New Changes in TDS Rules
CBDT Press Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010
The Central
Board of Direct Taxes (CBDT) have amended the Rules relating to TDS
provisions date and mode of payment of tax deducted at source (TDS), TDS
certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No.
41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in
respect of tax deducted on or after 1st day of April 2010.
Forms for TDS certificate have been revised
to include the receipt number of the TDS return filed by the deductor.
Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account
Number (PAN) of the deductee, and Receipt number of TDS return filed by the
deductor will form the unique identification for allowing tax credit
claimed by the taxpayer in his income-tax return.
Government
Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and
Disbursing Officer) responsible for crediting tax deducted at source to the
credit of the Central Government by book-entry are now required to
electronically file a monthly statement in a new Form No. 24G containing
details of credit of TDS to the agency authorised by the Director
General of Income-tax (Systems).
Due date for furnishing TDS return for the
last quarter of the financial year has been modified to 15th May
(from earlier 15th June). The revised due dates for furnishing TDS
return are
|
Sl. No. |
Date of ending of the quarter of the financial year |
Due date |
|
1. |
30th
June |
15th
July of the financial year |
|
2. |
30th
September |
15th
October of the financial year |
|
3. |
31st
December |
15th
January of the financial year |
|
4. |
31st
March |
15th May of the financial year immediately following the
financial year in which deduction is made |
Due date for furnishing TDS certificate to the
employee or deductee or payee is revised as under :
|
Sl. No. |
Category |
Periodicity of furnishing
TDS certificate |
Due date |
|
1. |
Salary (Form
No.16) |
Annual |
By 31st day of May of
the financial year immediately following the financial year in which the
income was paid and tax deducted |
|
2. |
Non-Salary (Form No.16A) |
Quarterly |
Within fifteen days from the due date for furnishing the
‘statement of TDS’ |