{"id":11257,"date":"2020-03-17T09:52:06","date_gmt":"2020-03-17T09:52:06","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=11257"},"modified":"2024-06-03T15:46:15","modified_gmt":"2024-06-03T10:16:15","slug":"what-is-tax-deduction-at-source","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/what-is-tax-deduction-at-source\/","title":{"rendered":"What is Tax Deduction at source(TDS)?"},"content":{"rendered":"<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"padding: 10px;\">\n<h3><strong>Table of Content<\/strong><\/h3>\n<ul>\n<li><a href=\"#concept\">Concept of TDS-<\/a><\/li>\n<li><a href=\"#rates\">Rates for TDS<\/a><\/li>\n<li><a href=\"#due\">Due Dates of Payment<\/a><\/li>\n<li><a href=\"#deducted\">How to pay Tax Deducted\/Collected at source?<\/a><\/li>\n<li><a href=\"#avoid\">How to avoid TDS<\/a><\/li>\n<li><a href=\"#government\">How to check if TDS is deposited with the government<\/a><\/li>\n<li><a href=\"#department\">What will happen when the deductor fails to deposit the TDS with the IT department?<\/a><\/li>\n<li><a href=\"#penalty\">Penalty for non deposit of TDS<\/a><\/li>\n<li><a href=\"#time\">Penalty on companies for not depositing or not deducting TDS on time<\/a><\/li>\n<li><a href=\"#returns\">Penalty for companies that delay TDS returns<\/a><\/li>\n<li><a href=\"#refund\">TDS Refund<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>TDS stands for &#8216;Tax Deducted at Source&#8217;. It was introduced to collect tax at the source from where an individual&#8217;s income is generated.<\/p>\n<h3 id=\"concept\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15533 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/03\/Tax-Deduction-at-source-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h3>\n<h3 id=\"rates\" style=\"font-size: 20px !important; color: #1e82b6;\">Concept of TDS-<\/h3>\n<p>The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person called deductor who is liable to make payment of specified nature to any other person called deductee shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Rates for TDS<\/h3>\n<p>Taxes shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act.<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<thead>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Section<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Nature of Payment<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>TDS Rate for Individual\/ HUF (Indian Resident)(in %)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">192<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Salary payment<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">As per the income tax category<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">193<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Interest on securities<\/p>\n<p>a) Any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act;<br \/>\nb) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made there under<br \/>\nc) any security of the Central or State Government<br \/>\nd) interest on any other security<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194A<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Income by way of interest other than &#8220;Interest on securities<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194B<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act;<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">30<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194BB<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">b) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made there under;<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">30<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194D<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Insurance commission<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194EE<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Payment in respect of deposit under National Savings scheme (NSS)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194G<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Commission, etc., on sale of lottery tickets<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194H<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Commission or brokerage<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194I<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Rent<\/p>\n<p>a) Plant &amp; Machinery<br \/>\nb) Land or building or furniture or fitting<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2<\/p>\n<p>10<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194IA<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Payment on transfer of certain immovable property other than agricultural land<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194IB<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Payment of rent by individual or HUF not liable to tax audit<\/p>\n<p>Note:\u00a0This provision is applicable from June 1, 2017<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194J<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Any sum paid by way of<\/p>\n<p>a) Fee for professional services,<br \/>\nb) Fee for technical services<br \/>\nc) Royalty,<br \/>\nd) Remuneration\/fee\/commission to a director or<br \/>\ne) For not carrying out any activity in relation to any business<br \/>\nf)\u00a0 For not sharing any know-how, patent, copyright etc.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194M<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Payment made to professional or commission or brokerage of Rs 50lakh and above<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<\/tr>\n<tr>\n<td id=\"due\" style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">194N<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Cash withdrawal exceeding Rs 1crore<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Due Dates of Payment<\/h3>\n<p>The due date for each TDS payment is the 7th of the month following the month in which you have made the deduction. After making payment, you have to file a TDS return. The due date for each <a href=\"https:\/\/www.cagmc.com\/tds-returns\/\">TDS return<\/a> is the last day of the month following the quarter in which TDS has been paid (except for the Jan-March quarter). Have a look at the table below.