Home

Income Tax

Download

Thursday, 2 April 2020

TDS Rate F.Y. 2020-21 & A.Y. 2021-22

TDS is nothing but a Tax Deducted at Source, while its mandatory by Government with such a threshold limit as & when applicable as mention below in the TDS chart. Deductor is require to deduct TDS in prescribed manner as mention within due date, said amount should be deposited to central government, if Deductor is failed to do in given time than deductor is liable to pay interest with late fee if such TDS return is not filed within due date as mention below. In this Budget A.Y. 2021-2022 government has change or amend  the rate in some section & also insert some section under which to Deduct the TDS. 

Due Date of TDS Deduction & Paid to Central Government:-
7th of the following month (for e.g. Apr month TDS should be deduct & paid on or before 7th of may)

Interest:-
Interest is charged in a Two way, Firstly when Deductor is nor deduct the TDS & remitted to Government than interest is levy at 1% per month till date of such payment. If (Secondly) Deductor deduct the TDS but not remitted to Government than Interest is levy at 1.5% per month till date of such payment.   

Due Date of TDS Submission:-
Qtr
Period
Due Date of Filing
Q-1
Apr-Jun
31st July
Q-2
Jul-Sep
31st October
Q-3
Oct-Dec
31st  January
Q-4
Jan-Mar
31st May




Note:-
TDS Deducted u/s 194IA, Trnasction during moth of March, Due Date of TDS Deposited on or before 30th April.

Late Fee:-
If TDS return not submitted within given above date than Rs. 200 per day late fees will be levy till date of TDS Submission but subject to Maximum TDS amount. For e.g. TDS amount for Q-1 is Rs 7000 same has been deducted & deposited to government but TDS is not submitted till 30th July & later TDS submitted on 10th September than total Late Fee will be Rs 8200/- but late fee not exceed to maximum of TDS amount i.e., Rs 7000/- in this case. So, late fees will be Rs 7000 if return filed on 10th September)

Slab Rate for Salary Person:- 
Income
Old Slab Rate
New Slab Rate
Rs 0-2,50,000
Nil
Nil
Rs 2,50,001-5,00,000
5%
5%
Rs 5,00,001-7,50,000
20%
10%
Rs 7,50,001-10,00,000
20%
15%
Rs 10,00,001-12,50,000
30%
20%
Rs 12,50,001-15,00,000
30%
25%
Rs 15,00,001 & above
30%
30%
Note:-
Rebate u/s 87A of Rs 12500 available if Total Taxable Income is less than Rs 5Lac, if Taxable Income more than Rs 5Lac in this condition rebate will be revoke & no benefit will allow. (Rebate available under Old Slab as well as in New Slab rate)

If you select New Slab rate please mind it NO DEDCUTION will available, like Interest on Home Loan, Chapter VI A Deduction. NO benefit will allow.

Click here to Download TDS Chart A.Y. 2021-22








0 comments:

Post a comment