Tuesday, June 4, 2013

Explain TDS Challan No.281 Preparation

Some of the Accounts have Big confuse, when preparing TDS Challans No.281.
I here by explain How to prepare TDS challan No.281.

Use Separate Challan Form for Company for Each Section for one Month.
AND
Use Separate Challan Form for Non-Company for Each Section for one Month.






EXAMPLE 1


Transactions No.1: 
01.04.2013: XYZ Company received a bill from M/s. Indian Shipping services Pvt Ltd., for 100,000 towards C&F Charges. (Under Section 194C)

Transactions No.2: 
14.04.2013: XYZ Company received a bill from M/s.B.M.Shipping Services Ltd., for Rs.80,000 towards C&F Charges. (Under Section 194C)

In Example 1, both Transactions are relating to Pvt Ltd., companies AND same Section (194C), So Prepare only on TDS Challan No.281 for Company.
 

EXAMPLE 2

Transactions No.1: 
05.05.2013: XYZ Company received a bill from M/s. Indian Shipping services Pvt Ltd., for 80,000 towards C&F Charges. (Under Section 194C)

Transactions No.2:
12.05.2013: XYZ Company received a bill from M/s. Rock Financial services Pvt Ltd., for Rs.99,000 towards Interest charges for Loan Account No.15852. (Under Section 194A)

Transactions No.3: 
22.05.2013: XYZ Company received a bill from M/s. B.M.Shipping Services Ltd., for Rs.100,000 towards C&F Charges. (Under Section 194C)

In Example 2, All Transactions are relating to Pvt Ltd., companies.But there are two TDS Sections (194C & 194A). So Prepare Two TDS Challans No.281 for Each Section.


EXAMPLE 3


Transactions No.1: 
12.06.2013: XYZ Company received a bill from M/s. Indian Shipping services Pvt Ltd., for 100,000 towards C&F Charges. (Under Section 194C)

Transactions No.2: 
20.06.2013: XYZ Company received a bill from M/s. G.V.Shipping Enterprise (Proprietor Ship Firm) for Rs.80,000 towards C&F Charges. (Under Section 194C)

Transactions No.3:
28.06.2013: XYZ Company received a bill from M/s. Rock Financial services Pvt Ltd., for Rs.45,000 towards Interest charges for Loan Account No.15852. (Under Section 194A)


For Transactions No.1&2:  In the above Transactions No.1 & 2 are same sections (194C), but one is Company and another one is Non-Company, So prepare Two Separate Challans for sections 194C (Company) & 194C (Non-Company).
For Transactions No.3: Create another separate challan for sections 194A (Company)


EXAMPLE 4

Transactions No.1:
01.07.2013: XYZ Company received a bill from M/s.Designer Arts Pvt Ltd., for Rs. 3,00,000 towards Advertising Services provided charges. (Under Section 194C)

Transactions No.2:
13.07.2013: XYZ Company received a bill from M/s.Kanna Financial services Pvt Ltd., for Rs.52,000 towards Interest charges for Loan Account No.BD52145. (Under Section 194A)

Transactions No.3:
16.07.2013: XYZ Company received a bill from M/s.Digital A7 Pvt Ltd., for Rs. 1,50,000 towards Advertising Services provided charges. (Under Section 194C)

Transactions No.4:
23.07.2013: XYZ Company received a bill from M/s.Indian Shipping services Pvt Ltd., for 60,000 towards C&F Charges. (Under Section 194C)

Transactions No.5:
27.07.2013: XYZ Company received a bill from M/s.Anjali Enterprises towards Commission Charges - Rs. 40,000 (Under Section 194H)

Transactions No.6:
30.07.2013: XYZ Company received a bill from M/s. Billa Publishers Pvt Ltd., for Rs. 1,80,000 towards Advertising Services provided charges. (Under Section 194C)


For the above Transactions you will be Prepare Three TDS Challans.
1)194C (Company) - Transaction No.1,3,4&6
2)194A (Company)
- Transaction No.2
3)194H (Company) -Transaction No.5



EXAMPLE 5

Transactions No.1:
10.08.2013: XYZ Company received a bill from M/s. Style Designer (Proprietor Ship Firm) for Rs. 50,000 towards Advertising Services provided charges. (Under Section 194C)

Transactions No.2:
12.08.2013: XYZ Company received a bill from M/s.Digital A7 Pvt Ltd., for Rs. 1,50,000 towards Advertising Services provided charges. (Under Section 194C)

Transactions No.3:
16.08.2013: XYZ Company received a bill from M/s.Indian Shipping services Pvt Ltd., for 85,000 towards C&F Charges. (Under Section 194C)

Transactions No.4:
22.08.2013: XYZ Company received a bill from M/s.W.B.Services (Partnership Firm) towards Commission Charges - Rs. 95,000 (Under Section 194H)

Transactions No.5:
31.08.2013: XYZ Company received a bill from M/s. Lovely Solutions Pvt Lts., towards Commission Charges - Rs. 115,000 (Under Section 194H)

For the above Transactions you will be Prepare Four TDS Challans.
1) 194C (Non-Company)
2) 194C (Company)
3) 194H (Non-Company)
4) 194H (Company)





G.S.VASU

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