Friends,
The Income Tax Department has defined the TDS rates for the Financial Year 2011-12 (Assessment Year 2012-13). Now from onward these rates will be applicable on all payments. The Tds Rates for financial year 2011-12 and assessment year 2012-12 is given in the TDS RATE chart 12-13 .192 Salaries 193 Interest on Securities,194 Deemed dividend u/s.2(22)(e) Dividends other than listed companies,194A Interest other than Int on securities (by Bank),194A Interest other than Int. on securities (By others),194B Lottery / Cross Word Puzzle,194BB Winnings from Horse Race,194C(1) Contracts,194C(2) Sub-contracts/ Advertisements,194D Insurance Commission,194EE Payments out of deposits under NSS,194F Repurchase of units by MF/UTI,194G Commission on sale of lottery tickets,194H Commission or Brokerage,194I Rent (Land & building),Rent (P & M , Equipment, furniture & fittings),194J Professional/Technical charges/Royalty & Non-compete fees,194LA Compensation on acquisition of immovable property,195/196B/196C/196D/ 196E Payment to non-residents
TDS RATE CHART FINANCIAL YEAR 2011-12 (ASSESSMENT YEAR 12-13)
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TDS by Individual and HUF (Non Audit) case not deductible
An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 60/15 Lakh.
TCS (tax collection at source rates fy 2011-12)(read more details by Tax collection at source)
Sl.No. | Nature of Goods | Rates in % |
1. | Alcoholic liquor for human Consumption | 1 |
2. | Tendu leaves | 5 |
3. | Timber obtained under forest lease | 2.5 |
4. | Timber obtained by any mode other than a forest lease | 2.5 |
5. | Any other forest produce not being timber or tendu leaves | 2.5 |
6. | Scrap | 1 |
7. | Parking lot | 2 |
8. | Toll plaza | 2 |
9. | Mining & Quarrying | 2 |
Deposit of TDS:
As a common rule tax is to be deposited with 7th of the immediate next month after deduction .However March tax is to be deposited by 30th April of the next financial year.For March ,2011 tds ,due date is 30.04.2011 and March 2012 due date is 30.04.2012.
Rule is reproduced hereunder for your ready reference.
“Time and mode of payment to Government account of tax deducted at source or tax paid under sub section (1A) of section 192.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐
- (a) on the same day where the tax is paid without production of an income‐tax challan; and
- (b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐
- (a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
- (b) in any other case, on or before seven days from the end of the month in which‐
- the deduction is made; or
- income‐tax is due under sub‐section (1A) of section 192.
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table:‐
