lern accounts.docx

8/14/2019 LERN ACCOUNTS.docx

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1. What is e-TDS Return?

e-TDS return is a TDS return prepared in form No.24,26 or 27 in electronic media as per prescribed

data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by

a signed verification in Form No.27A.

2. Who is required to file e-TDS return?

As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to

file their TDS return on electronic media (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS

return is optional.

3. Under what provision the e-TDS return should be filed?

An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated

26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated

19.9.03 may also be referred.

4. What are the forms to be used for filing annual/quarterly TDS/TCS returns?

Following are the returns for TDS and TCS and their periodicity:

Form No Particulars Periodicity

Form 24Annual return of "Salaries" under Section 206 of

Income Tax Act, 1961Annual

Form 26

Annual return of deduction of tax under section 206

of Income Tax Act, 1961 in respect of all payments

other than "Salaries"

Annual

Form 27Statement of deduction of tax from interest,

dividend or any other sum payable to certain personsQuarterly

Form 27EAnnual return of collection of tax under section

206C of Income Tax Act, 1961Annual

Form 24QQuarterly statement for tax deducted at source from

"Salaries"Quarterly

Form 26QQuarterly statement of tax deducted at source in

respect of all payments other than "Salaries"Quarterly

Form 27QQuarterly statement of deduction of tax frominterest, dividend or any other sum payable to non-residents

Quarterly

Form 27EQ Quarterly statement of collection of tax at source

5. Payments are made to employees and contractors. In such a case, TDS return is required to be submitted in

a single Form or separate form is required for employees & contractors.

For tax deducted at source from salary paid to employees, the annual return for tax deducted at source up to

financial year 2004-2005 is to be filed in Form 24 and from financial year 2005-2006 onwards, the quarterly

returns are to be filed in Form 24Q. Similarly, in case of payments mad to contractors, Form 26 will have to be

filed for deduction made up to financial year 2004-2005 and Form 26Q on a quarterly basis for deductionsmade from financial year 2005-2006 onwards.

6. Who is the e-Filing Administrator?

The CBDT has appointed the Director General of Income-tax(Systems) as e- Filing Administrator for the

purpose of the Electronic Filing of Returns of Tax Deducted at Source Scheme,2003.

7. Who is an e-TDS Intermediary?

CBDT has appointed National Securities Depository Ltd., Mumbai as e-TDS Intermediary.

8. How will the e-TDS returns be prepared?

e-TDS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the


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The government has from this budget onwards made it compulsory for deduction of TDS even on real estate

transactions. This means that if you sell a property in excess of Rs 50 lakhs you now have to pay TDS.

In any case remember that collecting a TDS certificate is important and giving one, if your the deductor is also

important.

TDS RATE CHART F/Y 2013-14 AND A/Y 14-15

NATURE OF PAYMENT MADE

TO RESIDENT

THRESHOLD COMPNAY FIRM

CO-OP SOC. LOCAL

AUTHORITY

INDIVIDUAL

HUF

IF NO PAN

OR INVALID

PAN

194A INT- Payable by banks 10000 10 10 20

Int- payable by others 5000 10 10 20

194b Winning from lotteries/

crossword Puzzle

10000 30 30 30

194c Payment to contractors-

single transaction

30000 2 1 20

Payment to contractors-

aggregate during FY

75000 2 1 20

194d Insurance commission 20000 10 10 20

194h Commission /brokerage 5000 10 10 20194i Rent 180000 10 10 20

Rent-plant/machinery 180000 2 2 20

194j Professional fees 30000 10 10 20

Directors fees (w.e.f

July 1, 2012

0 10 10 20


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assessment year (AY) 2014-15 are mentioned below:

New Income tax slab for fy 2013-14 / ay 2014-15

New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2013-14)

S. No. Income Range Tax percentage

1 Up to Rs 2,50,000 No tax / exempt

2 2,50,001 to 5,00,000 10%

3 5,00,001 to 10,00,000 20%

4 Above 10,00,000 30%

New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)

S. No. Income Range Tax percentage


2 5,00,001 to 10,00,000 20%

3 Above 10,00,000 30%

New Income Tax Slabs for ay 14-15 for Resident Women (below 60 years) (FY 2013-14)


2 2,00,001 to 5,00,000 10%

3 5,00,001 to 10,00,000 20%

4 Above 10,00,000 30%

New Income Tax Slabs for ay 14-15 for Others & Men (FY 2013-14)


2 2,00,001 to 5,00,000 10%

3 5,00,001 to 10,00,000 20%

4 Above 10,00,000 30%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs 28000 (taking 2000 tax credit intoconsideration)

Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000 (no tax credit for income above Rs 5,00,000)

Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000

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