Preface

Income Tax Department in India is laying more emphasis on revenue

generation through Tax Deduction / Collection at Source. The provisions of
the Income Tax Act relating to Tax Deduction at Source are of immense
importance in the present scenario when TDS collections account for almost
40% of total collection of Direct Taxes. The TDS wing has been vested with
the responsibility to educate the tax deductors and assessees regarding the relevant
provisions of Income Tax Act. This Book is an effort to provide concise and
relevant information on the law relating to TDS and TCS. This book is intended
as a ready referencing tool while handling issues relating to TDS and TCS.
Every effort has been made to avoid errors or omissions in this handbook.
Constructive suggestions and feedback from the users would be highly
appreciated and gratefully acknowledged.
With best wishes
TDS WING, KERALA
Foreword
I extremely appreciate the publishing of TDS at a Glance 2013-14
by the TDS unit of Income Tax Department with the sole objective of educating
the tax deductors as well as the deductees. The TDS intricacies are well
explained in laymans language.
It covers all aspects of Tax Deduction at Source, bringing under one
roof, the entire gamut of provisions required to be known by a deductor. The
detailed explanation provided with respect to Section 192 will be especially
useful for all DDOs. Wrong or short deduction of tax has always been a
source for grievance for the common public and a huge loss of revenue to the
Government also. Meticulous application of law and equal compliance by the
tax deductors would ultimately ensure smooth flow of tax deduction at source
and timely issue of refunds, credit for tax paid, a reduction in size of ever
mounting arrear demand and last but not the least a highly satisfied tax payer.
I sincerely extend my congratulations to the entire team of Officers
and staff members who have put in their immense, wholehearted efforts to
make the publication possible.
(sd)
SHANTA ABROL
COMMISSIONER OF INCOME TAX
Place : Kochi
Date : 25/07/2013
4| TDS AT A GLANCE 2013 - 14
TDS AT A GLANCE 2013 - 14 | 5
TDS AT A GLANCE
Introduction
Income is earned over a period of time but the assessment/ determination of tax liability takes
place much later. To avoid a liquidity problem for the tax payer and also to ensure a regular
flow of revenue for the government, the Income tax Act has provided for periodic recovery
of tax from income liable to tax by requiring the tax to be deducted at source from certain
income/payments as and when such income/payments are credited. The concept of TDS is
that the person responsible for making certain specified payments is required to deduct tax at
the prescribed rates from the payments made to a specified recipient in accordance with the
provisions of the Income Tax Act.
Quoting of Tax Deduction/Collection Account Number(TAN)
All persons deducting or collecting Tax at source are required to apply for and obtain a Tax
Deduction/Collection Account Number (TAN). Quoting of TAN of the deductor is
mandatory in the TDS Challan, TDS return, TDS certificates and other TDS related transactions.
Application for obtaining TAN is to be made in Form No.49B at any of the TIN FCs.
Improving compliance with provisions of quoting of PAN (from 1-4-2010 onwards)
It is now mandatory for the tax payer/ deductee to furnish his PAN to the deductor, failing
which the deductor shall deduct tax at source @ 20% or the rate in force which ever is higher.
TDS would also be deductible @20% in cases where the tax payer files a declaration in
Form.No.15G or 15H without quoting his/her PAN. No certificate under section 197 (for
non-deduction / deduction at lower rate) will be granted unless the application contains the
PAN of the applicant.
RESPONSIBILITIES OF THE DEDUCTOR/COLLECTOR
DEDUCT TAX AT THE TIME OF PAYMENT/ CREDIT
Any person responsible for paying any sum, on which tax is deductible, shall deduct tax at the
prescribed rates at the time of payment/credit.
DEPOSIT DEDUCTED TAX WITHIN THE PRESCRIBED TIME LIMITS:
In case of Government
deductors : on the same day when tax is paid without production of
an IT challan (book adjustment)
within 7 days from end of the month, when tax paid is
accompanied by an IT challan.
In case of Others : within 7 days from end of the month in which tax is deducted
for TDS made in March : On or before 30
th
April
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Mode of remittance of tax
Remittance of TDS is to be made in Challan type 281.
Use separate challans for tax deducted under each section and also for different
types of deductees.
Indicate the correct nature of payment.
The 10 digit TAN should be correctly mentioned in the challan.
Ensure that the Financial Year and Assessment year are indicated correctly in the
challan.
All companies and other assessees (who are subjected to compulsory Audit u/s 44AB) are
required to make electronic payment of tax through internet banking facility offered by
authorized banks.
Proof of remittance of tax
After the taxes are paid, the collecting bank branch will give a counterfoil as acknowledgement
for the taxes paid. Ensure that the bank has mentioned the Challan Identification Number
(CIN) on the counterfoil. If not, immediately take up the matter with the bank. CIN
comprises of the following:
Bank Branch Code (BSR code) 7 digits
Challan serial number upto 5 digits
Date of tender of challan DD/MM/YYYY
Book Identification Number (BIN)
In case of Government Offices where tax has been paid to the credit of Central Government
without the production of a challan (book adjustment), the Pay and Accounts Office (PAO),
Cheque Drawing and Disbursing Office (CDDO), District Treasury Office (DTO) or an
equivalent Government Office is required to File Form No.24G within ten days from the
end of the month in electronic form. A unique seven digit Accounts Office Identification
Number (AIN) shall be allotted by the Directorate of Income Tax (Systems), to every AO.
On filing of Form No.24G, TIN Central System will generate Book Identification Number
(BIN) to the AOs. The Accounts Officers filing Form No.24G should intimate the BIN to
all the DDOs who are included in Form 24G. BIN is to be reported in the TDS/TCS statement
filed by the DDOs. BIN comprises of the following:
Receipt Number 7 digits for each 24G
DDO Serial Number 5 digits unique no. for each DDO
Date of tender of challan DD/MM/YYYY
TDS AT A GLANCE 2013 - 14 | 7
Verification of tax payment information transmitted to TIN and procedure
for Challan Correction
The collecting bank branch will transmit the details of taxes deposited by the deductor to
the Tax Information Network (TIN) through the Online Tax Accounting System
(OLTAS). All details of payment as uploaded by the banks are available at the NSDL
website www.tin-nsdl.com under the link Challan Status Enquiry. The deductor must
verify the details that have been captured and transmitted by the bank before filing the
Quarterly Statements. If there is any mistake in the challan, a correction request has to be
filed to the Bank. The fields that can be corrected through the bank are tabulated below.
