TDS RATES CHART FY 2016-17 AY 17-18 TDS DEPOSIT DUE DATES INTEREST PENALTY

TDS means 'Tax Deducted at Source'. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is de...

TDS means 'Tax Deducted at Source'. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government Account. A significant part of Income tax collection comes through TDS ,so Tax machinery is monitoring the TDS collection minutely. 

In view of above ,Deduction of Tax at correct rate is very important for deductor and minor mistake in deduction leads to penalty in shape of Interest on late deposit and disallowance of Expenses. We have Compiled Tax deduction rates chart (TDS rate chart) for Financial year 2016-17 which may be useful for all the readers. You may also download full post along with other details in PDF from the link given at the end of the post.

Related Post :Check TDS On Salary Fy 2016-17 AY 2017-18 with complete details and Examples

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]
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[TDS RATE CHART FY 2017-18 AY 2018-19]

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• 1. TDS RATE CHART FY 2016-17 AY 2017-18 (POPULAR SECTIONS)

[TDS RATE CHART FY 2017-18 AY 2018-19]

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[TDS-TCS RATES CHART FY 2016-17 AY 17-18 ##download##]
VERSION :2       UPDATED 23/05/2016

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TDS RATE CHART FY 2016-17 AY 2017-18
Nature of Payment Made To		Indivi/ HUF	Other
Section - Description	Cut off (Rs.)	Rate (%)
192 - Salaries	-	Avg rates	NA
192A-Premature withdrawal from EPF	30000(50000)	10	NA
193 - Interest on securities	10000	10
194 - Dividends	2500	10
194A - Interest Banks	10000	10
194A - Interest other	5000	10
194B - Winning from Lotteries	10000	30
194BB - Winnings from Horse Race	5000 (10000)	30
194C- Contractor - Single Transaction	30000	1	2
194C- Contractor-During the F.Y.	75000/    1 Lakh	1	2
194C- Transporter (44AE) declaration with PAN	-	-	-
194D - Insurance Commission	20000(15000)	10 (5%)
194DA  Life insurance Policy	100000	2 (1%)	NA
194E   -Non-Resident Sportsmen or Sports Association	-	20
194EE  -  NSS	2500	20 (10%)	NA
194F - Repurchase Units by MFs	-	20
194G - Commission - Lottery	1000(15000)	10 (5%)
194H - Commission / Brokerage	5000        (15000)	10 (5%)
194I -  Rent Land  and  Building  - F&F	180000	10
194I  Rent Plant/Machinery/equipment		2
194IA -Transfer of certain immovable property other than  agriculture land	50 Lakh	1
194J - Professional Fees	30000	10
194LA - Immovable Property	2Lakh   (2.5 Lakh)	10
194LB - Income by way of interest from infrastructure debt fund (non- resident)	-	5
194LB - Income by way of interest from infrastructure debt fund (non- resident)	-	5
Sec  194  LC  -  Income  by  way  of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (applicable from July 1, 2012)	-	5
194LD - Interest on certain bonds and govt. Securities(from 01-06-2013)	-	5
196B - Income from units	-	10
196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)	-	10
196D - Income of FIIs from securities	-	20

[TDS RATE CHART FY 2017-18 AY 2018-19]

[1.TDS RATE CHART POPULAR SECTIONS]

[2.TDS RATE CHART FY 2016-17 AY 2017-18(Section wise details)]
[3.CHANGES IN TDS RATES WEF 01.06.2016]
[4. Notes to TDS RATE CHART FY 2016-17 AY 2017-18]
[5.Surcharge /Cess applicable on TDS/TCS]
[6. TCS (Tax Collection at Source Rates Fy 2016-17)]
[7. Due date to Deposit TDS and TCS & Mode FY 2016-17]
[8.Person required to file E TDS Return & Duties of Deductor]
[9. Due date TDS-TCS return 24Q, 26Q ,27Q,27EQ and Form 16 , Form 16A]
[10. Interest on Late deposit of TDS/TCS & Penalty & Prosecution]
[11 : Late Fees -Penalty on Late filing of TDS return]
[12 .Various Password required to Use Traces Website]
[13. Other Point to be Noted]

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

[Contd. on page-2]

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2. TDS RATE CHART FY 2016-17 AY 2017-18(Section wise details)

192 - Salaries



ead TDS on salary circular for Fy 2016-17 here
192A-Premature withdrawal from EPF ( wef 01.06.2015)

