(i) At the time of actual payment or credit, whichever is earlier: -
Tax is to be deducted at source a the time of credit to the payee’s account or on accrual of the payment at the end of the accounting year or at the time of payment in cash or by cheque .
or draft or by any other mode, whichever is earlier, in respect of the following payments:
(a) Interest on securities
(b) Internet on tome deposits with banks
(c) Interest other than interest on securities
(d) Payment to contractors
(e) Payment to sub-contractors
(f) Insurance Commission
(g) Payments to non-resident sportsmen and sports associations
(h) Payment of commission, etc. on sale of lottery tickets
(i) Payment of commission or brokerage
(j) Payment of rent
(k) Payment of fees for professional and technical services
(l) Payment of income on units of UTI or Mutual Funds upto 31.03.2003
(m) Payment of interest or any other sum (except salary and dividends subjected to additional income -tax u/s 115-O) to a non-resident
(n) Payment of income/long-term capital gains in respect of units to an offshore fund
(o) Payment of interest/dividend/long-term capital gains
(p) Payment of income in respect of securities to a foreign institutional Investor
(ii) At the time of Actual Payment
Tax is to be deducted at source at the time of actual payment in respect of the following payments: -
(a) Salaries
(b) Dividends
(c) Winning from lotteries, crossword puzzles, card games of other games
(d) Winning from horse races
(e) Payment on account of repurchase of units by Mutual Fund or Unit Trust of India under section 80CCB
(f) Payment in respect of deposits under the National Saving Scheme
(g) Payment of compensation/consideration for compulsory acquisition of any immovable property(other than agricultural land)
Related posts:
- Penalties for Failure to Deduct and Deposit TDS
- Appeal by Person Denying Liability to Deduct Tax at Source (TDS)
- Appeal by Person Denying to Deduct Tax at Source
- Who is responsible to Deduct Tax At Source (TDS)
- How to Deduct Tax at Source (TDS) on Salary Step by Step
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{ 14 comments… read them below or add one }
Sir kindly enlighten me as to deduction of the TDS to the sub contractors. Whether the same has to be deducted at the time of recieving the Bill from the Contractor or at the time of actual payment to the sub contractors.
What would be the scenario during the year end, wherein the Bill from the sub contractor is recd during the asst year end but the actual payment would be made only on the next asst year. Ours is a Firm.
Sir,
Pls. let me know is it mandatory to deduct TDS on the company vehicle serviced at a service station?
Our company deducts TDS on the amount of the bill recd. from the service station, after deducting the TDS the payment is made.
Regards
Sir kindly enlighten me as to deduction of the TDS to the contractors/others. Whether the same has to be deducted at older rate or new rate w.e.f 01.10.2009 the time of recieving the Bill from the Contractor/others is after 01.10.2009 and work done pertains befor 01.10.2009.
Ours is a company.
hi,
i am working in MNC companey,i am gatting a salerey of 5000 and they deduct 515 rupees as TDS. i don’t no why? and i am not an on-roal employee for that companey so please tel me they doing correct or not please reply me
thanks,
sudarshan
hi sudarshan !
As for as i am concern they should not deduct TDS from your salary because your annual salary is not more than taxable limit. if you have any other income from any other sources which you have not mention here & may be mention to your employer. then it could be.
Thanks
Vinay (Accountant)
Sir kindly enlighten me as to deduction of the TDS to the sub contractors. Whether the same has to be deducted at the time of recieving the Bill from the Contractor or at the time of actual payment to the sub contractors. Ours is a company making advance for sub work to contracter.is it possible to deduct tax on final settlement?
I am working in First Advantage and earning rs. 5000/- per month but the company is deducting my 10.33% TDS. Wether TDS should get deduct on such less amount and if yes than how do we claim that amount and from where
Sir Please let me know when to deduct TDS and how to calculate it and how to make enteries of it
Please suggest.
A person is deducting tds on my commission. but not ready to give me the tds certificate. He is saying that he don’t have the account no or tin no. or something so he can’t deposit the tds.
According to him one should have atleast the turnover of Rs.40 Lacs to deposit the tds.
Please suggest what to do.
Regards,
Sunil
can tds to be deducted in the month of jan be deducted in the month of feb ???????????
Dear sir
once TDS is deducted is same amount is liable to deduct more tds when we make payment to another person
what kinds of payment i can deduct tds
WHEN TAN IS MUST. is it right after we will cross job work bill rs.5,00,000/- then we have responsible for deduct the tax.
please tell me tads due date return or tax deposit,