TDS Rate Chart For Financial Year 2022‐23 Assessment Year 2023‐24

What is TDS?

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments.

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payments.

What is the due date for depositing the TDS to the government?

The Tax Deducted at Source must be deposited to the government by 7th of the subsequent month. For instance, TDS deducted in the month of June must be paid to the government by 7th July.

However, the TDS deducted in the month of March can be deposited till 30th April.

What is the due date of filing TDS returns?

Filing TDS returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly. Different forms are prescribed for filing returns depending upon the purpose of the deduction of TDS. To Download click here.

e-Payment of Customs Duty Made Mandatory wef 17.09.2012 bill

In order to further reduce transaction cost of the importers and as a trade facilitation measure, it has been decided to make e-payment mandatory for

1. Importers registered under Accredited Clients Programme and

2. Importers paying customs duty of one lakh rupees or more per Bill of Entry

with effect from 17.09.2012.

Central Board of Excise & Customs (CBEC) has issued instructions advising all the Chief Commissioners of Customs to give wide publicity to enable trade to be ready in case any change in their software or any internal procedure for effecting e-payment is required. As a large number of taxpayers would be required to pay the taxes electronically, it is requested that importers, trade and industry may be provided all assistance so as to help them in adopting the new procedure.

E payment of Custom mandatory wef 17.09.2012

E-payment is advantageous to tax payers as well as the Government. To the taxpayers, it affords the facility of making payments from their own offices on a 24X7 basis. It also facilitates quicker release of cargo. To the Government, it ensures immediate collection of taxes and error free data relating to tax payments.

E-payment facility at Customs locations was introduced in 2007 and is available through more than one authorized bank at all major Customs locations having ICES facility. Though voluntary, the facility has been used by numerous importers. Besides expediting the process of payment of Customs duty and clearance of imported goods, the facility of e-payment has resulted in reduction of transaction cost.

Download Circular No.24/2012-Customs

How To Recover TAN Registration Number (TRN) if Forgotten or lost?

“Reproduced with permission from Blog – Fast Fact Bulletin from Fast Facts Computer Systems Ltd ,Mumbai” What is a TAN Registration Number( TRN) • TIN web site provides for registration of TAN by deductor , which is necessary , among other things, for downloading consolidated fvu file, Form 16A text file. • When a deductor applies for TAN Registration online , a confirmatory email is sent giving 12 digit TAN Registration Number. Example : “The TAN has been successfully registered on 31th October, 2009. Your registration number is T20098776DAC” Where is TAN Registration Number needed 1. TRN is required to be quoted in all correspondence with NSDL 2. The following files are emailed by NSDL / available for download are password protected and the password is TRN 1. Reset password 2. Form 16A Hence if TRN is lost, it is not possible to access downloaded Form 16A files What is the procedure to retrieve TRN 1. A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN 2. The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation and should be preferably digitally signed 3. If the letter is not digitally signed then one the following support documents will have to be provided 1. Board resolution certifying the authorized person list, which includes the name of the authorized person. 2. If name of the person is not present in the board resolution then supporting documents from ROC website mentioning name of the authorized person, Power of attorney or any other legal document authorizing the person to sign documents on behalf of the entity • An undertaking on the letter head owning responsibility in case of misuse of login. Format of the undertaking is given at the end of this post • Latest copy of Provisional Receipt Number After receipt of above documents, the TRN will be emailed to the deductor. Click here do download Format of Undertaking Letter

New procedure for activation of TAN account

Steps for registration of TAN online and activation of TAN account
Steps to Register TAN

1.Register your TAN online at TIN website. For registration of TAN, click here

2.Submit the application online.

3.On successful registration of TAN, a 12 digit alpha numeric registration number will be generated.

4.Print the acknowledgement and preserve the same for future reference.

5.On successful registration, user will be required to verify the e-mail ID (s) quoted on re-re-registration of TAN for activating the TAN account.

6.For verifying the e-mail ID(s), an e-mail containing the link will be sent to the registered e-mail ID (s).

7.For verification of mobile no. (if provided on registration), an SMS containing six character verification code is sent.
Steps to Activate the TAN account

1.Click on the link received by e-mail, and provide:

oTAN

oTAN registration no. (12 digit alphanumeric no.)

oVerification code (Six character received by SMS)

2.On successful validation of TAN, TAN registration and verification code, TAN account will be activated within 24 hours.

3.On activation of TAN account, an e-mail containing user ID (created on registration of TAN account) will be sent at the registered e-mail ID (s).

Detailed guidelines for Registration of TAN online
a. Details of Deductor/Collector

1.Mention details of deductor/collector i.e. TAN & TAN Name.

2.Select appropriate deductor/collector category from the dropdown.

3.Mention PAN of the deductor/collector. Mention “PANNOTREQD”, in case PAN is not available i.e. deductor is not required to have PAN as per the statute.

4.The fields PAO Code and DDO Code are mandatorily required to be filled for deductor category “Central Government”.

5.If PAO Code is not available, then mention value “PAOCDNOTAVBL”.