Sl.No Type of Correction Period for Correction request to Banks
1 TAN/PAN within 7 days from challan deposit date
2 Assessment Year within 7 days from challan deposit date
3 Total Amount within 7 days from challan deposit date
4 Major head within 3 Months from challan deposit date
5 Minor Head within 3 Months from challan deposit date
6 Nature of Payment within 3 Months from challan deposit date
.
After the expiry of the window period available to banks for challan correction, the deductor
can make a request for challan correction to the Jurisdictional TDS Assessing Officer.
ISSUE OF TDS/TCS CERTIFICATES TO THE DEDUCTEES
Every person deducting tax is required to issue TDS certificates in the prescribed form to
the deductees within the specified time. From F.Y 2012-13 onwards the procedure for
generating the TDS certificates has been significantly revised. It is now mandatory for all
the deductors to issue the TDS certificates after generating and downloading the same
from TRACES(www.tdscpc.gov.in). (Circular no.3/2011dated 13-5-2011, Circular No.1/
2012 dated 9-4-2012 (in respect of 16A) and Circular No.4/2013 dated 17-4-2013 in respect of
Form No.16)
All deductors shall generate and download Part A of Form No.16 through the TRACES
portal in respect of all sums deducted on or after 1-4-2012. (applicable for the assessment
year 2013-14 onwards). Part A of Form No.16 shall have a unique TDS certificate number.
The deductor after downloading Part A of Form No.16, shall, before issuing it to the
deductee, authenticate the correctness of the contents mentioned therein and verify the
same by using his/ her signature. (Manual/ Digital). Part B of the Form No.16 shall be
prepared by the deductor manually and issued to the deductee, after due authentication and
verification, along with the Part A of the Form No.16.
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The forms prescribed, periodicity and the due dates for issuing the certificates are given below.
Form No. Periodicity Due Date
16 (Salary) Annually Before 31
st
May immediately following
the end of the financial year
16A (Others) Quarterly Within fifteen days from the due date for
furnishing the quarterly statement of TDS
27D ( for Tax Monthly Within a period of one month from the end
Collection at Source) of the month in which collection was made.
The certificate should specify
Valid PAN of the deductee
Valid TAN of the deductor
Challan Identification Number(CIN) in case of payment through banks
Book Identification number (BIN) in case of book adjustment
Receipt number of relevant quarterly statements.
Unique TDS certificate number.
FILING OF QUARTERLY STATEMENTS
Every person responsible for deduction/ collection of tax should file quarterly statements of
tax deducted/ collected at source. Filing of TDS quarterly statements in electronic form is
mandatory where,
1) The deductor is an office of the Government,
2) Principal officer of a company,
3) A Person who is required to get his accounts audited u/s.44AB in the immediately
preceding year,
4) The number of records of deductees is 20 or more in a statement for any quarter.
The deductor at the time of preparing of statements of tax deducted shall
Quote his Tax deduction Account Number (TAN) in the statement
Quote his PAN in the statement (not applicable for Government Deductors)
Quote PAN of all deductees
Furnish particulars of tax paid to the Central Government including Book
Identification Number (BIN) or Challan Identification Number (CIN) as the case may
be.
TDS AT A GLANCE 2013 - 14 | 9
Furnish particulars of amount paid or credited on which tax was not deducted in view
of the issue of certificate of no deduction of tax under section 197 by the Assessing
Officer of the payee
Furnish particulars of amount paid or credited on which tax was not deducted in
view of the compliance of provisions of Section 194C (6) by the payee. (payments
to transporter if PAN has been provided)
Furnish particulars of amount paid or credited on which tax was not deducted in
view of the declaration under section 197A(1) or (1C). (Self declaration filed in
Form No.15G/15H)
Furnish particulars of amount paid or credited on which tax was not deducted in
view of the notification issued under section 197A(1F) (institutions notified by
the Central Government)
Deductors can prepare the quarterly e-TDS returns using in-house software or using the
Return Preparation Utility (RPU) developed by NSDL. This utility is freely downloadable
from the websites www.tin-nsdl.com. At the time of preparing quarterly e-TDS/TCS
statements, the following precautions need to be taken:
Quote the correct TAN, name & address. TAN should be the same as quoted in
your tax payment challans.
Provide details of challans by which taxes have been deposited in the bank (i.e. the
amount of tax deposited and CIN). Verify the CIN details uploaded by the banks
to TIN before these details are included in the statement.
The challan amount mentioned in the statement should be exactly the same amount
as deposited through the challan. This will enable matching the challan details
provided in the statement with the challan details uploaded by banks.
Against each challan, indicate the details of deductees on whose account the tax
has been deducted.
Even if the actual tax deposited as per the challan is higher than the total of the
amount of tax deducted on account of the deductees, challan details should contain
the amount deposited as per the counterfoil.
If TDS for two months (June and July) was paid using one challan, the same challan
details are to be repeated in item 4 of the TDS form for both Q1 and Q2. However,
please ensure that the total TDS deposited for the corresponding deductees given
in statements for both quarters should be less than or equal to the challan amount.
Quote correct Permanent Account Numbers (PAN) of the deductees.
After the file is prepared, the file has to be validated using NSDLs File Validation Utility
(FVU), which is also available in the NSDL website. After validating the file with File
Validation Utility (FVU), copy the .fvu file on a Compact Disk/Pen Drive, and affix a label
10| TDS AT A GLANCE 2013 - 14
mentioning TAN, Assessment Year, Form Number, Periodicity and name and furnish the
same to any TIN facilitation Centre, and obtain acknowledgement thereof along with
Provisional Receipt Number (PRN). Each quarterly e-TDS returns should be accompanied
by a duly filled and signed Form.No.27A in physical form.
The deductor shall ensure that
Quarterly e-TDS/TCS statement is in conformity with the file format notified by
the Income Tax Department
Each quarterly e-TDS/TCS statement (Form 24Q, 26Q, 27Q and 27EQ) is in a
separate CD/Pen drive.
Each quarterly e-TDS/TCS statement is accompanied by a duly filled and signed
(by an authorised signatory) Form 27A in physical form.
More than one CD/Pen drive is not used for furnishing one Quarterly statement.