<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Quarter<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>TDS payment date<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>TDS Return date<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Jan-March<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">7th Feb, 7th March, 30th April<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">31<sup>st<\/sup> May<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">April-June<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">7th May, 7th June, 7th July<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">31<sup>st<\/sup> July<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">July-September<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">7th August, 7th, September, 7th October<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">31<sup>st<\/sup> October<\/td>\n<\/tr>\n<tr>\n<td id=\"deducted\" style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">October &#8211; December<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">7th November, 7th December, 7th January<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">31<sup>st<\/sup> January<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><u>\u00a0<\/u><\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">How to pay Tax Deducted\/Collected at source?<\/h3>\n<p>Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes:<\/p>\n<ol>\n<li>Electronic mode: E-Payment is mandatory for:\n<ul>\n<li id=\"avoid\">All corporate assesses; and<\/li>\n<li>All assesses (other than company) to whom provisions of<a href=\"https:\/\/taxguru.in\/income-tax\/tax-audit-section-44ab.html\" target=\"_blank\" rel=\"noopener\"> section 44AB of the Income Tax Act, 1961<\/a> are applicable.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol start=\"2\">\n<li>Physical Mode: By furnishing the Challan 281 in the authorized bank branch<\/li>\n<\/ol>\n<h3 id=\"government\" style=\"font-size: 20px !important; color: #1e82b6;\">How to avoid TDS<\/h3>\n<p>If a person believes that his total income in a financial year will be below the exemption limit, he can ask the payer not to deduct TDS by submitting Form 15G\/15H.<\/p>\n<p>While receiving payment which is subject to TDS, deductee is required to provide his PAN details to avoid tax deduction at the higher rates.<\/p>\n<h3 id=\"department\" style=\"font-size: 20px !important; color: #1e82b6;\">How to check if TDS is deposited with the government<\/h3>\n<p>Once the TDS is deposited with the government by the deductor, then the TDS amount deposited will be reflected in your Form 26AS. Further, the deductor is required to issue you a TDS certificate.<\/p>\n<h3 id=\"penalty\" style=\"font-size: 20px !important; color: #1e82b6;\">What will happen when the deductor fails to deposit the TDS with the IT department?<\/h3>\n<p>When your employer has not paid the TDS to the income tax department, the TDS would not be available against your PAN in your Form 26AS. You cannot take a tax credit of the TDS while filing your income tax return.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Penalty for non deposit of TDS<\/h3>\n<p>Case I: Under section 234E<\/p>\n<p>Deductor will be liable to pay the way of fee Rs.200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which statement was required to be filed.<\/p>\n<p>Case II: Under section 271H<\/p>\n<p>Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10000 which may be extended to Rs.100000.<\/p>\n<p><b id=\"time\">NOTE: <\/b>Penalty under section 271H is in addition to Penalty under section 234E \u00a0This section will also cover the cases of incorrect filing of TDS return.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Penalty on companies for not depositing or not deducting TDS on time<\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Default under section<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Nature of Default<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Interest on such default<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Period of interest payment<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">201A<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Non-deduction of TDS, either in whole or part<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1% Per month<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">From the date on which the tax was to be deducted to the actual date of deduction<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Non-payment of TDS (after deduction)<\/td>\n<td id=\"returns\" style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.5% Per month<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">From the date of deduction to date of actual payment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"refund\" style=\"font-size: 20px !important; color: #1e82b6;\">Penalty for companies that delay TDS returns<\/h3>\n<p>TDS returns must be filed once every quarter to the department. The due date to file such returns is one month from the end of a quarter. However, the due date for the quarter ending on 31 March is 31 May. So, you can check Form 26AS regularly from the due date so that the latest transaction will be updated on records..<\/p>\n<p>If you have solid proof about your employer not depositing the taxes deducted, it is best to bring this to your employer\u2019s notice before taking further steps. If your employer does not respond even after repeated requests, you can take action by filing a written complaint to your assessing officer.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">TDS Refund<\/h3>\n<p>If excess tax is deducted, you will have to claim a refund in your income tax return. For most individuals the return.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Table of Content Concept of TDS- Rates for TDS Due Dates of Payment How to pay Tax Deducted\/Collected at source? 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