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%
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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
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Challan payment Due date is 15 th of next month (Even for March,it is same)
Interest on late payment is 15% p.a.
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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
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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
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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
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Difference between TDS in Income Tax and TDS in DVAT (WCT)
Last updated at April 16, 2024 by Teachoo