of ||No longer used|
|New Section 194JA: Any sum paid by way of ||2|
|New Section 194JB: Any sum paid by way of ||10|
|Section 194LA: Payment of compensation on acquisition of certain immovable property||10|
|Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.||10|
|Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]||10|
|Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA)||25% in case of Individual or HUF; 30% in case of Other person|
|Section 194K: Income Payable to a resident assessee in respect of units of a specified Mutual Fund or of the Units of the UTI||10|
|Section 194N: Payment of certain amounts in cash||2%, 5% (if cash withdrawl exceeds 1 Cr during previous year)*|
|Section 194P: Payment to Specified Senior Citizen||--|
|Section 194Q: Deduction of tax at source on payment of certain sum for purchase of goods||0.1% (5% in case where PAN is not quoted)|
|Section 194O: TDS on E-commerce transactions||1% of the gross amount of sale / Services / both|
2% of consideration received or receivable by an ecommerce operator from supply of goods or services
|Any Other Income||10|
Consider the latest TDS Amendments in 2019
Person fails to file the statement of tax deducted/collect at source i.e. TDS/TCS return on or before the due dates, Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000.
Penalty can also be levied if the deductor/collector files an incorrect TDS/TCS return.
No penalty will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied: