TDS TCS For AY 2018-19 (FY 2017-18)

Points to be considered:

1. Surcharge & Education Cess will not be considered for the purpose of TDS except in case of TDS on salary payment.

2. Higher rate of TDS for not furnishing correct PAN @ 20%.

3. Higher rate of TCS for not furnishing correct PAN @5% or twice of applicable rate whichever is higher.

4. Form 15G/ 15H received for non deduction of TDS (including Nil return): Now needs to report online on quaterly basis

5. Quaterly Statement of TDS: 31st July, 31st Oct, 31st Jan, 31st May

6. Deposition of TDS / TCS:

• TDS: March month: 30th April

• Other Month 7th of next month

• TCS: 7th of next month

7. Issue of TDS / TCS certificate: Within 15 Days from the due date of filing of quarterly TDS return Salary certificate in Form-16 upto 15th June of succeeding financial.

8. Fees of Rs. 200/- per day for late filing of TDS and TCS Return.

9. Fail to file TDS return within one year of due date or furnishing incorrect information penalty Rs.10,000/-.

10. Online generation of TDS certificate is mandatory in case of every person whose accounts are required to be audited u/s 44AB.

11. Declaration needs to be obtained while purchasing a software, from the transferor that TDS has been made u/s 194J or u/s 195 on payment for any previous transfer of such software from a resident or non-resident along with PAN, otherwise TDS u/s 194J is  required to be deducted.

12. While fling quarterly TDS return, information in respect of cases where no TDS is deducted due to obtaining self declaration or no deduction/ lower deduction certificate u/s 197 received from Income tax department is to be mandatory filed in TDS  return.