Quarterly e-TDS/TCS statement should be compressed, if required, only by using
Winzip 8.1 or ZipItFast 3.0 (or higher version) compression utility to ensure quick
and smooth acceptance of the file.
Label mentioning TAN, name of deductor/collector, period to which statement
pertains (quarter and F.Y.) and Form no. (24Q, 26Q, 27Q or 27EQ) is affixed on
each CD/Pen Drive for the purpose of identification.
There is no overwriting/ striking on Form 27A. If there is any, then the same
should be ratified by an authorised signatory.
TAN quoted in quarterly e-TDS/TCS statement and stated on Form 27A is the
same. Confir m new TAN by using search facility on ITD website
(www.incometaxindia.gov.in)
TAN details (name, address, etc.,) of the deductor as provided in the quarterly e-
TDS/TCS statement should be same as in the TAN database maintained by ITD
(these details can be verified with the TIN-FC or the ITD web-site
www.incometaxindia.gov.in). If they are different, the deductor shall submit a TAN
change request application to update the ITD TAN database.
Quarterly e-TDS/TCS statements pertain to the period for which they are allowed
to furnish.
The quarterly e-TDS/TCS statement has been successfully validated through the
latest version of the FVU.
Control totals, TAN and name mentioned in the quarterly e-TDS/TCS statement
match with those mentioned on Form 27A.
CD/Pen Drive is virus free.
TDS AT A GLANCE 2013 - 14 | 11
Due dates for filing of Quarterly Statements
Form No. Particulars Due date for furnishing statement
Government Non govt
24Q Quarterly return of
TDS from Salaries
26Q Quarterly return of TDS
in respect of all payments
other than Salaries
27Q Quarterly return in respect
of payments made to
Non resident
27EQ Quarterly Return of TCS
Quarterly returns (24Q) in respect of employees who are with the employer for a
part of the year
Where an employee has worked with the deductor for part of the F.Y only, the deductor
should deduct tax from his salary and report the same in the Q.R of respective quarter(s).
Further while submitting Form No.24Q for the last quarter, the deducter should include
the particulars of that employee in Annexure II and III irrespective of the fact that the
employee was not under his employment on the last day of the year.
The Quarterly Return in Form No.24Q in respect of Salaries is to be filed in respect of
every employee whose income under the head Salaries exceeded the Maximum amount
not chargeable to tax.
CORRECTION STATEMENT
The returns/ statements relating to TDS/ TCS are required to be complete and correct.
However, a procedure has been provided for correction of any genuine mistakes in the original
returns/ statements by way of submission of correction returns/ statements. Financial
Year (F.Y.), Assessment Year (A.Y.) and Quarter cannot be updated by correction
statements. Values in these fields have to be same as specified in corresponding
regular statements.
For preparing the correction statement, the Consolidated File for the relevant Quarter should
be downloaded from TRACES website(www.tdscpc.gov.in). This file has to be imported to
the RPU for making necessary correction. Correction statement can be furnished multiple
times to incorporate changes in the regular TDS/TCS statement.
July 31st
October 31st
January 31st
May 15th
July 15
th
October 15
th
January 15
th
May 15
th
July 15
th,
October 15
th,
January 15
th
, May 15
th
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Importance of e-TDS Returns
The computerised processing of the e-TDS returns filed by tax deductors is now in sync
with the processing of individual returns of income filed by the deductees. In view of this,
credit for the taxes deducted at source by the deductor cannot be given only on the basis of
TDS certificates mentioned in the return of income. The deductee is given credit for the
taxes deducted only if the tax deducted has been paid and the deductor has filed the
relevant quarterly e-TDS Return. It is also essential that in the e-TDS Return, the correct
PAN of the deductee and the amount deducted is mentioned. The details of payment i.e
BSR code, serial number and date of payment should also be correctly mentioned in the
return.
Claim for refund
A claim for refund for TDS paid to the credit of the Central Government shall be furnished
by the deductor in Form No.26B electronically under Digital Signature.
CONSEQUENCES OF NON COMPLIANCE
WITH TDS PROVISIONS
I. EXPENDITURE CLAIMED IS DISALLOWED
As per section 40(a)(ia) of the IT Act, the following expenditure will be disallowed from
computation of business income of the deductor, if TDS is not made or tax deducted
has not been paid on or before the due date for filing return of income.
Interest (TDS u/s194A) Commission or Brokerage (TDS u/s194H)
Rent (TDS u/s194I) Professional/technical fee/Royalty (TDS u/s194J)
Amount paid to a contractor or sub contractor (TDS u/s194C)
The above expenditure will be allowed as a deduction in computing the income of the previous
year in which such TDS has been paid.
II. ASSESSEE IN DEFAULT
An assessee shall be deemed to be in default in respect of :
1. Non deduction of tax at source
2. Non payment, in whole or in part, of the tax deducted
TDS AT A GLANCE 2013 - 14 | 13
Amendment to section 201
W.e.f 1-7-2012, if the payer has not deducted tax, he shall not be deemed to be an assessee
in default in case :
The recipient has included such income in the return submitted u/s.139 and has
paid tax on such income and
The payee submits a certificate to this effect from a chartered accountant
(Form No.26A)
The amendment is not applicable if the recipient is a Non resident.If any deductor who is not
considered as an assessee in default as per the above provision, interest u/s.201(1A) under
clause(1) shall be payable from the date on which such tax was deductible to the date of
furnishing of return of income (w.e.f 01.07.2012).
III. INTEREST
Section Nature of default Interest
201(1A)
IV. LEVY OF FEE U/S.234E (w.e.f.01-07-2012)
Failure to file TDS/TCS quarterly statements shall be liable for a fee of Rs.200 per day of
default and shall not exceed the amount of tax deductible or collectible. The fee shall be paid
before delivering the quarterly statements.
V. PENALTY
Non-deduction of tax at
source, either in whole or
part. After deduction,
non payment of tax,
either in whole or part.
