TDS in Income Tax

TDS in DVAT WCT

Rate of TDS Under 194C

Payment to Individual /HUF 1%

Payment to Others 2%

 

Rate of TDS

Payment to Registered Contractor-4%

Payment to Unregistered Contractor-6%

 

Applicable only If Deductor is

Covered in Tax Audit

(Individual/HUF/Partnership having turnover>1 Cr

Or

Company )

Not Applicable to individual/HUF

(Turnover is not important)

 

(Always applicable to Partnership and Companies)

Cut off limit

30000 Single Payment

Or

100000 Annual

Cut off limit

20000 Single Contract

 

TDS to be deducted on Bill or Payment which ever is earlier

 

TDS is applicable even on Advance

TDS to be deducted on Bill or Payment which ever is earlier

 

TDS is NOT applicable on Advance

TAN No

Form Applicable is Form 49B

(Tan Number issued by email)

TAN No

Form Applicable is Form DVAT 44

(Tan no issued in Form DVAT 45)

Challan payment

Due date is 7 th of next month

However,for March,it is 30 April

 

Interest on late payment is 1.5%+1.5%=3% p.m

 

Challan payment

Due date is 15 th of next month

(Even for March,it is same)

 

Interest on late payment is 15% p.a.

 

TDS Return

It is to be file quarterly one month from end of quarter

 

April-June->31 July

July-Sep->31 Oct

Oct-Dec->31 Jan

Jan-March->31 May

 

Form No Prescribed is Form 26Q

TDS Return

It is to be file quarterly by 28 th of next quarter

 

April-June->28 July

July-Sep->28 Oct

Oct-Dec->28 Jan

Jan-March->28 April

 

Form No Prescribed is Form DVAT 48

 

TDS Certificate

It is to be issued quarterly 15 days of filing TDS Return

In case of late payment, Penalty applicable is 100 per day

(TDS Certificate is issued after both challan & return)

 

Only One copy of TDS Certificate required

 

TDS Certificate

It is to be issued Montlhy 7 days of filing TDS Challan

In case of late payment, Penalty applicable is 100 per day

(TDS Certificate is issued after challan before return)

 

4 copies of TDS Certificate required

 

  1. Tax Practical
  2. Practical WCT (Work Contract Tax)

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .