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Amending provisions relating "Tax Deduction at Source" (TDS) and "Tax Collection at Source" (TCS)
Income-tax (Eighth Amendment) Rules, 2009 - Notification No. 31/2009 dated 25-3-2009 - Time and mode of payment of tax deducted at source or tax paid (TDS) and tax collected at source (TCS) and issue of Certificate of tax deducted at source or tax paid (TDS) and TCS
Due dated for deposit of TDS / TCS
| TDS | TCS |
When amount is credited on the last day of accounting year in the account of the payee | Within two months from the end of the month in which amount is credited to the account of the payee |
|
In any other case | Within one week from the end of the month in which tax is deducted | Within one week from the end of the month in which tax is collected |
When the Assessing Officer permits, in special cases, quarterly payment of TDS after taking prior approval of the Joint Commissioner | In case of salary June 15, September 15, December 15 and March 15 |
|
In the case of tax deduction under section 194A, 194D or 194H July 15, October 15, January 15 and April 15 |
|
Manner of payment of TDS/TCS
TDS and TCS shall be deposited electronically through internet banking facility or credit card or debit card by every deductor or collector with effect from April 1, 2009.
Form to be used to Deposit TDS / TCS
Challan Form 17 for payment of TDS and TCS - Word Format
Challan Form 17 for payment of TDS and TCS - Excel Format
How to Fill the Challan and Upload the Challan
A challan in Form No. 17 is required to be submitted on or before the due date of making deposit of TDS/TCS.
The major difference between the old challan form ITNS -281 and new form 17 is that now deductor will submit break-up of TDS / TCS for each deductee / collectee. In the challan form the PAN and Name of the deductee / collectee is required to be filled.
Now, the system would verify the PAN number and name of the deductee with the records in the system. If the particulars provided in Challan 17 of the deductee (PAN and Name) differs from the particulars available in the departmental records (system), the same would be rejected. In that case, challan would be uploaded after making correction in the particulars as per Income Tax Records after getting confirmation from the deductee / collectee.
"Unique Transaction Number" (UTN) is not required to be filled. UTN will be generated by the system after successful loading of challan form 17. System would generate unique UTN for each deductee / collectee.
It is suggested that every person should prepare the details in excel sheet and incorporate the unique transaction number (UTN) alongwith other details. These details are required to be filling in the TDS / TCS certificates.
It is expected that the CBDT will issue clarification / circular addressing various provisions soon to remove the difficulties and confusions in the filed. Till then good luck!
Also see:
Income-tax (Sixth Amendment) Rules, 2009 - Income Tax - 28/2009 dated - 16-03-2009 - Insertion of rule 37 BA and 37-I - Credit for tax deducted at source for the purposes of section 199 and Credit for tax collected at source for the purposes of sub-section (4) of section
Income-tax (Seventh Amendment) Rules, 2009 - Income Tax - 30/2009 dated - 25-03-2009 - Insertion of rule 37 BB - And prescribing forms 15CA and 15CB "Furnishing of information under sub-section (6) of section 195
TDS/TCS payments require electronic deposit using Challan Form 17 with PAN verification and UTN generation. Amendments effective 1 April 2009 require electronic deposit of TDS/TCS using Challan Form No. 17, with deposits due on specified monthly or quarterly dates; Form 17 must provide a deductee/collectee break-up including PAN and name which the system will verify and reject if mismatched, and the system will generate a Unique Transaction Number (UTN) upon successful upload.
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