Non-payment of tax u/s
192(1A).
simple interest @ 1% per month
from the date on which tax was
deductible to the date on which
tax is actually deducted
@1.5% per month from the date
on which tax was deducted to the
date on which tax is actually paid
271C Failure to deduct the whole
or any part of tax at source
Sum equal to the amount of tax
which was failed to be deducted
271CA Failure to collect the whole or
any part of tax at source (TCS)
Sum equal to the amount of tax
which he failed to collect
Section Nature of default Penalty
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VI. PROSECUTION
Section Nature of default Prosecution
276B Failure to pay Tax Deducted Punishable with rigorous
at Source imprisonment for minimum
3 months , maximum 7 years
and with fine
276BB Failure to pay Tax Collected Punishable with rigorous
at Source (TCS) imprisonment for minimum
3 months , maximum 7 years
and with fine
271H(1)(b) for furnishing quarterly returns
with incorrect information
No penaly shall be levied if the
returns are filed within a period of
one year from the due date.
272B Failure to comply with provisions
of Section139A for quoting Pan
Rs.10,000
1. Failure to issue TDS certificates
2. Failure to deliver declaration in
Form15G/15H
3. Failure to file quarterly
statements (only till 30-06-2012)
Rs.100 for every day during which
the failure continues but the penalty
shall not exceed the amount of tax
deductible
Failure to obtain TAN 272BB Rs.10,000
272A(2)
271H(1)(a) Failure to submit quarterly return Penalty of Rs.10,000 to Rs.1,00,000.
TDS AT A GLANCE 2013 - 14 | 15
PROVISIONS FOR DEDUCTION OF
TAX FROM SALARIES (SECTION 192)
Every person responsible for paying any income chargeable under the head Salaries shall
deduct Income Tax on the estimated income of the employee. Income tax is required to be
calculated on the basis of the rates given in Part III of the Third Schedule of the Finance Act
and shall be deducted equally at the time of payment. Salary is taxable on due basis or on
receipt basis which ever is earlier. Tax deduction is required only at the time of payment of
salary.
Salary includes:
1. Wages
2. Any annuity or pension
3. Any gratuity
4. any fees, commission, perquisites or profits in lieu of salary
5. any advance of salary
6. encashment of leave not availed
7. interest earned in excess of 9.5% on Recognised Provident Fund
8. Amount contributed by Employer to Recognised Provident Fund in excess of
12% on salary
9. Contribution made by the employer under pension scheme u/s.80CCD
Fully Taxable Allowances
Dearness Allowance City Compensatory Allowance Wardenship Allowance
Rural Allowance Proctorship Allowance Project Allowance
Deputation Allowance Overtime Allowance Interim Relief
Tiffin Allowance Fixed Medical Allowance Servant Allowance
Some of the other Allowance which are exempt to the extent of limit specified
Nature of allowance Limit specified Remarks
Hill compensatory Rs.300 p.m to Rs.7000 p.m Rule 2BB
Transport Allowance Rs.800 p.m Rs.1,600 for blind and
handicapped
Children education Rs.100 p.m per child Maximum 2 children
allowance
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Specific Allowance that are fully exempt (Section 10(14))
Nature of allowance Condition for complete Exemption
Travelling Allowance Should be expended by the employee to meet the cost
of official tour or transfer expenses
Daily Allowance Should be expended by the employee for meeting the
daily charges incurred on a tour
Conveyance Allowance Should be used by the employee to meet the expenditure
on conveyance in performance of official duties.
Academic Allowance Should be used by the employee for his academic
purpose
Uniform Allowance Should be expended by the employee for purchasing/
maintaining office uniform for official duties.
Taxability of House Rent Allowance
As per section 10(13A), an employee who is in receipt of House Rent Allowance can claim
exemption , if he does not live in his own house, and pays rent in excess of 10% of salary
(Basic+ DA considered for retirement benefits+ Fixed commission )for his residential
accommodation.
Least of the following is allowed as exemption
1. Actual amount of HRA Received
2. Rent paid in excess of 10 % of Salary
3. 40% of salary
Taxability of Gratuity [Section 10(10)]
Gratuity received by Government Employees or employees under Civil Services is fully
exempt from Tax. The exemption is available even if the employee after leaving the
Government services joins the private sector.
If covered under payment of Gratuity Act, 1972, Least of the following is exempt
Actual Gratuity Received
15/26 X Last Drawn Salary X Completed years of service +Part thereof
Rs.10,00,000 (Rs.3,50,000 upto May 23,2010)
Others
Least of the following is exempt
Actual Gratuity Received
X Average salary for 10 months preceding the month of retirement X No.of
fully completed years of service
Rs.10,00,000 (Rs.3,50,000 upto May 23,2010)
TDS AT A GLANCE 2013 - 14 | 17
Taxability of Commutation of Pension [Section 10(10A)]
Any payment of commutation of pension received by a Government employee is fully exempt.
Commutation of pension on annuity plan of LIC is also exempt.
Non government employee in receipt of Gratuity, 1/3
rd
of full value of pension is exempt.
Non government employee not in receipt of Gratuity, 1/2 of full value of pension is
exempt.
Taxability of Leave Encashment [Section 10(10AA)]
Leave encashment while in service is fully taxable. Leave encashment on retirement received
by a Government employee is fully exempt.
Non Govt. Employee, the least of the following is exempt. :
Actual encashment received
Average salary for past 10 month X 10 months
Rs.3,00,000
Leave at Credit (calculated at 30 days credit for each completed year of service
leave availed) X Average Salary for Past 10 Months
(For this purpose , Salary = Basic +DA(If part of retirement benefit + Commission if
fixed percentage of turnover.)
Taxability of Voluntary Retirement Scheme [Section 10(10C)]
An individual who receives voluntary retirement compensation is entitled for exemption
u/s.10(10C) in respect of the amount. The scheme should be in accordance with guidelines
framed by the Government (Rule 2BA). Maximum exemption amount is Rs.5 lakhs.
Not Available if:
- Employed in another company of same management
- Should not have claimed exemption earlier for VRS scheme
Exemption u/s.10(10C) can be availed only Once in his life time.
Taxability of Medical Facilities
Medical Allowance is fully taxable. The following are tax free medical benefits
The value of medical treatment provided to an employee or any member of his
family in any hospital maintained by the employer.
Any sum paid by the employer in respect of any expenditure actually incurred by
the employee on treatment of his or any member of his family in any hospital
maintained by the Government, Local authority or approved by the government
for the purpose of medical treatment of its employees.
18| TDS AT A GLANCE 2013 - 14
Any sum paid by the employer in respect of the prescribed diseases in any hospital
approved by the Chief Commissioner of Income Tax [Section 17(2)(v)].
