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Thread: TDS PROVISIONS INCLUDING SECTION 195 , Section 190 , Section 143

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    Default TDS PROVISIONS INCLUDING SECTION 195 , Section 190 , Section 143

    TDS PROVISIONS INCLUDING SECTION 195 AND DISALLOWANCE OF EXPENDITURE ON ACCOUNT OF NON COMPLIANCE OF TDS PROVISIONS.

    DEDUCTION AT SOURCE [SECTION 190]




    Although regular assessment in respect of any income is to be made in a later assessment year, but
    tax on such income is payable in the previous year itself in the following manners:


    (i) TDS / TCS: In case of certain incomes / payments, tax is deducted at source by the payer
    at the prescribed rate at the time of accrual or payment of such incomes to the payee.

    Similarly, in certain cases, tax is collected at source by the seller from buyer or a person from his licencee / lessee, etc. at the time of debiting the amount to account of the buyer / licencee / lessee or the receipt of payment whichever is earlier.

    The taxes deducted / collected in the previous year itself are known as pre-paid taxes. Such
    pre-paid taxes are deductable from the total tax due from the assessee.

    Time of deduction of TDS

    Tax is to be deducted at the time of credit of such income to the account of payee or at the time of
    payment of such income in cash or by issue of cheque or by draft or by any other mode, whichever
    is earlier, For this purpose, any sum credited to any account, whether called “suspense account” or
    by any other name, in the books of the account of the payer, is treated credited of such income to
    account of the payee.

    Time limit for deposit of TDS


    Where the deduction of tax is made by or on behalf of the Government, the amount of tax is
    required to be deposited on the same day without any production of challan form. In any other
    case, tax is to deposited as follows:

    If the amount is credited on the last day of the accounting year – Tax should be deposited within
    two months from the end of the month in which credit is made.


    In any other case – within one week from the last day of the month in which deduction is made.

    Time limit for issue of certificate

    The certificate shall be issued within a period of one month from the date of credit or payment of
    such income. If, however, amount is credited on the last day of the accounting year, then certificate
    in Form No. 16A may be given within a week after the expiry of 2 months from the end of month in
    which such income is so credited, If the payee has requested for a consolidated certificate, such
    certificate can be issued within 30 days from the end of the financial year.

    Statement

    In Form no. 27Q within 14 days from the end of the quarter. Where the income is credited by a
    person to the account of the payee as on the date up to which the accounts of such person are
    made, statement shall be sent within 14 days after the expiry of two months from the month in
    which income is so credited.


    Annual Statement

    In Form No. 26AS to be prepared and delivered by the Director General of Income Tax (Systems) or a
    person authorized by him from the end of the financial year beginning on or after 1-4-2008 to the
    deductee by 31st July.





    Source - NIRC - ICAI
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