Thursday, January 17, 2013

Tax Deducted at Source


Non-Government Tax Deductors 

Make sure you comply with these

5 steps

Step 1: DEDUCT: Deduct the TDS while making payment as required by law.

Step 2: DEPOSIT: Deposit the TDS deducted every month by 7th of next month.

Step 3: FILE : Last date to file your TDS statement for the quarter ended 31st December, 2012 was 15th January, 2012. Last date for filing return is 15th day following the end of the quarter and another return is to be filed when the year closes.

STEP 4:  DOWNLOAD: It is mandatory to download the TDS certificate in Form 16A containing six character TDS certificate number from .

STEP 5: ISSUE : Issue the TDS certificate in Form 16A on income other than salary for quarter ended 31st December, 2012 by 30th January, 2013 (30th April, 30th July, 30th Oct as the case may be.)

ALERT 1: QUOTE correct PAN of the deductees in your TDS statement so that the deductees may get their due tax credit.

ALERT 2: From 01.07.2012, delay in filing of TDS statements shall invite levy of fee of Rs. 200/- for each day of default not exceeding amount of tax deductible.

ALERT 3: NON-QUOTING of PAN  or TAN in TDS statements may lead to levy of penalty.



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