Any other medical reimbursement subject to a maximum of Rs.15,000
Deduction to an employee against his salary
1. Entertainment allowance [Section 16(ii)]: In the case of government employees the
least of the following will be allowed as deduction.
1. Actual amount of entertainment allowance received
2. 20% of the Basic salary
3. Rs.5,000
2. Professional Tax [Section 16(iii)]: Professional tax or tax on employment actually
paid by an employee shall be allowed as deduction.
Rate of Income Tax for the financial year 2013-14(A.Y.2014-15)
All individuals except senior citizens
Up to Rs.2,00,000 Nil
From Rs.2,00,000 to Rs.5,00,000 (Total Income-2,00,000)X 10%
From Rs.5,00,010 to Rs.10,00,000 Rs.30,000+(Total Income-5,00,000)X 20%
Rs.10,00,000 and above Rs.1,30,000+(Total Income-10,00,000)X 30%
Senior citizens (60 to 80 Years)
Up to Rs.2,50,000 Nil
From Rs.2,50,010 to Rs.5,00,000 (Total Income-2,50,000)X 10%
From Rs.5,00,010 to Rs.10,00,000 Rs.25,000+(Total Income-5,00,000)X 20%
Rs.10,00,000 and above Rs.1,25,000+(Total Income-10,00,000)X 30%
Education cess @2% and secondary and higher education cess@1% (total 3%) on the total tax
payable shall apply.
Deduction u/s.24 . Interest on housing loan.
Where the self occupied house property has been acquired or constructed with
borrowed capital on or after 1-4-1999 and such acquisition or construction is
completed within three years from the end of the FY in which capital was borrowed,
the amount of any interest payable on such capital is deductible on accrual basis up
to Rs.1,50,000/-. In respect of interest on loan taken for repairs, renovation or
reconstruction, the amount of deduction shall not exceed Rs.30,000/-
TDS AT A GLANCE 2013 - 14 | 19
CHAPTER VI A DEDUCTIONS
Section 80C : Deduction for certain investments/ payments
Amounts actually paid during the year are allowed
Investment or contribution should be made in approved investment schemes
The payments need not necessarily be made out of income chargeable to Tax
The maximum amount along with deduction u/s 80CCC and 80 CCD(1) or
Independently u/s.80C, restricted to Rs.1,00,000.
Eligible investments
Life Insurance premium paid on life of the assessee, spouse or children
(Maximum 10% of actual capital sum assured w.e.f.A.Y.2013-14. 20% of sum
assured upto A.Y.2012-13)
Payment in respect of non commutable deferred annuity
Contribution to Recognized/statutory provident fund (not being repayment of
loan)
Contribution to Public Provident Fund
Contribution towards an approved superanuation fund
Subscription to National Savings Certificate IX th issue
Interest accrued on NSC
Contribution to Unit Linked Insurance Plan(ULIP) of UTI and LIC
Payment for notified annuity plan of LIC or any other insurer
Subscription towards notified units of Mutual Fund
Contribution to notified pension fund set by mutual fund or UTI
Housing loan repayment (loan taken for purchase or construction only. House
should not be transferred for 5 years)
Stamp duty, Registration Fee and other expenses for the purchase of house
property
Tuition fee paid for the education of two children to any university/college
education institution in India for full time education
Infrastructure development bonds of ICICI /IDBI/NABARD Bonds.
5 year fixed deposit with a scheduled bank or Post Office under tax savings
approved schemes.
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Section 80CCC : Deduction in respect of contributions made to
annuity plans of LIC and other insurers
Amount paid or deposited by individual in an annuity plan of LIC or other insurers
for receiving pension is eligible for deduction.
Payment shall be made out of Income chargeable to Tax
Contributions claimed for 80CCC will not be eligible for deduction u/s80C
Maximum deduction Rs.1,00,000.
The maximum amount along with deduction u/s.80C and 80CCD(1) or
independently u/s.80CCC restricted to Rs.1,00,000
Section 80 CCD(1) : Deduction for Employees contribution
towards approved pension schemes
Employees contribution to approved pension scheme of the central government
Amount paid or 10% of salary, whichever is less
Contributions claimed for 80CCD will not be eligible for deduction u/s80C
Amount received from such scheme are taxable
The maximum amount along with deduction u/s.80C and 80CCC or independently
u/s.80CCD(1) restricted to Rs.1,00,000
Section 80 CCD(2) : Deduction for Employers contribution
towards approved pension schemes
Employers contribution to approved pension scheme of the central government
Amount contributed by the employer or 10% of salary, whichever is less
Amount received from such scheme are taxable
Section 80CCG : Deduction in respect of investment made under
an equity savings scheme
From the Assessment year 2013-14, 50 % of the amount invested limited to a maximum
amount of Rs.25,000 will be allowed as a specific deduction in computing the total income
of an individual in respect of investments made under notified equity schemes. This
deduction is not applicable for the assesses whose total income is above Rs.10 Lakhs.
Deduction u/s.80CCG shall be allowed for 3 consecutive assessment years beginning with
the A.Y in which the listed equity shares were first acquired.
TDS AT A GLANCE 2013 - 14 | 21
Section 80D : Deduction for taking Mediclaim
Insurance Policy
Mediclaim policy in the name of Individual or his spouse, dependent child are eligible for
deduction u/s 80D upto Rs.15000. In addition to this, mediclaim policy in the name of
parents are also eligible for deduction upto Rs.20,000(above 60 years) or upto
Rs.15,000(below 60 years)
Payments shall be made by any other mode other than Cash
Payment shall be made out of Income chargeable to Tax
Section 80DD : Deduction for expenditure incurred for medical
treatment of Handicapped dependant relative
Expenditure incurred for medical treatment, nursing, training and rehabilitation of
dependent relative suffering from permanent physical disability including blindness
or mental retardation, Autism, cerebral Palsy and Multiple disability.
Amount deposited in approved scheme of LIC/UTI for the benefit of the
handicapped dependent.
A fixed deduction of Rs.50,000 irrespective of amount paid. If the dependant is a
person with severe disability (disability over 80%) deduction is Rs.1,00,000
The disability should be certified by Government Physician. Form 10IA for Autism,
cerebral Palsy and Multiple disability
Section 80 DDB : Deduction in respect of medical treatment of
notified diseases (Rule 11 DD) of the assessee
or any dependent relative.