6.If DDO Code is not available, then mention value “DDOCDNOTAVBL”.

7.For PAO Registration number, mention registration number allotted, if any, by Central Record Keeping Agency (CRA) under New Pension System (NPS).

8.For DDO Registration number, mention registration number allotted, if any, by Central Record Keeping Agency (CRA) under New Pension System (NPS).
b.Contact Details of Deductor/Collector

1.Mention demographic details of deductor (TAN) i.e. complete address and contact details.

2.Provide valid email id and telephone no. / mobile no., as the same will be used for subsequent communication.

3.It is mandatory to provide one e-mail ID.

4.Provide mobile no. for deductor other than Central govt. and State govt.

5.Provide details of responsible person and designation.
c.Statement Details

1.Mention details of any regular e-TDS / TCS quarterly statement accepted in TIN on or after April 01, 2008.

2.Before providing statement details, check status of statement at the Quarterly Statement Status available at TIN website by entering the TAN and Token Number (earlier known as Provisional Receipt Number).

3.Enter details of only electronic regular statement accepted at TIN central system.

4.For entering statement details, you may refer the Provisional Receipt issued at the time of acceptance of the e-TDS / TCS statement or FVU statement statistic report generated by FVU (File Validation Utility) on successful validation of TDS/TCS statement.

d. TAN account details

1.Select the user ID and password for operating TAN account.

2.Password entered is case sensitive.

3.Preserve the user ID and password provided.

4.Select security question and corresponding answer.

5.Preserve the security question and corresponding answer.

e.Generation of Acknowledgement/ TAN registration number

1.Provide the details in the fields marked with asterisk (*).

2.After filling up the information, click “submit”. On submission of details, if any errors are provided, rectify and re-submit the form.

3.A confirmation screen with all the data filled by the user is displayed. The same can be either confirmed or edited by selecting the respective option provided at the end of the screen.

4.On selecting the option ‘edit’, user is taken to the page of registration for editing the details.

5.On selecting the option ‘confirm’, 12 digit acknowledgement number will be displayed.

6.Print the acknowledgment and preserve the same for future use.

7.For future correspondence, mention the TAN registration number provided by TIN along with the TAN.

New Procedure for Correction in Challans (TDS / I-T) at Banks

Under OLTAS (On Line Tax Accounting System), the physical challans of all Direct Tax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (Tax Information Network) through link cell. At present, the banks are permitted to correct data relating to three fields only i.e. amount, major head code and name. The other errors can be corrected only by the assessing officers.

New Procedure of challan correction by banks (for physical challans):
To remedy this situation, a new Challan Correction Mechanism for physical challans has been put in place. Under this mechanism, for income tax payments made on or after 01-09-2011, the following fields can be got corrected through the concerned bank branch:
1. Assessment Year
2. Major Head Code
3. Minor Head Code
4. TAN/PAN
5. Total Amount
6. Nature of payment (TDS Codes)

The time window for the correction request by tax payer is as follows:

1. TAN/PAN => 7 days
2. Assessment Year => 7 days
3. Amount => 7 days
4. Other fields (Major head, Minor head, Nature of payment) => Within 3 months

The limit specified above is from the Challan deposited date. The time window for correction by the bank is 7 days from the date of receipt of correction request from the tax-payer.


Conditions:

The changes can be made by the banks, subject to following conditions:

1. Correction in Name is not permitted.
2. Any combination of correction of Minor Head and Assessment Year together is not allowed.
3. PAN/TAN correction will be allowed only when the name in the Challan matches with the name as per the new PAN/TAN.
4. The change of amount will be permitted only on the condition that the amount so corrected is not different from the amount actually received by the bank and credited to Govt. Account.
5. For a single challan, correction is allowed only once. However, where 1st correction request is made only for amount, a 2nd correction request will be allowed for correction in other fields.
6. There will be no partial acceptance of change correction request, i.e. either all the requested changes will be allowed, if they pass the validation, or no change will be allowed, if any one of the requested changes fails the validation test.

Procedure:

The tax-payer has to submit the request form for correction (in duplicate) to the concerned bank branch.
The tax-payer has to attach copy of original challan counterfoil.
In case of correction desired for challans in Form 280, 282, 283, the copy of PAN card is required to be attached.
In case of correction desired for payments made by a tax-payer (other than an individual), the original authorization with seal of the non-individual taxpayer is required to be attached with the request form.
A separate request form is to be submitted for each challan.



Procedure of challan correction by Assessing Officers (both physical and e-payment challans)

After the window period available to banks for challan correction, the assessee can make a request for correction to his or her assessing officer, who is authorized under the departmental OLTAS application to make such correction in challan data in bonafide cases, to enable credit of the taxes paid, to the concerned assessee.

Download Complete TDS Challan Correction Mechanism

TAN Registration Number – What to do if it is forgotten or lost

Click Here to Download comment TAN Registration Number – What to do if it is forgotten or lost

TDS NOT MATCHED IN 26AS SHOULD DEDUCTEE BE PENALISED

Click here to download TDS NOT MATCHED IN 26AS SHOULD DEDUCTEE BE PENALISED