How to make payment of Bank TDS?
Make a payment of Bank TDS through
|Nature of Payment|
|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?
|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.