Neurological diseases (dementia, chorea, Motor Neuron Disease, Ataxia etc),
malignant cancer, AIDS, chronic renal failure, Hemophilia, Thalassemia
Deduction of Rs.40,000 or sum actually paid whichever is less.
If the above person is a senior Citizen, then maximum Deduction is Rs.60,000/-
Certificate in form No.10-I (Rule 11(2))
Section 80E : Deduction in respect of interest on loan taken
for higher education
Payment of interest on educational loan taken from financial institution or charitable
institution for the purpose of pursuing higher education for self or spouse or
children
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Higher education means any course of study pursued after passing the senior secondary
examination or its equivalent from any school, university recognised
Deduction is available for a maximum period of 8 assessment years
Payment shall be made out of Income chargeable to Tax
Section 80EE : Deduction in respect of interest on loan
taken for residential house property
Loan taken for acquiring residential house property from a Bank or Housing Finance
Company.
Loan sanctioned during 1-4-2013 to 31-3-2014
Amount of loan does not exceed Rs.25 Lakhs and the Value of the property does
not exceed Rs.40 Lakhs
Assessee does not own any other residential house property
Deduction equal to interest payable or Rs.1 Lakh whichever is less
Section 80G : Deduction for Donations
Donation to notified funds - 100 % of donation given
Donation to other eligible institutions - 50 % of donation given to Charitable
Institutions
Maximum deduction 10 % of gross total income
Donations to notified funds only to be considered for TDS purpose.No deduction
from salary at the time of TDS in respect of Donations for charitable purposes.
No deduction if the donation given in cash in excess of Rs.10,000
Section 80 GG : Deduction in respect of Rent paid
Employee not in receipt of HRA
Should file Form No.10BA along with the return of income
Should not own any residence at the place of employment
Should not claim deduction u/s.23(2)a or 23(4)(a)
Least of the following.
Rent paid in excess of 10% of total income
25 % of Total Income
Rs.2,000 per month
TDS AT A GLANCE 2013 - 14 | 23
Section 80 TTA : Deduction in respect of interest on deposit in
Savings account
From Financial Year 2012-13
Interest on SB with Banks/Co-operative Banks and Post Office
Maximum Deduction interest amount received upto Rs.10,000
Include the interest in gross total income and then allow the deduction
Section 80U : Deduction for handicapped individual
Applicable for Individual with disability including blindness, mental retardation
loss of voice, Autism, cerebral Palsy and Multiple disability.
A fixed deduction of Rs.50,000 irrespective of amount paid. If the individual is a
person with severe disability (disability over 80%) deduction is Rs.1,00,000
The disability should be certified by Government Physician. Form 10-IA for Autism,
cerebral Palsy and Multiple disability. For others it is as prescribed in notification in
this regard.
Furnish a copy of the certificate along with the return of Income
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IMPORTANT SECTIONS DEALING WITH
TAX DEDUCTION AT SOURCE
TDS ON INTEREST OTHER THAN INTEREST ON
SECURITIES (SECTION 194 A)
All persons (other than individual and HUF whose accounts are not subject to
audit u/s 44AB of the Act during the preceding financial year) paying to a resident
any interest, is required to deduct Tax at the rate of 10%.
Interest means
interest payable in any manner against monies borrowed or debt incurred
(including a deposit, claim or other similar right obligation) and includes
service fees or other charges
No deduction if interest payable is less than Rs 10000/PA on time deposit with
Banking company
Co-operative society engaged in Banking Business
Post office notified by the Central Govt. (i.e Senior citizens Scheme 2004)
Rs.5000- in any other case
No deduction if Interest credited or paid to Banks/co-operative Banks, State/
Central financial corporation, LIC/UTI, Insurance companies & co-operatives,
Institutions & Bodies notified by the Government.
Interest payments exempted from TDS u/s.194A
Interest credited to the Partner by the firm
Interest paid by a Co-operative society to its members or other Co-op society
Notified central deposit schemes
Deposit other than time deposit with banks(SB/CA/RD)
Deposits in primary agriculture credit society, Primary credit society, Co-operative
Land Mortgage bank, Co-operative Land Development Bank.
Deposits other than time deposits with a Co-operative Society engaged in carrying on
the business of banking.
Paid by central govt. under different provisions of Direct Tax Law.
Institutions whose income is unconditionally exempt u/s.10, who are statutorily
not required to file return of income u/s.139. (Circular No.4/2002 dt 16-7-2002)
TDS AT A GLANCE 2013 - 14 | 25
Deduction of tax u/s.194A is not required if a person (not being a company or firm) furnishes
a declaration in form no.15G or 15H(for senior citizens). Quoting of PAN by the payee is
mandatory in the declarations. The declaration should be obtained in duplicate before making
payment or crediting to the account. The payer is required to deliver one copy of the declaration
to the Commissioner of Income Tax/Chief Commissioner of Income Tax, on or before 7
th
day of next month following the month in which declaration is furnished. The deductor shall
furnish particulars of amount paid or credited on which tax was not deducted in view of the
Self declaration filed in Form No.15G/15H, in the Quarterly Statements.
TDS FROM WINNINGS FROM LOTTERY,
CROSSWORD PUZZLE ETC. ( SECTION 194 B)
Any person paying the sum by way of winnings from lottery, crossword puzzle shall deduct
tax @30%, if the payment exceeds Rs.10,000/-. Where prize money is in kind, or partly in cash
and partly in kind before releasing the prize, the payer should ensure the tax has been paid in
respect of the winnings.
TDS ON PAYMENTS TO CONTRACTORS (SECTION 194 C)
All persons (other than individual and HUF whose accounts are not subject to audit
under section 44AB of the Act during the preceding financial year) making any payment
to a Contractor and Sub-contractor for carrying out any WORK including supply of
labour for carrying out any work, is required to deduct tax at the rates in force.
These provisions cover written as well as oral contracts.
Work includes Advertising, Broadcasting/Telecasting, Carriage of goods or passengers,
Catering, Manufacturing or supplying a product according to the specification of a
customer by using materials supplied by the customer, Service contracts (other than
covered u/s.194J)
No deduction on Contracts, the consideration for which does not exceed Rs.30,000
per contract.
If the sum credited or paid or likely to be credited or paid does not exceed Rs.30,000
for single contract, but the aggregate of such sum credited during the Financial year
exceeds Rs.75,000, then also this section shall apply.
