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The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of 'statement of TDS' (TDS return) vide Notification No.41/2010; SO No.1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.
Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.
Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).
Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are
Sl. No. | Date of ending of the quarter of the financial year | Due date |
1. | 30th June | 15th July of the financial year |
2. | 30th September | 15th October of the financial year |
3. | 31th December | 15th January of the financial year |
4. | 31th March | 15th May of the financial year immediately following the financial year in which deduction is made |
Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under
Sl. No. | Category | Periodicity of furnishing TDS certificate | Due date
|
1. | Salary (Form No.16) | Annual | By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted |
2. | Non-Salary (Form No.16A) | Quarterly | Within fifteen days from the due date for furnishing the 'statement of TDS' |
TDS compliance: revised identification and reporting require TAN PAN return receipt linkage and mandatory electronic filing of statements. Forms for TDS certificates now record the deductor's return receipt number so that TAN, PAN and the TDS return receipt number together constitute the unique identification for allowing tax credit; Government pay and accounts authorities crediting TDS by book-entry must electronically file a monthly statement in Form No. 24G with the designated systems agency, and due dates for TDS returns and certificate issuance have been advanced and clarified.
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