TAX DEDUCTED AT SOURCE
Q1. What is TDS ( Tax deducted at source ) ?
Ans. When tax is deducted before paying the income and deposited with the government.
Q2. Who is required to deduct TDS ?
Ans. Following are required to deduct TDS
- Sole Proprietor ( Only when last year his books of accounts were audited)
- Partnership Firm.
- Limited Liability Partnership firm.
Q3. What are slab and rate of TDS for FY 2018-2019.
|Section||Nature of Payment||Limit Rs.||Individual Rate %||Others. Rate %|
|194C||Contractor – Single Transaction||30000||1||2|
|194C||Contractor – During the year||100000||1||2|
|194C||Transporter ( Declaration of PAN )||–||–||–|
|194H||Commission / Brokerage||15000||5||5|
|194I||Rent of Land and Building, Furniture fixtures||180000||10||10|
|194I||Rent of Plant/ Machinery/ Equipment||180000||2||2|
|194IB||Rent by Individual||50000/pm||5||–|
|194IA||Transfer of certain immovable property other then agriculture land||50,00,000||1||1|
|194J||Professional fees/ Technical Fees||30000||10||10|
Q4. What is due date for deposit of tds ?
Ans. TDS deposit due date is 7th of next month (except for the month of March where due date is 30th of April)
Q5 What is due date of Filling return. ?
TDS Last Dates of FY 2018-19 for Return Filing
|Quarter||Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July 2018|
|2nd Quarter||1st July to 30th September||31st Oct 2018|
|3rd Quarter||1st October to 31st December||31st Jan 2019|
|4th Quarter||1st January to 31st March||31st May 2019|