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Workshop on TDS and e-filing of TDS returns

Workshop on TDS and e-filing of TDS returns. K Brahmanayagam FCA. Legal provisions.

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Workshop on TDS and e-filing of TDS returns

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  1. Workshop on TDS and e-filing of TDS returns K Brahmanayagam FCA

  2. Legal provisions • The scheme of tax deduction at source (TDS) is such that, persons responsible for making payment of income, are responsible to deduct tax at the prescribed percentage and deposit the same to the Central Government’s account within the stipulated time.

  3. Rate of TDS for the financial year 2013-14

  4. Rate of TDS for the financial year 2013-14 Notes: • Threshold limit of Rs. 30000/- is for single payment and TDS will be NIL if the annual payment is less than Rs. 75000/-, if Payments to Contractors, Sub-contractors and Advertising Contractors (Individuals). • If the recipient does not furnish his PAN to the deductor, tax has to be deducted at the rate of 20%. • Section 194C are applicable only where contract is either a WORKS CONTRACT or a CONTRACT FOR SUPPLY OF LABOUR FOR WORKS CONTRACT. Section 194C is not applicable to the contract for sale of goods. • Time of deposit of TDS/TCS • Where the income or amount is paid or credited in the month of March – April 30 • Where the income or amount is paid or credited before March 1 – within 7 days from the end of the month in which tax is deducted

  5. Rate of TDS for the financial year 2013-14 Notes: Consequences for failure:

  6. Rate of TDS for the financial year 2013-14 Relief for the defaulters (w.e.f 01/07/2012): The payer shall not be deemed to be in default if: • the recipient has included such income in his return and paid tax on such income; and • the payer submits a certificate (in Form 26A/Form 27BA in case of TCS) to this effect from a Chartered Accountant. In such a case, interest shall be payable at 1% from the date on which tax was deductible to the date of furnishing of return of income.

  7. Quarterly statement of tax deduction/collection

  8. Quarterly statement of tax deduction/collection

  9. Certificate of tax deduction/collection

  10. How to prepare quarterly returns Go to the site www.tin.nsdl.com

  11. Select e-TDS/TCS Filing:

  12. Select e-TDS/TCS RPU:

  13. Save that to your computer (in Program files):

  14. Click on e-TDS/TCS RPU.exe (Version 3.80):

  15. Save it to your computer (Program files):

  16. Unzip/extract there itself:

  17. Go to that extracted folder:

  18. Make a short cut to the desktop the application file (RPU):

  19. Select latest FVU (e-TDS/TCS FVU.exe (Version 3.8)) for validating the file prepared:

  20. Save it to the Program file and extract:

  21. Go to that folder and create a short cut to the desktop the executable file:

  22. e-TDS/TCS returns • There are 3 parts in e-TDS RPU 3.5 which you have to use for preparation of returns: • Deductor details • Challan details • Deductee details (Annexure I) • For 24Q4 (Form 16 details in annexure II)

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