TMI BlogAmendment in procedural compliances related to TDS (w.e.f. 01.04.2010)X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment in procedural compliances related to TDS (w.e.f. 01.04.2010) - By: - C.A. Chandan Goyal - Income Tax - Dated:- 17-6-2010 - - A. Highlights CBDT, vide Notification No. 41/2010 dated 31 st May'2010 has notified Income Tax (Sixth Amendment) Rules, 2010 which has the effect of amending the existing procedural compliances related to TDS. The new notification is effective from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 st April 2010 and applies to tax deducted on or after 1 st April 2010. The procedural part for tax deducted upto 31 st March 2010 will be governed by the earlier rules/provisions. Major highlights are: Time limit for deposit of TDS for the entire month of March will be 30 th April instead of two separate dates i.e. 7 th April for TDS up to 30 th March and 31 st may for TDS dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted as on 31 st March. Non-salary TDS certificates shall be issued on quarterly basis instead of monthly or annual basis. Time limit for filing of quarterly TDS return for the last quarter (i.e. ending with 31st March) has been advanced by one month to 15th May instead of 15th June. B. Time Limit for TDS deposit Particulars Earlier provision Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w provision TDS deducted on 31 st March 31 st May 30 th April TDS deducted from 1 st March to 30 th March 7 th April 30 th April Other cases Within one week from end of the month of tax deduction Within one week from end of the month of tax deduction C. Time limit for issuance of TDS Certificate Parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... culars Earlier provision Frequency Time limit New provision Frequency Time limit Form 16- Salary Annual 30 th April Annual 31 st May Form 16A- Other than Salary Monthly With in one month from end of the month Quarterly Within 15 days from the due date of quarterly TDS retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn Annual Within one month from close of Financial Year Notes: Now, address of TDS Tax Authority is required to be disclosed in Form 16 16A. Form 16AA (which was applicable where salary income was less than Rs. 1.50 lacs) has been discontinued as it was not relevant after increase of basic exemption limit up to Rs. 1.60 lacs. Facility of issuing annual consolida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted certificate (in cases other than salary), at the request of deductee, has been withdrawn. D. Time limit for filing of quarterly TDS return Quarter ended on Earlier provision New provision 30 th June 15 th July 15 th July 30 th September 15 th October 15 th October 31 st December 15 th Januar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 15 th January 31 st March 15 th June 15 th May E. Provisions not affected There is no change in the form of payment of TDS i.e. Challan No. ITNS 281 will remain the same. Mode of payment of TDS by Companies is same i.e. mandatorily by electronic mode. Forms of quarterly statements of TDS i.e. Form 24Q (Salary TDS), Form 26Q (Other than salary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TDS) and Form 27Q (for non residents/not ordinarily resident deductees) will remains the same. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
