Tuesday, December 22, 2015

Frequently used TDS Rates and Dates for F.Y. 2015-16 (A.Y. 2016-17)

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of CG (Central Government). Various provisions related to Rates, Due dates, penalty etc. must be mentioned in INCOME TAX ACT, 1961.

Forms (Challan / Return )

Penal Interest and Penalties for various Defaults

Heads for payment
It shows type of payment for TDS under category

MINOR HEAD-200 shows TDS/TCS payable by Tax Payer 
(Paid by him/her on every month)

MAJOR HEAD-400 shows TDS/TCS payable on Regular Assessment
(i.e. demand raised by department & paid by the assessee for the same)


Note-1:- No surcharge and education cess to be added while deducting TDS.

Note-2:- As per Section 206AA, TDS is required to be deducted @ 20% if the deductee does not possess OR fails to furnish PAN (Permanent Account Number).

Note-3:- Circular no. 1/2014 dated 13.01.2014-TDS to be deducted on amount without including Service Tax component if in terms of agreement/contract, it is indicated separately.

Note-4:- For payment of TDS on Transfer of immovable property other than Agricultural Land, Form -26QB Challan-cum-TDS Statement is applicable and issue Form-16B for TDS Certificate.

Prepared by: - ASHISH AHUJA
Mob: +91-9999496907


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