Monday, April 30, 2012

Accounts Classification for TDS - Income Tax Department has specified income arising or accruing from the below mentioned types as deductable by the payee.


Accounts Classification for TDS
Income Tax Department has specified income arising or accruing from the below mentioned types as deductable by the payee.
Nature of Payments
1.        Commission on Brokerage.
2.       Commission on Sale of Lottery Tickets.
3.       Fees for Professional or Technical Services.
4.       Income From Foreign Currency Bonds or Shares.
5.       Income in Respect of Units of Non-Residents.
6.       Income of Foreign Institutional Investors.
7.       Income Payable to A Resident Assessee.
8.       Insurance Commission.
9.       Interest on securities.
10.   Interest Other Than Interest on Securities.
11.   Other sums payable to A Non-Resident.
12.   Payment of Compensation on Acquisition.
13.   Payment in Respect of Deposits Under NSS
14.   Payments in Respects of Units to an Offshore Fund.
15.   Payments on Account of Re-Purchase of Units by….
16.   Payments to Contractors (Other Than Advertisement)
17.   Payments to Non-Resident Sportsmen/Sports Association.
18.   Payment to Contractors.  (Advertisement Contractors)
19.   Payment to Sub-Contractors.
20.   Rent.
21.   Winning From Horse Race.
22.   Winning From Lotteries and Crossword Puzzles

For the above-mentioned payments a separate ‘TDS ledger expense masters’ must be created.
For the statutory masters, the following details are preset as per Income Tax Laws.
-          Section Number
-          Payment Code

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