Rates of TDSTDS is deducted by deductor/employer under following section:

Section 192- Payment of Salary

Section 193- Interest on securities to a resident @ 10 %

Section 194- Dividend to a resident @ 10%

Section 194A- Interest other than interest on securities to a resident @ 10%.

Section 194B- Winning form lottery and crossword puzzle @ 30%

Section 194BB- Winning from horse races to a resident/non-resident @ 30%

Section 194C- Payment to resident contractor @ 1% if payment made to individual/HUF and @ 2% if payment made to any other person.

Section 194D- Insurance commission paid to a resident @ 10%

Section 194E- Payment to non resident sportsman:

- If payment made up to 30th June, 2012 @ 10%

- If payment made after 30th June, 2012 @ 20%

Section 194EE – Payment in respect of deposits under National Saving Scheme, 1987 to a resident/ non-resident @ 20%

Section 194F – Payment on account of repurchase of units of MF or UTI to a resident/non-resident @ 20%

Section 194G – Commission on sale of lottery tickets to a resident/non-resident @ 10%

Section 194H – commission or brokerage to a resident @ 10%

Section 194I – Rent to a resident

- Rent of plant and machinery @ 2%

- Rent of land or building or furniture or fitting @ 10%

Section 194J- Professional fees, technical fees, royalty (or remuneration to a director) paid to resident @ 10%

Section 194LA- Payment of compensation to a resident on acquisition of certain immovable property @ 10%

Section 194IA- Payment on transfer of immovable property exceeding Rs. 50 Lacs @ 1% (WEF- 01.06.2013)

Section 194LB- Interest payment by infrastructure debt fund @ 5%

Section 194LC- Payment of interest by Indian specified co to non-resident on foreign currency approved loan/long term infra bonds from outside india @ 5%

Section 195- payment of other sum like royalty, fees for technical services etc to non-resident

Section 196B- Income from units to an offshore fund @ 10%

Section 196C- Income from foreign currency bonds or GDR @ 10%

Section 196D- Income of foreign institutional investors from securities @ 20%

Important dates for filing of TDS Returns

Quarter Period Last date for filing time-limit for issue of certificate

I April to June 15th July 30th July

II July to September 15th October 30th October

III October to December 15th January 30th January

iv January to March 15th May of next FY 30th May

Taxmann’s TDS Software

First select organization under Payer

Fill relevant details under different field. Some fields like organization type, state etc have drop down option, you can select from list. Fields marked with red star are mandatory to fill.

You can select heads from the given list which are relevant for the organization.

User can Edit or delete existing organization

Select one option from payee, either employee or others and create deductee record.

Fill required information and save. You can check errors from Validate button.

Employee Creation

In case of other party, user have to fill above form.

Other Recipient

You can edit or delete existing employee from above button.

After creating organization and party master, you should make tax deduction entries. For making entries under section 192, select section 192. Then select particular employee.

SECTION 192

After employee selection, fill income details of employee under various heads of income. Fields marked with arrow marks are calculated fields.

Salary head is further divided into sub heads.

You can add any other part of salary income also.

Allowances

You can mention different allowances here.

Perks

Tax deposit

After making deduction entries, one should deposit tax. Tax can be deposited for more than one employee also.

If you want to make entries under “Other than salary”, select above option.

Other than salary

Choose section from drop down list and enter amount of payment made.

In special cases like lower deduction, no deduction, transporter case etc. select remark A,B,C,S,T, and Y.

Deposit of Tax

After making tax deduction entries, you should make tax deposit entries.

Fill challan details against respective tax deduction entries.

Its time to generate return. Select Quarterly returns on computer media for generating return.

Generation of Return

REPORTS

User can take printout of various reports through this option.

You can view worksheet of selected employee through this option.

Worksheet

Revised return

For making revised return, select revised return and import .tds file of that quarter.

If you want to make any correction in deductor, select C1. On left side you can see details as submitted in your last return, make correction on right side and save.

For correction of PAN i.e. C5, you have to click on modify and then enter correct PAN. You can correct either single or multiple PAN.

Select any challan and click on modify to make challan correction and save

You can add new deductee/challan through C9 and can also make correction in existing deductee through C3

After making corrections you can proceed with generation of correction statement.

Backup/Restore of data & live

update

You can take backup from last year Taxmann’s software through this option. You can also restore current year data. Live update button can be used to update changes in the software.

Useful help links

These links are given for help of users. You can use them during filing of your return for the sake of miscellaneous information.

END OF SLIDES

THANKS…..