B. Time limit for depositing TCS
Particulars |
Old Provision |
Amended Provision |
|
- Within one week from the end of
month of tax collection at source
|
- Within one week from the end of
month of tax collection at source
- With challan‐Within 7 days from
the end of month of tax collection
|
|
|
- Within one week from the end of
month of tax collection
|
C. Mode of Payment of TDS/TCS and prescribed challan:
Particulars |
Old Provision |
Amended Provision |
|
|
|
- Mode of Payment of TDS/TCS
|
- Government Deductors‐ to be paid
without challan by internal transfer.
- Mandatorily by electronic mode as
per Rule 125 for
a) Companies
b) Others who are liable to tax audit.
|
- Form 24G within 10 days from the
end of the month of tax
deduction/
collection by
government deductors
paying
without challan.
- Mandatorily by electronic mode as
per Rule 125 for
a) Companies
b) Others who are liable to tax
audit.
|
D. Form for issue of TDS/TCS certificate:
Particulars |
Old Provision |
Amended Provision |
|
- TDS on Salary‐ Form 16
- TDS on Salary where Salary income is
less than Rs.1.5 lacs‐Form 16AA
- TDS on others‐ Form 16A
|
- TDS on Salary‐ Form 16*
- TDS on others‐ Form 16A*
|
|
|
|
* New Form 16 and Form 16A have been notified. Form 16AA stands withdrawn and hence Form 16 needs to be
issued even in cases where income is less than basic exemption limit.
E. Time limit for issue of TDS/TCS certificate:
Particulars |
Old Provision |
Amended Provision |
- TDS‐Salary and insurance
commission
|
- Within one month from the end of
the
FY(Financial Year).
|
- By 31st of May of FY immediately
following
the FY in which the
income
was paid and tax deducted.
|
|
- Where credit is made on date
upto
which accounts are made‐
Within one
week from expiry of
two months from
date of credit.
- Others‐ Within one week from the
end of the month of
credit/payment.
- Where more than one certificate
is
required to be issued during a
FY, one
consolidated certificate for
the whole
year on the request of
payee may be
issued within one
month from the end
of such FY.
- Where quarterly deposit of TDS is
allowed with approval from tax
authorities‐ Within 14 days of
payment
of TDS.
|
- On Quarterly basis within 15 days
from the due date of furnishing TDS
quarterly statement .i.e.
- Qtr1 ‐ 30th July
- Qtr2 – 30th October
- Qtr3 – 30th Jan
- Qtr4 – 30th May of the immediately
following FY
|
|
- Within one month from the end of
month of debit/receipt.
- Where more than one certificate
is required to be issued during a
FY, one consolidated certificate for
the whole year on the request of
payee may be issued within one
month from the end of such FY.
|
- On Quarterly basis within 15 days
from the due date of furnishing TCS
quarterly statement .i.e. as above
|
It is to be noted that the option of consolidated TDS certificate for multiple TDS payments at the request of deductee
stands withdrawn.
F. Form and time limit for filing quarterly TDS/TCS statents:
Forms for filing TDS/ TCS statements remain same as before amendment.
Particulars |
Old Provision |
Amended Provision |
Quarter I |
15th July |
Same as before |
Quarter II
|
15th October |
Same as before |
Quarter III |
15th January |
Same as before |
Quarter IV |
30th April for TCS and 15th June for TDS of
the FY immediately following the FY in
which deduction is made. |
15th May of the FY immediately
following the FY in
which deduction is made. |
The procedural compliance for tax
deducted/collected up to 31 March 2010
shall be governed by the earlier Rules.
The notable features of the amended Rules
are:
- Time limit for deposit of TDS for
the entire month of March will be
30th April instead of two separate
time limits viz. 7 April for TDS up to
30th March and 31st May for TDS as
- Non‐salary TDS certificates will
have to be issued on quarterly
basis (instead of monthly or annual
basis). i.e. by 30th July for Qtr 1,
30th October for 2nd, 30th January
for 3rd, and 30th May for Qtr 4.
- Time limit for filing quarterly TDS
statement for last quarter of FY has
been advanced from June 15 to
May 15.
|