Answer Posted / pardeep kaushik
Provisions Relating to TDS for Financial Year 2008-09
(A.Y. 2009-10)
S.No. Nature of Payment Section When to Deduct
Rate of TDS When to Deposit T.D.S.
T.D.S. Individual Company
T.D.S. Return
1 Salary 192 Monthly salary income At
prevailing - 1 week from the end Form No.24 Q
if exceeding taxable limit
I.T. Rates of the month in which
Quaterly
deduction
was made.
2 Interest 194-A If exceeds Rs.5000/-
10.30% 20.60% -do- Form No. 26 Q
Quaterly
3 Payment to 194-C If exceeds Rs.20000/-
Contractors Including a) Contractors
2.06% 2.06% -do- Form No. 26 Q
transporters b) Sub-Contractors
1.03% 1.03% Quaterly
4 Rent 194-I If exceeds Rs.120000/- 15.45%
20.60% -do- Form No. 26 Q
per annum.
Quaterly
Rent of Plant & Machinery
or Equipment 194-I w.e.f 1.6.2007 10.30%
10.30% -do-
5 Professional Charges 194-J If exceeds
Rs.20000/- 10.30% 10.30% -do- Form No. 26 Q
w.e.f 1.6.2007
Quaterly
6 Commission or 194-H If exceeds Rs.2500/-
10.30% 10.30% -do- Form No. 26 Q
Brokerage w.e.f 1.6.2007
Quaterly
Provisions Relating to TCS
1. Scrap 206-C 1.03% 1.03% -do-
Form No. 27 EQ
Quaterly
Surcharge
Note : 1. If the income/payment of the individual exceeds
Rs. 10 Lacs or income/payment of Firm/ company
exceeds Rs. 1.00 Crore,Surcharge @ 10% is to be
added while deducting TDS.
Dividend Tax
2. Dividend Tax is payable within 7 day of
declaration of divdend by distribtuing co. @16.995% on
dividend declared on
or after 1st April 2007
3. If TDS has been deducted on the basis of
amount credited at the end of the year I.e. 31st March,
then the last date for
deposit of TDS is 31st May.
4. 'TDS number should be applied in Form No. 49-B
within 30 days from the date of 1st deduction of TDS.
5. Quaterly TDS Return is to be filed for all
deductions made in one Quarter on or before 15th of
following
month from the end of Quarter. However, for
the last Qtr., the due date is 15th June.
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Q.No.1) I paid Salary to our staff after deduction TDS. what is the journal entry pass at that time of payment of salary only, and then at the time of payment of tds. and the last date for payment of TDS Q.No.2) Suppose I paid Salary In advance due to that officer is take business tour at the end of the month in after deducting TDS. Now What is the journal entry Salary Advance & Payment of TDS. and when i will pay TDS for This Situation. Kindly Help me
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