192A
Nature of Payment	Premature withdrawal from EPF
Deductor	EPFO
Deductee	Resident
TDS rate	10%
Threshold Limit	30000 (50000 wef 01.06.2016)
Time of deduction	At the time of Payment
Other points	TDS is applicable only if withdrawn before 5 year of contribution

read more about section 192A193 - Interest on securities


194 - Dividends


194A - Interest other than interest on securities


194B - Winning from Lotteries


194BB - Winnings from Horse Race


194 C - Payment to Contractors



read more about section 194C
194D - Insurance Commission 

194D
Nature of Payment	Insurance Commission
Deductor	any person
Deductee	Resident
TDS rate	10%(5% wef 01.06.2016)
Threshold Limit	20000 (15000 from 01.06.2016)
Time of deduction	credit or payment which ever is earlier
Other points

194DA Payment in respect of life insurance policy(applicable from 01.1.2014)



read more about section 194DA
194EE - Payments out of deposits under NSS


194F - Repurchase Units by MFs

Section 194G
Nature of Payment	Commission on Lottery
Deductor	any person
Deductee	Resident
TDS rate	10% (5% wef 01.06.2016)
Threshold Limit	1000(15000 wef 01.06.2016)
Time of deduction	credit or payment which ever is earlier
Other points

194H - Commission / Brokerage

194H - Commission / Brokerage

Section 194H
Nature of Payment	Commission / Brokerage
Deductor	any person
Deductee	Resident
TDS rate	10% (5 % wef 01.06.2016)
Threshold Limit	5000 (15000 wef 01.06.2016)
Time of deduction	credit or payment whichever is earlier
Other points

194I - Rent - Land and Building - furniture - fittings



read more about section 194I
194IA -Transfer of certain immovable property other than agriculture land(w.e.f 1-6-2013)



Read more about section 194IA
194J - Professional Fees



read more about section 194J

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

[Contd. on page-3]

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3.CHANGES IN TDS RATES WEF 01.06.2016

read more about changes in TDS-TCS rates wef 01.06.2016 

Also read FAQ on TCS on cash sale/services >2 lakh clarification

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

[Contd. on page-4]

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4. Notes to TDS RATE CHART FY 2016-17 AY 2017-18:

1. No TDS on service Tax :As per circular 01/2014 dated 13.01.2014 TDS is not applicable on service tax part if service tax is shown separately. 
2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the deductor.(read detail u/s 206AA) 
3. TDS on Good Transport wef 01.06.2015 : TDS shall be applicable on payment to transporter wef 01.06.2015 .However tds exemption will be available only to those transporters who own ten or less goods carriages at any time during the previous year. Such a transporter would also need to furnish a declaration to that effect to the payer along with the PAN.
4. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 15 % 
5. Surcharge on tax other than salary 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. 
6. Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(15 %) (See chart below for details )
7. TDS is deductible on full amount if threshold limit is crossed during the year including the amount paid earlier during the year along with interest ,if applicable.
8. No Cess 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. 
9. Section 206AA in the Act makes furnishing of PAN by the employee compulsory in case of receipt of any sum or income or amount, on which tax is deductible. If employee (deductee) fails to furnish his/her PAN to the deductor , the deductor has been made responsible to make TDS at higher of the following rates: 
1. i) at the rate specified in the relevant provision of this Act; or 
2. ii) at the rate or rates in force; or 
3. iii) at the rate of twenty per cent. The deductor has to determine the tax amount in all the three conditions and apply the higher rate of TDS. However, where the income of the employee computed for TDS u/s 192 is below taxable limit, no tax will be deducted. But where the income of the employee computed for TDS u/s 192 is above taxable limit, the deductor will calculate the average rate of income-tax based on rates in force as provided in sec 192. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to deducted at the average rate. Education cess @ 2% and Secondary and Higher Education Cess @ 1% is not to be deducted, in case the tax is deducted at 20% u/s 206AA of the Act.

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• 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.50,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately 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/receipt is more than 100/50 Lakh.

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5.Surcharge /Cess applicable on TDS/TCS

1. In cases in which tax has to be deducted under sections 193, 194, 194A, 194B,194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein.
2. In cases in which tax has to be deducted under sections 192A, 194C, 194DA,194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194J, 194LA, 194LB, 194LBA, 194LBB,194LBC, 194LC, 194LD, 196B, 196C and 196D of the Income-tax Act and in case of TCS(tax collected at source), the deductions/collection shall be made at the rates specified in those sections and shall be increased by a surcharge,for purposes of the Union,—
• (a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,being a non-resident, calculated at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;
• (b) in the case of every co-operative society or firm, being a non-resident,calculated at the rate of twelve per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;
• (c) in the case of every company, other than a domestic company, calculated,—
• (i) at the rate of two per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees;
• (ii) at the rate of five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.

