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CONCEPT OF TDS/TCS AND
FILING PROCESURE BY Raushan Kumar Ray (+91 80957 27004 )
CONTENTS OF CONCEPTSPart
Particular
I General understanding of TDS/TCSII Deduction of TDS
III Deposit /Payment of TDS
IV Declaration of TDS
V Preparation and submission of TDS Return
Part - IGeneral Understanding of TDS and TCS
1. What is TDS???• Types of tax levied by Indian Govt.• Wherein taxes are collected on the basis of “pay as you get”• Withholding tax or TDS means deduction of tax as an when the transaction takes place i.e. when the payment is made or payable, whichever is earlier.
2. Enactment• Income Tax Act 1961 , Chapter XVII – B has covered two important items as follows
• Tax Deducted at Source (TDS) [ Sec 192 to Sec 206C]
• Tax Collection at Source (TCS) [ Sec 206CA and 206
CB]
• Others [ Sec 207 to 234E ]
3. TDS - 3D System
D D DDeduct as per
Ch.-XVII-B
Deposit On or Before
Due Dates
Declare Before
Due Dates
CYCLE
STARTS
FROM
CYCLE
ENDS
AT
YES YES
NO
Deemed Default U/S
201(1)
Penalty U/S 271C/271CA
To the extent of TDS
NO
Interest U/S 201(1A)
Prosecution U/S 276B
-@ 1% till Dt. Of Deduction
-@ 1.5% till Dt. Of deposit
Imprisonment -not be less than 3 month but-May extend to 7 year
-
NO
Penalty U/S 234E
-Rs 200 Per day- Maximum to the extent of TDS
4. Bare Acts
Sec 201(1)Sec 201(1A)Sec 271CSec 271CA
Sec 276B
Sec 234E
PLEASE DOUBLE
CLICK ON THE PDF TO
OPEN
Part-IIDeduction of
TDS
5. TDS Liabilities As per provision of Chapter XVII-B T.D.S. on salary is required to be made only if the income chargeable under the head salary exceeds the threshold limit of basic exemption. For other payment the liability for the payment arises only if the amount of payment exceeds the limit/limits prescribed under the respective provisions of this chapter.
6. Different income on which TDS/TCS is to be deducted and it's rates.
Please Double Click to open the PDF (Pls note it is relevant from A.Y. 2017-
18 and onward.)
Part-IIIDeposit /Payment of TDS
7. TDS/TCS payment due dates
Assessee Amount paid and Credited Due date of deposit of TDS
Tax deposited without Challan Same DayTax deposited with Challan 7th of Next MonthTax on perquisites opted to be deposited by Employer 7th of Next MonthIn the month of march 30th April
in other month 7th of Next Month
Due dates for payment of TDS
Govt. Assessee
Others Assessee
8. Whether e-Payment of TDS is Mandatory….????
As Per RBI Notification No. DGBA.GAD. No. H. 10875 / 42.01.038 /2007-08
E-Payamente of TDS is mandatory flor following categories of tex payers
• A company• A person (other than a company ), to whome provisión of Sec 44AB are aplicable
Double Click the PDF to
open the RBI Circular
9. e-Payment Procesure of TDS
Step-IGo to : www.tin-nsdl.com
1. Click on “Services”
2. Click on “e-
payment”
9. e-Payment Procesure of TDS Continued….
Step II:The Windows will be directed to following page
Click on “CHALLAN
NO./ITNS 281
9. e-Payment Procesure of TDS Continued….
STEP III:The windows will be appeared as e-payment challan
Provide the detail and
proceed for the payment
10. Manual Payment of TDSTds can be deposited manually by the the assesses other than
• A company• A person (other than a company ), to whome provisión of Sec 44AB are aplicableProcedure of manual payment of TDS1. Download the TDS Challan 281 for the following
websites http://www.incometaxindia.gov.in/pages/downloads/challans.aspx
https://www.tin-nsdl.com/oltas/oltas-download.php 2. Fill all the information's required3. Go to Respective branch and Deposit the tax.
11. Dowload the TDS Challan 281http://www.incometaxindia.gov.in/pages/downloads/challans.aspx
Go to this website
Download the Challan 281 by Clicking on the
format required.
12. Dowload the TDS Challan 281
https://www.tin-nsdl.com/oltas/oltas-download.php
1. Go to this website
2. Click of “Select” menu
3. Click on “Challan No. 281”
Part-IVDeclaration of
TDS
13. Due Date of Filing of TDS Return
Quarter Period For both Government and non government Deductors
Quarter-1
01st April to 30th June
31st July of the financial year
Quarter-2
01st July to 30th September
31st October of the financial year
Quarter -3
01st October to 31st December
31st January of the financial year
Quarter-4
01st January to 31st March
31th May of the financial year immediately following the financial year in which the deduction is made.
Due dates with effect form 1st day of June 2016 As per CBDC Notification30_2016 dated 29th April 2016. ( Double Click on PDF to Open the Notification)
14. Different kinds of TDS Return Form
Form No. Particulars/ TDS/TCS TyperForm 24Q Statement for tax deducted at source
from SALARIES.
Form 26Q Statement for tax deducted at source on all payment EXCEPT SALARIES.
Form 27Q Statement for deduction of tax from INTEREST, DIVIDEND or any OTHER PAYMENT to NON-RESIDENTS.
Form 27EQ Statement of collection of tax at source.
Form 27A The quarterly returns statements should be accompanied by a signed verification in Form 27A.
Preparation and submission of TDS
Return
Part-V
15. Pre-requisits of Prepation of TDS Return.
Install the JAVA (Version : SUN JRE : 1.6 onwards)
Download Software – Income tax department “RPU Version 1.8 )
Download validation Software - TDS –FVU Version 5.3
CIF Files (Challan Information)
16. Installation of JAVAJava Can be downloaded andInstalled from Following Siteshttps://www.ibm.com/developerworks/java/jdk/http://www.oracle.com/technetwork/java/index.html
Click on the download links to download JAVA –
Version 8
Note: After downloading the Zip file extract it and double click on setup file to install, follow up the instruction which populates during installation.
Go To:- https://www.tin-nsdl.com/etds-etcs/eTDS-RPU.php
17. Install Software – Income tax department “RPU Version 1.8 )
Click on “Download RPU Version 1.8” To download the Software.
17. Continued……Extract the downloaded file……Following view will come…
Double click “TDS_RPU” to
Start predation of of TDS Return
18. TDS Return prepation Utility(RPU)
1. Select the type of Form No.
2. Select the type of Return,
whether it is “Regular or Correction
3.Click to continue
18. Continued……….
Provide with all
the details
Required
18. Continued……….
After providing all the details “Create the File” by clicking
on this menu.
19. Installatin of – TDS _ FVU Version 5.3
Go to: https://www.tin-nsdl.com/etds-etcs/etds-file-validation-utility.php
Click on it to
download
19. Continued….Extract the downloaded file ….following view will come…….
Double Click on this file to open.
19. Continued….
Browse the file created under RPU Utility and validate the same
20. Submission of TDS Return In CD/Pen DriveEach e-TDS/TCS return saved in a CD/Pen Drive to be submitted along with a signed copy of the control chart (Form 27A). With effect from February 1, 2014, it is mandatory to submit Form 27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along with the TDS/TCS statement(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches.
Double Click on PDF to Open Form
27A
21. Submission of TDS Return online
Please follow up the Below “TDS_TCSStatement_Upload_User_Manual”
Double Click on PDF to
open.
DOHEAR
ME AT
RAUSHAN KUMAR RAYCONSULTANT AUDIT AND TAX+91 97389 15732 80957 27004E-mail: [email protected]