Sunday, August 28, 2011


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Tds Rates for financial year 2011-12 and assessment year 2012-12 is given in the TDS RATE chart 12-13 .Same rate was also applicable on Financial year 200-11 (assessment year 2011-12).

TCS (Tax collection at source is also given after this chart)

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Download TDS RATES CHART 2011-12 In PDF format
  1. Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
  2. TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
  3. No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
  4. Surcharge on Income-tax is not deductible/collectible at source in case of  individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
  5. In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
  6. NoCess on payment made to resident:Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

TDS by Individual and HUF (Non Audit) case not deductible
An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 60/15 Lakh.

TCS (tax collection at source rates fy 2011-12)(read more details by Tax collection at source)

                              Nature of Goods
Rates in %
Alcoholic liquor for human Consumption
Tendu leaves
Timber obtained under  forest lease
Timber obtained by any mode other than a forest lease
Any other forest produce not being timber or tendu leaves
Parking lot
Toll plaza
Mining & Quarrying

As a common rule tax is to be deposited with 7th of the immediate next month after deduction .However March tax is to be deposited by 30th April of the next financial year.For March ,2011 tds ,due date is 30.04.2011 and March 2012 due date is 30.04.2012.  

Rule is reproduced hereunder for your ready reference.(read full rule and notification 41/2010 dated 31.05.2010)

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub­ section (1A) of section 192.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

  • (a) on the same day where the tax is paid without production of an income‐tax challan; and
  • (b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐
  • (a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and 
  • (b) in any other case, on or before seven days from the end of the month in which‐
    1.  the deduction is made; or
    2.  income‐tax is due under sub‐section (1A) of section 192.
(3)    Notwithstanding  anything  contained  in  sub‐rule  (2),  in  special  cases,  the  Assessing Officer  may,  with  the  prior  approval  of  the  Joint  Commissioner,  permit  quarterly payment  of  the  tax  deducted  under  section  192  or  section  194A  or  section  194D  or section  194H  for  the  quarters  of  the  financial  year  specified  to  in  column  (2)  of  the Table below by the date referred to in column (3) of the said Table:‐

Person required to file ETDS Return Filing due Dates

NOTIFICATION No. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs return.

1. All Government department/office or

2. All companies.or

3. All person required to get his accounts audited under section 44AB in the immediately preceding financial year; or

4 The number of deductees’ records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty,

The Due Dates for filing Quarterly Statements for TDS/TCS are as under

For quarter ended
Due Dates
  1. To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the designated TIN facilitation centers of NSDL(please see, within one month from the end of the month in which tax was deducted.
  2. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
  3. To deduct/collect tax at the prescribed rates at the time of every credit or payment, whichever is earlier, in respect of all liable transactions.
  4. To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS 281 by quoting the TAN and relevant section of the Income-tax Act.
  5. To issue TDS/TCS certificate, complete in all respects, within the prescribed time in Form No.16(TDS on salaries), 16A(other TDS) 27D( TCS).
  6. To file TDS/TCS quarterly statements within the due date.
  7. To mention PAN of all deductees in the TDS/TCS quarterly statements.

Failure to deduct or remit TDS /TCS(full or part)
  • Interest:Interest at the rates in force (12% p.a.) from the date on which tax was deductible /collectible to the date of payment to Government Account is chargeable. The Finance Act 2010 amended interest rate wef 01.07.2010 and created a separate class of default in respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in case the tax is deducted late after the due date. The rationale behind this amendment is that the tax once deducted belongs to the government and the person withholding the same needs to be penalized by charging higher rate of interest Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
  • In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to 7 years and fine can be levied.
  • Dis allowance of Expense for non deposit of TDS -Section 40(a)(ia)
  • Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of TAN :Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
  • Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in time: For each type of failure, penalty of Rs.100/- per day for the period of default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
Download TDS RATES CHART 2011-12 In PDF format
  1. Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it is issued. It cannot be used retrospectively.
  2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details marking it as duplicate.
  3. Refund can be claimed by the deductee on filing of return of income.
  4. Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay interest and penalty.

This brochure should not be construed as an exhaustive statement of law. In case of doubt, reference should always be made to the relevant provisions of Income Tax Act, Rules or Notifications.
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