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6. TCS (Tax Collection at Source Rates Fy 2016-17)

TCS is collectible on Scrap Tendu Leaves, Timber obtained under a forest lease or other mode, Any other forest produce not being a timber or tendu leave ,Alcoholic Liquor for human consumption , Parking Lot, toll plaza, mining and quarrying Minerals, being coal or lignite or iron ore (applicable from July 1,2012) Bullion if consideration (excluding any coin / article weighing 10 grams or less) exceeds Rs. 2 Lakhs or jewellery if consideration exceeds Rs. 5 Lakhs (and any amount is received in cash) (applicable from July 1, 2012) Sale of motor vehicle of the value exceeding Rs. 10 Lacs;(wef 01.06.2016) Sale in cash of any goods (other than bullion and jewellery) or providing of any services (other than payments on which TDS is made) exceeding Rs. 2 Lacs (wef 01.06.2016).

TCS rate chart is given below for your ready reference.

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

Contd. on page-7

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7. Due date to Deposit TDS and TCS & Mode FY 2016-17

To Know the full concept of Due date to deposit TDS ,we must have to read it in two Parts  

1. When Tax is to be deducted ?
2. When Tax is to be collected ?
3. When tax deducted at source(TDS) is to be deposited (TDS due date of deposit)?

When tax is to be deducted ?

1. At the time of credit or payment, whichever is earlier
• 193- Interest on securities
• 194A- Interest Other than “Interest on securities”
• 194C- Payment to contractors / sub contractors
• 194D – Insurance commission
• 194H – Commission or Brokerage
• 194G- Commission on sale of lottery tickets
• 194I- Rent
• 194J- Professional or technical fees
2. Before making payment or distribution
• 194- Dividend
3. At the time of payment
• 192- Salaries
• 194B- Winning from lotteries / crossword puzzles
• 194BB Winnings from horse races
• 194EE – Payment from National Saving Scheme
• 194F Payment for repurchase of units by UTI / mutual funds
• 194 -IA : payment of transfer of immovable property >50 Lakh
• 194LA: Payment of compensation on acquisition of certain immovable property

When Tax is to be collected 

1. At the time of Debit of Account or Receipt ,whichever is earlier
• Scrap 
• Tendu Leaves 
• Timber obtained under a forest lease or other mode 
• Any other forest produce not being a timber or tendu leave 
• Alcoholic Liquor for human consumption 
• Parking Lot, toll plaza, mining and quarrying Minerals, being coal or lignite or iron ore (applicable from July 1,2012) 
2. At the time of receipt/collection  
• Bullion (as per rule above)
• Jewellery (as per rule above) 
• Sale of motor vehicle > 10 lakh
• Sale in cash of any goods > 2 Lakh
• Providing of any services against cash payment >2 Lakh

When date of deduction/Collection is decided then according to point of deduction/collection then due date to deposit is to be decided as under.

“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/collected  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‐ the deduction is made; or income‐tax is due under sub‐section (1A) of section 192.

Tax deducted/collected by other
1	tax deductible in March	30th April of next year  In case of TCS 7th April
2	other months & tax on perquisites opted to be deposited by employer	7th of next month

(2A) Notwithstanding anything contained in sub‐rule (2) ,any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days 30 days (wef 01.06.2016) from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QB

(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

Challan to deposit TDS and TCS & mode of deposit

1. For all sections under TDS and TCS one challan is to be deposited ie ITNS-281 and to deposit TDS/TCS -TAN(tax deduction & collection account number is to be obtained and used.
2. Deductor can adjust excess tds deposited in one section /assessment year with another section /assessment year so no need to deposit section wise challan.
3. However for TDS collected under section 194IA (TDS on immovable property over 50 Lakh) tax is to be deposited on challan cum return 26QB.Further to deposit this challan TAN number is not required though deductor will FILL his PAN 
4. TAX must be deposited through online mode only or through designated bank branches.

Refund of Excess TDS deposited :

As pointed out above in point number 2 ,you may adjust excess TDS in other section /assessment year/quarter.However if you want refund then you may apply on form 26B online for excess TDS.

