TDS Rules changed ,Form 16A quarterly,year return by 15 May wef FY 2010-11
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.The main changes are
listed out below.
This rules are applicable only for the TDS deducted on or after 01.04.2010
means applicable for Financial year 2010-11 assessment year 2011-12.
Last date to file quarterly etds return( form 24Q,form 26Q) has been changed to
15 May of succeeding year.Presently it is 15 June.
Form 16,Form 16A required to be issued for Financial year 2010-11 has also been
changed.
Due date to make TDS payment and mode of TDS payments has also been
changed(details awaited)
UTN has been introduced again in modified version ,now TAN of deductor ,PAN of
deductee and PRN (receipt number) of ETDS return form a UTN for verification of
tax credit.
Form 16A(non salary tds) is now required to be issued quarterly within 15 days
from due date to file etds statements.
Form 16 (tds from salary) is now required to be issued by 31st May of the
financial year immediately following the financial year in which the income was
paid and tax deducted.
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’
Full circular 41/2010 is yet not available and we will inform you the
availability of the same .
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