Advance payments covered u/s194C
Deduction should be based on the gross payment without excluding the cost of materials
if such value is not mentioned separately in the invoice.
Reimbursement of actual expenses to be included.
Contract for sale of Goods is exempt from TDS u/s.194C
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The NIL rates will be applicable if transporter quotes his PAN. (hiring of goods
carriages). Details of such cases should be reported in the quarterly returns.
Rate : (i) 1% if payment made to individual or HUF.
(ii) 2% in other cases.
TDS ON INSURANCE COMMISSION (SECTION 194 D)
Insurance Companies paying the sum by way of commission for soliciting or procuring
insurance business shall deduct tax at source @10% at the time of credit or payment
whichever is earlier. Deduction not required if the payment does not exceed Rs.20,000.
TDS ON COMMISSION ON SALE OF LOTTERY TICKETS
(SECTION 194 G)
Any person responsible for paying commission on sale of lottery tickets, shall deduct
tax at source at the rate of 10%, if the payment exceeds Rs.1,000.
TDS ON COMMISSION OR BROKERAGE (SECTION 194 H)
All persons (other than individual and HUF whose accounts are not subject to audit
u/s 44AB of the Act during the preceding financial year) paying to a resident any
commission/brokerage, is required to deduct Tax at the rate of 10%.
No deduction if aggregate payment does not exceed Rs 5,000 during the financial
year
Commission or brokerage includes any payment received or receivable, directly or
indirectly by a person acting on behalf of another person;
1) For services rendered (other than professional service)
2) For any service in the course of buying or selling of goods in relation to
any transaction relating to any asset, valuable article or thing.
TDS FROM RENT (SECTION 194 I)
All persons (other than individual and HUF whose accounts are not subject to audit
u/s 44AB of the Act during the preceding financial year) paying to a resident any rent,
is required to deduct Tax at the rate of
@2% (machinery or plant or equipment)
@10%(Land or building or furniture or fittings)
Tax has to be deducted on the amount of rent without including the Service Tax
TDS AT A GLANCE 2013 - 14 | 27
No TDS if the aggregate of payment of rent paid or credited does not exceed
Rs.1,80,000 during the financial year.
No TDS if the payee is the government or local authority.
Tax should be deducted from advance Rent also.
Rent means any payment, by whatever name called, under any lease, sublease, tenancy
or any other agreement or arrangement for the use of (either separately or together)
any
a) Land b) Building
c) Land appurtenant to a building d) Machinery
e) Plant f) Equipment
g) Furniture h) Fittings
whether or not any or all of the above are owned by the payee.
DEDUCTION OF TAX AT SOURCE FROM CONSIDERATION
PAYABLE FOR ACQUISITION OF IMMOVABLE PROPERTY
(SECTION 194 IA)
Any person responsible for making payment in respect of consideration for acquisition
of any immovable property (other than agricultural land in rural area in India) is liable
to deduct tax at source at the rate of 1% with effect from 1-7-2013.
TDS is applicable on sale of immoveable property wherein the sale consideration
of the property exceeds or is equal to Rs 50,00,000
Tax Deduction Account Number is not required in this case.
The Buyer of the property (deductor of tax) has to furnish information regarding
the transaction online on the TIN website in Form 26QB. After successfully
providing details of transaction deductor can either make the payment online
(through e-tax payment option) immediately or make the payment subsequently
through e-tax payment option (net-banking account) or by visiting any of the
authorized Bank branches.
Form 16B is the TDS certificate to be issued by the deductor (Buyer of property)
to the deductee (Seller of property) in respect of the taxes deducted and deposited
into the Government Account.
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TDS FROM FEES FOR PROFESSIONAL OR TECHNICAL
SERVICES & ROYALTY (SECTION 194 J)
All assessees (other than individual and HUF whose accounts are not subject to audit
u/s 44AB of the Act during the preceding financial year) paying to a resident any fees
for professional or technical service or Royalty, shall deduct Tax at the rate of
10%.
Professional service means services rendered by a person in the course of carrying on
any of the following professions
a) Legal b) Medical
c) Engineering d) Architectural
e) Accountancy f) Technical consultancy
g) Interior decoration h) Professions as notified for
the purpose of Section 44AB
Fees for technical services means any consideration for the rendering of any managerial,
technical or consultancy services
Notified professions-Film artists, Authorised Representatives, Information Technology
Professionals.
No TDS if the aggregate of payments in respect of fees for professional service or
technical service or Royalty does not exceed Rs.30,000 in a financial year
With effect from 1-7-2012, TDS is to be made @ 10% on the remuneration paid or
payable to a Director of a company which is not in the nature of salary.
TDS FROM COMPENSATION ON ACQUISITION OF CERTAIN
IMMOVABLE PROPERTIES (SECTION 194 LA)
Any person responsible for paying compensation or the enhanced compensation on
account of compulsory acquisition under any law for any immovable property other
than agricultural Land, shall deduct tax at the rate of 10%
No deduction required if the amount of such payment during the financial year does
not exceed Rs.2,00,000.(w.e.f.01-07-2012)
PAYMENTS TO NON-RESIDENTS (SECTION 195)
Any persons making payment to a non resident or a foreign company
a) Any interest (not being interest on securities)
b) Any other sum chargeable to Income Tax in India not being salaries,
should deduct Tax at the rate in force
TDS AT A GLANCE 2013 - 14 | 29
TAX COLLECTION AT SOURCE
( SECTION 206 C)
Every person, being a seller of any specified goods, at the time of debiting to the
account of the buyer or at the time of receipt of such amount from the buyer in cash/
cheque or any other mode, whichever is earlier shall, collect from the buyer a sum
equal to the specified percentage of such amount as Income Tax. TCS rates are given
separately.
No collection of tax shall be made in the case of resident buyer, if he furnishes Form
No.27C to the effect that the goods are to be utilized for the purposes of manufacturing,
processing or producing articles or things and not for trading purposes.
The person responsible for collecting tax under this section shall deliver or cause to be
delivered to the Chief Commissioner of Income Tax one copy of the above declaration
on or before the 7th day of the month immediately following the month in which the
declaration is furnished to him.