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8.Person required to file E TDS Return & Duties of Deductor

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 20.

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.However for tax deduction u/s 194IA (tds on transfer of immovable property) the deductor may use PAN instead of TAN
2. If a deductor has many offices then deductor may take one TAN for all branches or take separate TAN for each TAN. If separate TAN is taken then deductor can check TDS compliance report of all TAN at TDSCPC website 
3. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
4. 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.
5. 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.
6. 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).
7. To file TDS/TCS quarterly statements within the due date and revise the same ,wherever necessary.
8. To mention PAN of all deductees in the TDS/TCS quarterly statements.

TRACES online portal for deductors and deductees :

TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS). The deductor have to register at TRACES website to avail facility available at the website 

Facility available at Traces for deductors 

1. Download Conso File / Justification Report 
2. Download Form 16 / 16A / 16B / 27D.
3. Online correction of TDS returns 
4. Refund of Excess TDS

[Contd. on page-9]

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9.  Due date TDS-TCS return 24Q, 26Q ,27Q,27EQ and Form 16 , Form 16A for Financial year 2016-17 for Govt as well as non Govt deductor (notification 30/2012 dt 29/04/2016)

Quarterly return Form  

Deductor is required to file TDS/TCS return quarterly , however nil return is not mandatory.This  returns may be filed at any TIN-FC by paying a small fee. However you may upload original return directly at efiling site free.
1. 24Q   : For TDS deducted from Salary Income 
2. 26Q   : For  TDS deducted from all other section except salary & 194IA from resident
3. 27Q   :  For TDS deducted from Non resident except salary
4. 27EQ : For Tax collected at source
5. 26QB : For section 194IA separate return is not required ,challan cum return is to be filled on form 26QB (Tax to be deposited within 30 days(wef 01.06.2016)(earlier it was 7 days) from the end of the month in which tax is to be deducted )

Nil TDS return is not mandatory 

As per income tax rules/act Nil tds return is not mandatory , however to facilitate the deductors and to update data Govt has provided a facility on Traces website for declaring NIL tds return.

Correction statement of  E TDS return 

You may file correction return any number of times ,No time limit has been defined yet.  This return can be filed with TIN-FC .To file the revised tds return you have to download consolidated FVU file from TDSCPS website The correction return filing facility has not been provided at Income tax India efiling site but we expect that soon it will be made available.However you may correct challan details/tag replace challan/allocation of interest and fees online/move deductee rows from unmatched challan without digital signature at www.tdscpc.gov.in and pan details with digital signature.If short payment of TDS is not settled by deductor then he can not download form 16A/16 of that quarter/year.

Justification report : After filing of the return ,Department shall process the return and issue intimation of return processed without default or with defaults. The defaults are mainly on account of deduction of tax at less rate , late filing of return ,interest due to late deposit of Tax ,mismatching overbooking of challan , incorrect pan details etc. In intimation only summary of default is sent to check the details deductor is supposed to download Justification report from TDSCPC website. 

TDS Certificate 

1. Form 16 : For tds deducted from salary
2. Form 16A : For other Tax deductions except salary & 194IA
3. Form 16B : TDS from section 194IA (to be issued within  45 days wef 01.06.2016)(earlier it was 22 days) from the end of the month in which tax is to be deducted )
4. All above form must be downloaded from TDSCPC (TRACES) website .However in case of Form 16 only PART-A is to be downloaded from  TRACES 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.
5. Form 16A downloaded from TDSCPC can be signed manually or can be authenticated through digital signature only.

Note :Due date of Form 16 has been extended to 15 June vide notification dated 2.06.2017

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 DOWNLOAD FORM 16 FROM TDSCPC WEBSITE
4. How to download Form 16B from TDSCPC website 

[Contd. on page-10]

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10. Interest on Late deposit of TDS/TCS & Penalty & Prosecution & other consequences on Non deposit of TDS/TCS 

As per income-tax , interest on late deposit of TDS is payable under the following two circumstances

1. Tax is not deducted , when it was deductible
2. Tax once deducted, is not paid on or before due date

• Interest on late Deposit of TDS/TCS :

• Tax deducted late :Interest at the rates in force 1% per month from the date on which tax was deductible /collectible to the date of payment to Government Account is chargeable. 
• Tax deducted but not Deposited :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, as against 1 per cent p.m.,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. 
• Interest for full month to be charged for month or part thereof. 
• Penalty : equal to the tax that was failed to be deducted/collected or remitted may be leviable.
• Prosecution :In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to 7 years and fine may be levied.(section 276B and 276BB)

