Posted Date : 12-May-2017 , 12:09:21 pm | Posted By AADESH Your Rating: NoneAverage : 5.00
TAX DEDUCTED AT SOURCE
Tax deducted at source (TDS) is a way of collecting tax.
Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment.
The onus of compliance lies with the PAYER who makes the payment for expenditure.
Tax has to be deducted as specified in the relevant section.
Deductor must have a PAN of the PAYEE.
Tax has to be deducted at higher rate i.e 20% if PAN is not available.
Form 15G/ 15H (only in case where Interest is paid/ to be paid), has to be collected if there is NON deduction / Lower deduction of TDS.
TDS payment has to be made before 7th of the next month, except for March its 30th April.
TDS return has to be filed before 15th of the following quarter, except return for 4th quarter by 15th May.
TDS certificate has to be issued within 15 days from due date of TDS return.
If TDS is not paid within due date there is a penalty of 1.5 % per month.
If TDS return is filed late then penalty of Rs. 200 per day or amount equal to TDS amount of that quarter whichever is lower.
So pay your TDS and file your Returns on timely basis as prescribed under the Law.TAX DEDUCTED AT SOURCE
Tax deducted at source (TDS) is a way of collecting tax.
Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment.
The onus of compliance lies with the PAYER who makes the payment for expenditure.
Tax has to be deducted as specified in the relevant section.
Deductor must have a PAN of the PAYEE.
Tax has to be deducted at higher rate i.e 20% if PAN is not available.
Form 15G/ 15H (only in case where Interest is paid/ to be paid), has to be collected if there is NON deduction / Lower deduction of TDS.
TDS payment has to be made before 7th of the next month, except for March its 30th April.
TDS return has to be filed before 15th of the following quarter, except return for 4th quarter by 15th May.
TDS certificate has to be issued within 15 days from due date of TDS return.
If TDS is not paid within due date there is a penalty of 1.5 % per month.
If TDS return is filed late then penalty of Rs. 200 per day or amount equal to TDS amount of that quarter whichever is lower.
So pay your TDS and file your Returns on timely basis as prescribed under the Law.