Presentation on TDS

1. Presented By
Mukesh Kumar

2. Tax Deducted at Source is one of the modes of Collection
Taxes , By Which a certain percentage of amounts are
deducted by a person at the time of making payment or
crediting the certain specific nature payment to other
person and deducted amount is remitted to the Govt.
Account

3. Every person responsible for making payment of nature
covered by TDS provisions of Income Tax Act shall be
responsible to deduct tax.

5.  Obtain TAN
 He/ She should obtain PAN of the deductee
 He /She should deduct the tax at correct rate.
 The tax deducted has to be deposited in the designated banks within
specified time. (Govt. deductors shall transfer the tax deducted through book
entry in Government account).This is detailed below:
-By or on behalf of any other person : before the 7th of the
following month.
 Use challan no. 281 for depositing TDS amount.
 File statements of tax deduction in the prescribed time.
-The due dates for filing of TDS/TCS statement are :
15th of July for Quarter 1,
15th of October for Quarter 2,
15th of January for Quarter 3 and
15th May for last Quarter
 Use correct form to file TDS/TCS Returns.
•They are:
-Form 24Q for salaries
-Form 26Q for non salaries
-Form 27EQ for TCS
-Form 27A/27B Control sheet for electronic TDS/TCS

6. The seller has to collect tax from the payer who has
purchased the following items :
Scrap
Deposit of TCS amount- within seven days of the
following month.
Issue of TCS certificate- within in one month of collection
/debit(form 27D)
The rates of TCS for representative purpose (Financial
Year 2010-11):
Collection Code Nature of Purchase Tax (%)
6CE Scrap 1%

7.  Run T Code-ZFI_0162 Report in SAP on monthly basis.
Convert the downloaded file in Excel
Tally Report with Ledger taken from T Code- F.08
Sort out all the TDS in Section wise for making payment
Check Rate of TDS from Excel File
Generate Payment voucher with T Code- J1INCHLN
For E-TDS Payment go to the site
www.hdfcbank.com
Click on Payment Services Option
Click on Online Payment of direct taxes
Click on Pay Direct Tax Option
Click on Challans no.281
Fill the necessary data related to unit with TAN No.PTLG11815G & Choose
right Section
Click on Proceed & Click on Submitted to Bank
Click on Corporate User & Fill User & Password
Fill Amount and section wise data for Payment

8. Tally the Y4 Entries with Service Tax Report & Ledger
Enter TDS Monthly data from Excel File in TDS PAC
Tally the Section wise data with Deposited challans
 Click on ETDS Return Generation in TDS PAC
Submit the generated file (in fvu extention) to the TIN
Centres
Check the correction of filled return with TIN-NSDL