28 December 2017

Due date of filing TDS return



Due dates of TDS return for assessment year 2017-18 onwards, is now same for Govt. and Non-Govt. entities as follow:

For 1st Quarter (Apr-Jun) - Within 31st July.
For 2nd Quarter (Jul-Sep) - Within 31st October.
For 3rd Quarter (Oct-Dec) - Within 31st January.
For 4th Quarter (Jan-Mar) - Within 31st May.

27 December 2017

What is TCS? (in Hindi)

Tax Collected at Source or simply TCS is a income tax which should collected and paid by seller behalf of the buyer for selling some specified items. To know more about TCS watch the video below till the end.


03 December 2017

TDS in Tally ERP9 Video with "NATURE OF PAYMENT CHART"



In this video TDS is demonstrated step by step using tally ERP 9. Please watch the video till the end to learn the same. A chart including all TDS nature of payment with their relevant section, payment code & tax rate also given below:

TDS NATURE OF PAYMENT CHART

Section
Nature of Payment
Payment code
Tax Rate
192
Payment to Govt. Employees other than Union Government Employees
92A
10%
192
Payment of Employees other than Govt. Employee
92B
10%
193
Interest on Securities
193
10%
194
Dividend (other than Sec : 115-O)
194
10%
194A
Interest (other than interest on securities)
94A
10%
194B
Winnings from lotteries and crossword puzzles
94B
30%
194BB
Winnings from horse race
4BB
30%
194C
Payment of contractors and sub-contractors
94C
1% for individuals/HUF
2% for others
194D
Insurance Commission
94D
5% AY: 2017-18 onwards
10% till AY: 2016-17
194D
Payment in respect of life insurance policy
94DA
1% for 1st June,2016 onwards
2% till 31st May,2016
 194EE
Payments in respect of Deposits under National Savings Schemes
4EE
10% for 1st June,2016 onwards
20% till 31st May,2016
194F
Payments on account of Re-purchase of Units by Mutual Funds or UTI
94F
20%
194G
Commissions, prize etc., on sale of Lottery tickets
94G
5% for 1st June,2016 onwards
10% till 31st May,2016
194H
Commission or Brokerage
94H
5% for 1st June,2016 onwards
10% till 31st May,2016
194I
Rent
94I
10% for Land, Building, Furniture or Fittings
194I
Payment on transfer of certain immovable property other than agricultural land
94IA
1%
194J
Fees for Professional or Technical Services, Royalty or Remuneration/Fee/Commission to a Director
94J
10%
194LA
Compensation on acquisition of certain immovable property
4LA
10%
194LBA
Deducted by business trust from an unit holder while distributing any interest received/receivable from an SPV or any income received by renting/leasing an directly owned real estate asset.
4LBA
10%
194LBB             
Investment fund paying an Income to a Unit holder, other than income which is exempt U/S 10(23FBB)
4LBB
10%
194LBC
Income in respect of investment made in a securitization trust
4LBC
25% for Individual/HUF
30% for others
Note: 10 % for any Other Income