Every person, who grants a lease or a licence or enters into a contract or otherwise
transferes any right or interest either in whole or in part in any parking lot, toll plaza,
mine or quarry, to another person, other than a public sector company for the use of
such parking lot or toll plaza or mine or quarry for the purpose of business shall,
adhere to the instructions as mentioned in point 1 above.
Every person being a seller, who receives any amount in cash as consideration for sale
of bullion above Rs.2,00,000/- and in the case of Jewellery above Rs.5,00,000/- should
collect tax @1% w.e.f 01-07-2012.
For the purpose of this section scrap means waste and scrap from the manufacture
or mechanical working of materials which is definitely not usable as such because of
breakage, cutting up, wear and other reasons.
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TDS RATES & RELATED PROVISIONS - FINANCIAL YEAR 2013-14 (ASSESSMENT YEAR 2014-15)
Section Nature of Payment
Rate of Deduction Payment in
excess of
Individual Others
192 Salary Rs.2,00,000
As per
Finance Act
194 A
Interest from a Banking Company Rs.10,000 P.A 10% 10%
Interest other than from a Banking Company Rs. 5,000 P.A 10% 10%
194 C Payment to Contractors
Rs.30,000 per
Payment or
Rs.75,000 P.A
1% 2%
194 D Insurance Commission Rs.20,000 P.A 10% 10%
194 H Commission or Brokerage Rs.5,000 P.A 10% 10%
194 I
Rent of Land & building Rs.1,80,000 P.A 10% 10%
Rent of Plant & Machinery etc.
Rs.1,80,000 P.A 2% 2%
194 IA
Transfer of immovable property
Rs.50,00,000 1% 1%
194 J
Payment for professional/technical service
Rs.30,000 P.A 10% 10%
Note1: No Surcharge and Education cess to be added while deducting tax from payments
other than salary and payment to non resident
Note 2: As per Section 206AA, TDS is required to be made @20% if the deductee does not
provide PAN
RATE OF TCS FINANCIAL YEAR 2013-14 (ASSESMENT YEAR 2014-15)
Nature of Goods/Nature of Contract or License or Lease Rate of TCS
Alcoholic liquor for human consumption 1%
Tendu Leaves 5%
Timber obtained under a forest lease or any mode other than forest lease 2.5%
Timber obtained by any mode other than forest lease 2.5%
Any other forest produce 2.5%
Scrap 1%
Minerals being coal or Lignite or Iron Ore 1%
Parking Lot, Toll Plaza, Mining or Quarrying 2%
Sale of Bullion/ Jewellery , if sale consideration in cash exceeds
Rs.2,00,000 for Bullion and Rs.5,00,000 for Jewellery (w.e.f.01-07-2012) 1%
194 B
Winnings from Lottery/Crossword puzzles Rs.10,000 P.A 30% 30%
194 G Commission on sale of lottery tickets Rs.1,000 P.A 10% 10%
194 LA
Compensation on Land Acquistion
Rs.2,00,000 10% 10%
195
Payments to non-resident
any sum As per rates in force
TDS AT A GLANCE 2013 - 14 | 31
DUE DATES GOVERNMENT DEDUCTORS
payment Quarterly return filing
Issue of certificates
same day where the tax is
paid without IT Challan
(book adjustment)
1st quarter July 31st
2nd quarter October 31st
3rd quarter January 31st
4th quarter May 15th
within 7 days from end
of the month, where tax
is paid accompanied by
an IT Challan.
Challan No.281
Salary : Form No.24Q
Others: Form No.26Q
NRI : Form No.27Q
Form No.27A to be filed
along with TDS quarterly
statements
1st quarter August15th
2nd quarter November15th
3rd quarter February 15th
4th quarter May 30th
Salary : Form No.16
Others : Form No.16A
TCS : From 27D
TDS certificates shall be
issued by downloading from
TIN website (TRACES Portal)
DUE DATES OTHER THAN GOVERNMENT DEDUCTORS
payment Quarterly return filing
Issue of certificates
within 7 days from end
of the month.
1st quarter July 15th
2nd quarter October 15
th
3rd quarter January 15th
4th quarter May 15th
Salary : Form No.24Q
Others : Form No.26Q
Non resident : Form No.27Q
TCS : Form No.27EQ
Form No.27A to be filed
along with TDS/TCS
quarterly statements
for TDS made in March
: On or before 30
th
April
Challan No.281
1st quarter July 30
th
2nd quarter October 30
th
3rd quarter January 30
th
4th quarter May 30th
Salary : Form No.16
Others : Form No.16A
TCS : From 27D
TDS certificates shall be
issued by downloading from
TRACES Portal
(WWW.TDSCPC.GOV.IN)
E-payment compulsory
forCorporate assessees
(Companies)Assessees to
whom provisions of
section 44AB of the IT
Act are applicable
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The relevant Acts, Rules, Forms, notifications and TDS related services are available at the
following websites
www.incometaxindia.gov.in
This is the Official website of the Income Tax Department. Information about tax Laws, Act,
Rules, Notifications, Circulars and link to e-filing, e-payment and other important sites are
available on this site.
www.tdscpc.gov.in
TRACES (TDS Reconciliation Analysis and Correction Enabling System), is a web-based
application of the Income Tax Department that provides an interface to all stakeholders
associated with TDS administration. It enables viewing of challan status, downloading of
Form 16 / 16A , Consolidated File (for filing correction statement), Justification Report (for
viewing the mismatches and errors) and as well as viewing of annual tax credit statements
(Form 26AS). For using the facilities available on the website, deductors have to register their
TAN.
www.tin-nsdl.com
Tax Information Network (TIN) is an initiative by Income Tax Department of India (ITD)
for the modernization of the current system for collection, processing, monitoring and accounting
of direct taxes using information technology. Through its ONLINE services and network of
TIN-Facilitation centres all over the country (list of TIN-FCs available in the website),
TIN offers the following services:
Acceptance of electronic and physical TDS/TCS Returns.
Processing of new TAN/PAN and TAN/PAN change request applications, Reprint
and status enquiry
Acceptance of AIR.
Quarterly Statement Status - Deductors can access details of their statements includ-
ing financial details through the TIN-FC who has uploaded their statements.
e-tax Payment
OLTAS Challan Status Enquiry
(This is only a brief note on the various provisions relating to TDS and TCS. Kindly refer to the Income Tax
Act,1961, Income Tax Rules, Circulars and notifications issued by the CBDT for detailed information.)
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