Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Tax Deducted at Source (Section 192 to 206C) - Part - 2
Tax Deducted at Source (Section 192 to 206C) - Part - 2
| 198 | Since tax is deducted from income therefore tax deducted is treated as assessee’s income. Gross Income = Income (net of TDS) + amount of TDS | |||||||||
| 199 | The tax deducted at source shall be treated as tax paid in PY which shall be adjusted from final tax computed in AY. Tax computed in AY – Tax paid in PY = Self assessment tax. | |||||||||
| 200 | Due date of deposit of TDS with Govt. | TDS return | S 203. TDS certificate | |||||||
| 200 | Apr | 7th May | Aug | 7th Sep | Dec | 7th Jan | AMJ | 15th July | AMJ | 30th July |
| May | 7th June | Sep | 7th Oct | Jan | 15th Oct | JAS | 15th Oct | JAS | 30th Oct | |
| June | 7th July | Oct | 7th Nov | Feb | 15th Jan | OND | 15th Jan | OND | 30th Jan | |
| July | 7th Aug | Nov | 7th Dec | Mar | 15th May | JFM | 15th May | JFM | 30th May | |
| E filing / E payment compulsory | Form 16 (others)/ 16A (Salary) | |||||||||
| 200A | 1. Correction in TDS return if there is arithmetical errors, error in rate of TDS, wrong deduction of tax then intimation shall be sent to assessee for correct deposit of TDS alongwith interest. | |||||||||
| 2. Intimation shall be sent within a period of 1 year from the end of the financial year in which statement was filed. | ||||||||||
| 201 | Consequences of not deduction of tax at source or deducted but not deposited with the Govt. | |||||||||
| a. Interest @ 1% p.m. / 1.5% p.m. | b. Penalty : Max tax in arrears | c. In PGBP these expenses shall not allowed as deduction | ||||||||
| 203 | TDS certificate should be furnished quarterly within 15 days of deposit of tax. Tax deductor shall provide Unique Transaction Number to payee. It is proof of deposit of TDS with the Govt. | |||||||||
| 203A | Tax Deduction & Collection Account No. TDCAN should be applied in Form No 49B by every assessee who is required to deduct tax at source. This TDCAN should be quoted in every challan, return & in every correspondence with income tax department. | |||||||||
| 203AA | Annual tax statement in Form No 26AS should be issued in E-Mail by NSDL to every assessee whose tax has been deducted at source by any tax deductor. | |||||||||
| 206AA | If assessee do not furnishes PAN to the tax deductor then tax deductor shall deduct tax at source at following higher rates. | |||||||||
| a. | Basic rate of TDS / TDS at slab rate | PAN should be quoted in all declaration and application. | ||||||||
| b. | 20% | Wrong quotation of PAN shall also entail higher deduction of tax. | ||||||||
| Grossing up of income | ||
| Gross income = | Amount (net of TDS) ------------------------- 100 – rate of tds | Mr. Taxcrazy receives interest on listed debentures of Rs. 9,000 (net of TDS). Find out the gross interest which is included in his income. Ans : 10,000 |
No TDS on amount of service tax
CHANGES IN TDS FOR 2017 ATTEMPT
| on or before 31-5-2016 | on or after 1-6-2016 | |
| 192A | 30,000 | 50,000 |
| 194BB | 5,000 | 10,000 |
| 194C | Rs. 30,000 and Rs. 75,000 | 30,000 and Rs. 1,00,000 |
| 194D | 20,000 | 15,000 |
| 194DA | 2% | 1% |
| 194G | 10% Rs.1,000 | 5% Rs. 15,000 |
| 194H | 10% Rs.5,000 | 5% Rs. 15,000 |
| 194LA | 2,00,000 | 2,50,000 |
The document Tax Deducted at Source (Section 192 to 206C) - Part - 2 is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Tax Deducted at Source (Section 192 to 206C) - Part - 2
| 1. What is Tax Deducted at Source (TDS)? |  |
Ans. Tax Deducted at Source (TDS) is a mechanism introduced by the Indian government to collect taxes at the source of income. It requires the person making the payment to deduct a certain percentage of the payment as tax before making the payment to the recipient.
| 2. Which sections of the Income Tax Act cover TDS from salary (Section 192)? | |
Ans. TDS from salary is covered under Section 192 of the Income Tax Act. This section specifies the rates and procedures for deducting tax from salary payments.
| 3. How is TDS calculated for salary payments? | |
Ans. TDS for salary payments is calculated based on the income tax slabs applicable to an individual. The employer considers the employee's estimated yearly income and deducts tax at the applicable rates. The TDS calculation also takes into account deductions and exemptions available to the employee.
| 4. What is the due date for depositing TDS deducted from salary? | |
Ans. The due date for depositing TDS deducted from salary is the 7th of the following month. For example, if TDS is deducted in March, it must be deposited by the 7th of April.
| 5. What is the penalty for non-compliance with TDS provisions? | |
Ans. Non-compliance with TDS provisions can attract penalties under Section 271C of the Income Tax Act. The penalty amount can range from 100% to 300% of the tax amount that should have been deducted. The specific penalty depends on the nature of the default and can be levied in addition to interest on the late payment.
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