|Type of Payment||Section||Individual & HUF||Partnership Firm||Company||Limits|
|Sharafi Interest||194A||10%||10%||10%||Bank Interest – Rs. 10,000Other Interest – Rs. 5,000|
|Winnings from Lottery, Crossword, Game-show, Horse-race||194B / 194BB||30%||30%||30%||Rs. 10,000|
|Payment to contractor, sub- contractor in respect of contract for work||194C||1%||2%||2%||Per payment – Rs. 30,000 Limit for entire F.Y. – Rs. 100,000/-|
|Payment of Rent in respect of plant, machinery and Equipment.||194I||2%||2%||2%||Rs. 180,000|
|Payment of Rent in respect of Land, Building, and Furniture.||194I||10%||10%||10%||Rs. 180,000|
|Fees for Professional or Technical Services||194J||10%||10%||10%||Rs. 30,000|
|Paid to person engaged in the business of only call center||194J||2%||2%||2%||Rs. 30,000|
|Commission or Brokerage||194H||5%||5%||5%||Rs. 15,000|
|Salary||192||–||–||–||Tax Deduction shall be made as per the rates specified in the Finance Act.|
|Payment of Compensation on acquisition of certain Immovable Properties (other than acquired u/s 96 of RFCTLARR Act,2013)||194LA||10%||10%||10%||2,50,000|
|Commission on sale of lottery Tickets||194G||5%||5%||5%||15000|
|Payment in respect of Life Insurance Policy||194DA||1%||1%||1%||100000|
|Payments in respect of NSS Deposit||194EE||10%||10%||10%||2500|
|Payment in respect of transfer of immovable property other than agriculture land||194IA||1%||1%||1%||Consideration exceeds 50,00,000/-|
(1) For the Accounting year 2017-18 and onwards, following Forms are required to be furnished quarterly.
a) Various Forms and their description:
|24Q||Tax Deduction from Salary|
|26Q||Tax Deduction from Interest, Contractor Payments, Commission, Rent, Professional Fees etc.|
|27Q||Tax Deduction from payment to Non-Residents|
|27EQ||Tax Collection at Source (Scrap, sale of certain Jewellery etc.)|
b) As per Rule 31-A above forms are required to be submitted ELECTRONICALLY in the following cases:
- Limited Companies
- Individual, HUF and Firms liable to u/s 44AB audit in the immediate previous year.
- If deductees records are twenty or more.
(2) 30% of Expenses like Interest, Commission, Rent, Professional Fee, Technical Fee, Royalty, Contractor/ Sub Contractor payments on which neither TDS is made nor deposited shall not be allowed as deduction, while computing income for tax purposes [Section 40(a)(ia)].
(3) Form No. 16 for deduction of Tax from salary is to be issued before 31st May.
Form No. 12-BA, if salary amount exceeds Rs. 1,50,000.
(4) Other Points:
- Form No. 16A is to be issued within 15 days from the due date of filing of statement of TDS as shown in table below.
|Quarter||Quarter Period||TDS Return Due Dates||Due Dates for issuing Form 16A|
|1st||1st April to 30th June||31st July, 2017||15th Aug,2017|
|2nd||1st July to 30th September||31st Oct, 2017||15th Nov,2017|
|3rd||1st October to 31st December||31st Jan, 2018||15th Feb,2018|
|4th||1str January to 31st March||31st March,2018||15th June, 2018|
- From 01-04-2011 onwards company deductors are compulsorily required to issue Form No. 16-A by downloading from TRACES WEBSITE with Unique Certificate Number. For other deductors the same is optional.
- If tax is deducted u/s 194IA for transfer of immovable property , TDS certificate is to be issued in Form 16B. Form no.16B is to be issued within 15 days from the date of furnishing Form 26QB.
(5) Due date of Payment of Tax Deducted:
- On the 7th day of the month following the month of deduction for the months of April to February.
- In case Tax deduction is made in the month of March – on or before 30th April.
(6) On or after 01-04-2010, if the recipient does not have P.A. No.: Tax deduction shall be made as follows (See. 206AA):
|Section||Rates of TDS|
|Other than those mentioned above||20%|
(7) When deductor has not deducted tax at source from the transport operator when transport operator has given P.A. Number, the deductor shall submit these details to the Department in the prescribed format.
For and From I.T.A.Y. 2018-19, there are changes in rules for payment of advance tax.
New installments and percentage of tax payment for every assessee (other than assesses covered u/s 44AD & 44ADA) i.e. Individual, HUF, Firm and Company and all assessees are as under :-
|Before||15th June 2017||15%||of Total Tax Payable|
|Before||15th September 2017||30%||of Total Tax Payable|
|Before||15th December 2017||30%||of Total Tax Payable|
|Before||15th March 2018||25%||of Total Tax Payable|
Assesssees covered u/s 44AD & 44ADA of the I.T.Act
|Before||15th March 2018||100%||of Total Tax Payable as reduced by the amount paid in earlier installments if any.|
Note: Resident individual of the age of 60 years or more who does not have income under the heads of business or profession is not required to pay advance tax.