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TDS & TCS - Direct Taxes


1-Deduction and Collection of Tax at Source (TDS & TCS) [ Section 190 to 206CA]

Tax Deduction at Source (TDS) and Advance Payment [Section 190]; List of Incomes / Payments from which Tax is Deductible at Source (TDS); Procedure and Scheme of TDS
 

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2- TDS from Salary [Section 192]

Tax to be Deducted at average of Income-Tax [Section 192(1)]; Furnishing of Evidence of Claims by employee for Deduction Of Tax under section 192; When does the liability to Deduct Tax at Source arise; Person responsible for Deduction Of Tax At Source;
 

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3. CBDT Rules & Guidelines to be followed for TDS from Salary

Every year CBDT issues a circular giving guidelines to be followed by employers in computing tax to be deducted at source from salary. Following are to be taken into consideration while computing taxable salary for the purpose of deduction of tax at source:—
 

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4. TDS from Interest on Securities [Section 193]

Under Section 2(28B), Interest on Securities means.— (i) interest on any security of the Central Government or a State Government: (ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act".
 

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5. TDS on Interest other than Interest on Securities [Section 194A]

Interest other than Interest on Securities includes payments made in respect of: (i) Inter-corporate deposits / loans, (ii) Public deposits, (iii) Loans, (iv) Suppliers on late payment of Acts (also where payments routed through bank), (v) Payment by consignor to commission agent.
 

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6. TDS on Payment to resident Contractor [Section 194C]

All implications towards TDS on Payment to resident Contractor [Section 194C] are discussed here in details....

 

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7. TDS from Insurance Commission [Section 194D]

Who is required to make TDS from Insurance Commission; When TDS to be deducted from Insurance Commission; Rate of TDS for financial years 2019-20 and 2020-21 from Insurance Commission; Where No Tax is to be Deducted at Source from Insurance Commission…
 

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8. TDS from Payment in respect of life Insurance Policy [Section 194DA]

Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under section 10(10D) shall deduct the tax at source at the time of payment of such sum.
 

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9. TDS on Commission and Brokerage [Section 194H]

Who is liable to deduct TDS; When TDS is to be Deducted; Rate of TDS for financial years 2019-20 and 2020-21; Where No Tax is to be Deducted at Source; Where the Tax is either Not to be Deducted or to be Deducted at Lower Rate ….
 

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10. TDS on Rent [Section 194-I]

"Rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—
 

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11. TDS on transfer of certain Immovable Properties (other than Agricultural Land) [Section 194-IA]

"Immovable property" means any land (other than agricultural land) or any building or part of a building.
 

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12. TDS on Fees for Professional or Technical Services, etc. [Section 194J]

'Professional services' mean services rendered by a person in the course of carrying on legal, medical, engineering or architectural profession or profession of accountancy or technical consultancy or interior decoration or advertising or any other profession notified under section 44AA or under this section by CBDT.
 

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13. TDS on Payment of certain Amounts in Cash [Section 194N]

Who is liable to Deduct TDS; When TDS is to be Deducted; Rate of TDS; Where No TDS is to be Deducted at Source;
 

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14. TDS from Payment of certain sums by e-Commerce Operator to e-Commerce Participant [Section 194-O]

In order to widen and deepen the tax net by bringing participants of e-commerce within tax net, the following new section 194-0 has been inserted in the Act, w.e.f. 1.4.2020:
 

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15. TDS on Payment to a Non-Resident [Section 195]

TDS on income of Non-Resident; Who is required to Deduct TDS under section 195; The person responsible for paying; When the TDS is to be Deducted; Payer of the amount may make application for TDS Deduction on the "income" comprised in the payment; Where no TDS is to be Deducted at Source …
 

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16. Consequences of failure to Deduct TDS or pay TDS [Section 201]

Assessee to be deemed as assessee in default; Time limit for passing an order U/s 201 holding a person to be an assessee in default; Penalty payable under Section 221 when the payer is an assessee deemed to be in default under section 201; Interest for Late Deposit of TDS …
 

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17. Time and Mode of Payment of TDS to Government Account

Time of TDS Payment and Mode of TDS Payment;
 

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18. Person Deducting TDS to File Statement of TDS [Section 200(3) and Rule 31A(1)]

Forms of Filing Quarterly Statement; Due dale of Filing Quarterly Statement other than in Form 26QB or 26QC; Manner of Filing Quarterly Statement; E-Filing of Return Mandatory for company and office of the Government and some other persons; Procedure for Filing Return …
 

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19. Forms and Time limit of Issue of TDS Certificate [Rule 31]

The person responsible for deducting the TDS is required to issue a certificate in the prescribed forms to the employee/payee on account of tax deducted at source.
 

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20. TDS on payments made to Resident and its Requirement to furnish PAN [Section 206AA]

Consequences if PAN is not furnished to the deductor by the deductee; Form No. 15G and 15H valid only if PAN is quoted in the declaration; Consequences if PAN not quoted and declaration becomes invalid; Application made under section 197 should contain PAN …
 

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21. TCS on Profit and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, etc. [Section 206C]

Section 206C relating to tax collection at source is applicable in the following two cases: (A) Tax be collected by seller from the buyer in respect of sale of specified goods. (B) Tax to be collected by a person granting lease / license right in case of Parking Lot, Toll Plaza or Mining and Quarrying.
 

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22. Time and Mode of TCS payment to Government Account U/s 206C [Section 206C(3) and Rule 37CA]

Time of Payment of TCS and Mode of Payment of TCS,
 

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23. Correction Statement of TCS for rectification of mistake [Section 206C(3B)]

As per Section 206C (3B), the person collecting the TCS referred to in proviso to section 206C(3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.
 

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24. Penal Provisions in case of TCS

Penal Provisions in case of TCS under various Sectionswise are discussed here in details...
 

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25. Processing of Statement of TCS [Section 206CB]

Currently, there does not exist any provision in the Act to enable processing of the TCS statement filed by the collector as available for processing of TDS statement. As the mechanism of TCS statement is similar to TDS statement, the Act has inserted section 206CB in the Act which provides as under:
 

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26. Rates for TDS given under Income Tax Act. for Financial Year 2020-21

Table showing Rates for TDS ( Deduction of Tax at Source) given under Income Tax Act. for Financial Year 2020-21 (AY:2021-22)
 

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27. Rates for TDS in case of a Person other than a Company for Financial Year 2020-21

Table showing Rates for TDS (Deduction of Tax at Source) in case of a Person other than a Company for Financial Year 2020-21 (Assessment Year 2021-22). 
 

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28. Rates for TDS in case of a Company for Financial Year 2020-21

Table showing Rates for TDS (Deduction of Tax at Source) in case of a Company for Financial Year 2020-21 (Assessment Year 2021-22)
 

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