• Disallowance of Expenses : If TDS is not deposited with in due date of filing of Income tax return then 30 % of expenses on which TDS is deductible will be disallowed as expenses in current year under section 40A(ia) [TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

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11 : Late Fees -Penalty on Late filing of TDS return 

1. 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

2. Late Filing of TDS-TCS statement :  Deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues. However, the total fee cannot exceed the amount of TDS deductible from which statement was required to be filed.(section 234E) .Further as per section 234E ,Late fees is required to be paid before the filing of TDS/TCS return.Read How to avoid Late fees u/s 234E (read more post related to section 234E)

3. Failure to File TDS return on Time and filling of incorrect statement : 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)

4. Penalty on Late issue of TDS certificate form 16/Form 16A/form 27D/Form 16B : 

If TDS certificate is not issued within due date as prescribed then penalty @ 200 per day may be imposed till the default continues for each default . However, the maximum penalty cannot exceed the amount of TDS deducted for which TDS certificate was required to be issued.

[TDS RATES BUDGET-2017] [TCS CHANGES BUDGET-2017]

5. 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 non deduction of 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. 

[Contd. on page-12]

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12 .Various Password required to Use Traces Website

Functionality	Password	Example
Password Formats for Tax Deductors
Registration	It should contain a minimum of 8 alphanumeric characters with at least one capital letter.	Password123
Consolidated File	TAN_Request Number of request submitted	DELA11111D_23456
Form 16/ 16A	TAN in capital letters	DELA11111D
Justification Report	JR_TAN_FormType_Quarter_FY	JR_DELA11111D_24Q_Q3_2010-11
Intimation through email	TAN_Date of filing original statement (in DDMMYYYY format)	DELA_13102013
Password Formats for Tax Payers
Registration	It should contain a minimum of 8 alpha numeric characters with at least one letter in upper case	Password123
Form 26 AS	Date of Birth (in DDMMYYYY format)	If your date of birth is 01-Feb-1980, password will be 01021980
Form 16B	Date of Birth (in DDMMYYYY format)	If your date of birth is 01-Feb-1980, password will be 01021980

[Contd. on page-13]



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13. Other Point to be Noted

1. One Challan Can be deposited for all Sections ?
2. How to File Nil TDS return Online
3. How to download Consolidated FVU
4. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
5. TDS on Cold Storage (194C clarification)
6. No TDS on service tax on all section (circular -01/2014 dated 13.01.2014)
7. TDS on Rent (various circulars by department on tds on rent )
8. E-payment of TDS mandatory from 01.04.2008
9. E-Payment From Other Banks Account Allowed
10. TDS challan ITNS 281 In excel & 
11. How To pay Income Tax/Tds Online FAQ
12. Nil TDS on Transporter and others to be reported in ETDS quarterly returns
13. 1% TDS on transfer of property u/s 194IA wef 01.06.2013
14. TDS on rent section 194-1 brief notes, circular, notification and case laws
15. 42 Important points related to TDS/TCS deduction and etds return filing

INDEX

[1.TDS RATE CHART POPULAR SECTIONS]

[2.TDS RATE CHART FY 2016-17 AY 2017-18(Section wise details)] 
[3.CHANGES IN TDS RATES WEF 01.06.2016] 
[4. Notes to TDS RATE CHART FY 2016-17 AY 2017-18] 
[5.Surcharge /Cess applicable on TDS/TCS] 
[6. TCS (Tax Collection at Source Rates Fy 2016-17)] 
[7. Due date to Deposit TDS and TCS & Mode FY 2016-17] 
[8.Person required to file E TDS Return & Duties of Deductor] 
[9. Due date TDS-TCS return 24Q, 26Q ,27Q,27EQ and Form 16 , Form 16A] 
[10. Interest on Late deposit of TDS/TCS & Penalty & Prosecution] 
[11 : Late Fees -Penalty on Late filing of TDS return] 
[12 .Various Password required to Use Traces Website] 
[13. Other Point to be Noted] 

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Complete details Of TDS rate changes for financial year 2016-17 Tcs rate changes, Due date to deposit TDS , Due date to issue Form 16, Due date to issue  Form 16A , Due date for filing E-TDS return Form 24Q/26Q,27EQ , Penalty and interest provision for late deposit of TDS ,consequences for default in filing of E tds 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 topics has been covered here under.Passwords to open various TRACES/e filing related files/utilities