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How to make payment of Bank TDS?

Make a payment of Bank TDS through

Nature of Payment
Salary
Accumulated Balance of Provident Fund
TDS on Interest on securities
TDS on Deemed Dividend
TDS on Interest other than Securities
Winning from Lotteries, Crossword, Puzzle or Card Games Etc
Winning from Race Horses
TDS on Contract
TDS on Insurance Commission
TDS on maturity proceeds of life policy
TDS on Payment to Non Resident Sportsmen/ Association/ Entertainer
TDS on commission on the sale of lottery ticket
TDs on Commission & Brokerage
TDS on Rent
TDS on transfer of immovable property ( other than agricultural land )
TDS on Professional Service Fees
TDS on compensation for compulsory acquisition of Immovable Property
Payment of rent by certain Individual or HUF
Payment under specified contract u/s 45(5A)
TDS on Cash Withdrawals
TDS on Payments to contractors or professionals
Due Date for a payment Amount of Tax to be paid
On or before 15th June At least 15% of tax liability
On or before 15th September At least 45% of tax liability less previous Installment
On or before 15th December At least 75% of tax liability less previous Installment
On or before 15th March 100% of tax liability less previous Installment

For details call @ +971-545867772/ +91-8682804944 / Enquire Now

Another related Bank TDS questions and answers

What is the Due Date for furnishing returns?

Quarter Due Date
April – June 15th July
July – September 15th October
October –  December 15th January
January – March 15th May of succeeding FY

What is Bank TDS Rates?

Nature of Payment Section Payer Payee Rate Additional Note
Salary 192 Any Person Employee Normal Slab Rate 1. Employee shall consider the details of other income & deduction of employees if furnished by the employee.
2. The employer shall not consider any loss except loss under head Income from House property
Accumulated Balance of Provident Fund 192 A Any Person Employee 10% 1. TDS is applicable only if it is taxable in the hands of the employee.
2. No TDS up to 50,000 /-
TDS on Interest on securities 193 Any Person Any Resident Person 10% No TDS is paid if paid to LIC, GIC, other Insure, Payable on Govt. Securities, DMAT Securities.
TDS on Deemed Dividend 194 Domestic Company Resident 10% 1. No TDS if the company paid DDT u/s 115-O. This Section is applicable only in the case of deemed dividend u/s 2(22)(e).
2. If Dividend is Taxable u/s  115 BBDA then Company required to deduct TDS
TDS on Interest other than Securities 194 A Any person other than Individual/ HUF not liable to TAX Audit in Last PY Resident 10% 1. No TDS if
a. Interest paid by Banks/ Co-op Bank/ Post Office up to Rs.
b. In other cases is up to
c. Interest paid by the firm to Partners.
d. Interest on Income Tax.
e. Interest on Savings Bank Account.
f. Interest paid to any Bank/ LIC/ UTI/ Any Insurer.
Winning from Lotteries, Crossword, Puzzle or Card Games Etc 194 B Any Person Any Person 30% No TDS if winning is up to Rs. 10,000 per winning.
Winning from Race Horses 194 BB Any Person Any Person 30% No TDS of winning is up to Rs. 10,000 per winning.
TDS on Contract 194 C Any person other than Individual/ HUF not liable to Tax Audit in Last PY Any Resident Person If Contractor Individual/ HUF – 1%
Others – 2%
1. No TDS if
a. Single Payment up to Rs.
b. The aggregate of payment in PY  up to Rs.
2. No TDS if the contract is for the personal purposes of Individual/HUF.
3. No TDS if payment made to transporter  & not such transporter does not own more than 10 Vehicles at any time during the PY
4. In the case of Job, work TDS will be deducted on invoice value.
TDS on Insurance Commission 194 D Insurance Company resident agent 5% No TDS if the commission is up to Rs. 15,000 p.a
TDS on maturity proceeds of life policy 194 DA Any person Any Resident Person 1% No, if TDS if exempted u/s 10(10D) or amount up to Rs. 1,00,000.
TDS on Payment to Non Resident Sportsmen/ Association/ Entertainer 194 E Any Person Any Non Resident person 20% + Cess Payment for participation in any game, advertisement, Contribution of any article or performance in India.
TDS on commission on the sale of lottery ticket 194 G Any Person Any Person 5% No TDS if the commission is up to Rs. 15,000 p.a
TDs on Commission & Brokerage 194 H Any person other than Individual/ HUF not liable to TAX Audit in Last PY Any Resident Person 5% 1. No TDS if the commission is up to Rs. 15,000 p.a.
2. No TDS if commission/ Brokerage is relating to securities like the commission to underwriters, Brokerage on a public issue, Brokerage on Stock Exchange Transaction.
TDS on Rent 194 I Any person other than Individual/ HUF not liable to Tax Audit in Last PY Any Resident Person Plant & Machinery – 2%
Land & Building – 10%
1. No TDS if rent is up to Rs. 2,40,000 p.a.
2. Non Refundable deposit, advance rent also eligible for TDS.
3. No TDS on municipal taxes.
TDS on transfer of immovable property ( other than agricultural land ) 194 IA Any person Any Resident Person 1% No TDS if consideration is less than Rs. 50 Lakhs [ Actual consideration & not the SDV ].
TDS on Professional Service Fees 194 J Any person other than Individual/ HUF not liable to Tax Audit in Last PY Any Resident Person 10%
However, in the case of payee engaged in call center business then @ 2 %
No TDS if
1. Fees for Professional or Technical services up to Rs. 30,000
2. Royalty is up to Rs. 30,000.
3. Non Complete fees are up to Rs. 30,000.
TDS on compensation for compulsory acquisition of Immovable Property 194 LA Any Person Any Person 10% No TDS if consideration is up to Rs. 25 Lakhs p.a.
Payment of rent by certain Individual or HUF 194 IB Individual or HUF ( Whose turnover does not exceed threshold limit u/s 44AB in preceding financial year ) Any Resident Person 5% 1. Threshold Limit is Rs. 50,000  for a month or part of a month.
2. At the time of credit of rent for last month of PY or last month of the tenancy if property vacated during the year as the case may be to the account of the payee or at the time of payment whichever is earlier.
Payment under specified contract u/s 45(5A) 194 IC Any Person Any Resident Person 10% At the time of credit of such income to the account of the payee or at the time of payment whichever is earlier.
TDS on Cash Withdrawals 194 N Any Bank Any Person 2% If cash withdrawals Rs. 1 Crore or more per annum
TDS on Payments to contractors or professionals 194 M Individual or HUF ( Whose turnover does not exceed threshold limit u/s 44AB in preceding financial year ) Any Resident Person 5% No TDS if,
a. The aggregate of such sums, credited or paid to a resident during a financial year does not exceed Rs. 50 Lakhs.

 

What are the Bank TDS interest is deducted or not deducted?

Interest is charged if TDS is not deducted or deducted but not paid to the government.
Late Deduction / Late Payment of TDS – Section 201 (IA)
a. Late Deduction – Interest @1% per month or part of a month on the amount of TDS from Date of Tax was Deductible till the Date of Actually Deducted.
b. Late Payment – Interest @ 1.5% per month or part of a month on the amount of TDS from Date of Actually Deducted till the Date on which it was Actually Deposited.
A late fee will be charged if TDS returns filed lately.

For details call @ +971-545867772/ +91-8682804944 / Enquire Now