Tax Deducted at Source

Central Board of Direct Taxes, had issued an order u/s. 119 of Income Tax Act, 1961 (F NO.275/38/2017-IT(B)) dated 03rd June, 2019), extending the due date of furnishing Tax Deducted at Source return of Salary (Form 24Q) for the last quarter of the financial year 2018-19 from 31st May, 2019 to 30th June, 2019.

The order states that this has been done in order to redress the genuine hardships of deductors in timely filing of TDS statement in Form 24Q, on account of revision of its format and consequent updating of the File Validation Utility for its online filing. The copy of the order is given below:

The extension of due date may also lead to extension of due date of filing Income Tax Returns for Individuals and other assessees who are not covered by audit under Income Tax Act or any other statute. The due date for filing Income Tax returns is 31st July, 2019. The Form 16 (TDS Certificate) will be issued by employers by 10th July, 2019 only and the assessee will be getting only 21 days to file the Income Tax Return if the due date of 31st July is not changed.

**TAX DEDUCTED AT SOURCE – RATES FOR ASSESSMENT YEAR 2019-20**

Sl. No.	Nature of Payment	Section	Basic Cut-off (Rs.) p.a.	TDS Rate: Individual/HUF	TDS Rate:Other than Individual/ HUF	TDS Rate: No PAN/ Invalid PAN
1	Payment of Salaries by Employers	192	Slab rate	Slab rate	Not applicable	30%
2	Premature payment by PF Organization from EPF A/c (i.e. before 5 Years).	192A	50,000.00	10%	Not applicable	20%
3	Payment of Interest on Securities by company.	193	10,000.00	10%	10%	20%
4	Payment of Dividend other than dividend as referred to Section 1150 by company (i.e. Dividend on which Dividend Distribution Tax is notpaid)	194	2,500.00	10%	10%	20%
5	Payment of Interest by bank	194A	40,000.00 (Non Sr. Citizen) 50,000.00 (Sr. Citizen)	10%	10%	20%
6	Payment of Interest by others	194A	5,000.00	10%	10%	20%
7	Payment of prize from Wining from Lotteries by any person.	194B	10,000.00	30%	30%	30%
8	Payment of prize from Wining from Horse Race by any person.	194B	10,000.00	30%	30%	30%
9	Payment to Contractors by any person	194C	30000(Single nill) or 1 Lakh aggregate bills during the year.	1%	2%	20%
10	Payment to Transporter Covered u/s. 44E and submit declaration in prescribed format. (i.e. owning less than 10 goods carriages)	194C	–	0	0	20%
11	Payment to Transporter not covered U/s.44E (i.e., owning more than 10 goods carriages)	194C	30000 (single bill) or 75000 aggregate bills during the year	1%	2%	20%
12	Payment of Insurance Commission to agents by Insurance Company.	194D	15,000.00	5%	10%	20%
13	Payment in respect of maturity of Life Insurance Policy by life insurance Company	194DA	1 Lakh	1%	1%	20%
14	Payment to NRI sportsman or association by any person.	194E	–	20%	20%	20%
15	Payment out of deposit under National Saving Scheme (NSS)	194EE	2,500.00	10%	10%	20%
16	Payment with respect to repurchase of units by Mutual FundCompanies.	194F	–	20%	20%	20%
17	Payment of Lottery Commission	194G	15,000.00	5%	5%	20%
18	Payment of commission or Brokerage	194H	15,000.00	5%	5%	20%
19	Payment of rent on land, building, furniture and fittings.	1941	240,000.00	10%	10%	20%
20	Payment of rent on plant, machinery or equipments.	1941	240,000.00	2%	2%	20%
21	Payment made on account of transfer of immovable property other than agricultural land	194IA	50 Lakh	1%	1%	20%
22	Rent payable by individual not covered u/s. 194I for land, building, F&F	1941B	50,000.00 PM	5%	5%	20%
23	Payment of Professional fees other than call centers	194J	30,000.00	10%	10%	20%
24	Payment of Professional fees to call centers	194J	30,000.00	2%	2%	20%
25	Compensation on transfer of certain immovable property other than Agricultural Land	194LA	250,000.00	10%	10%	20%

Karthik & Sunil

Chartered Accountants

Salary TDS Return – Due date extended – May result in extension of Income Tax Return due date

Income tax TDS rates – FY 2019-20

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