Chapter 12 Tds & Tcs

Income Tax CA-INTER/IPCC For May/Nov 2021
TAX DEDUCTION & COLLECTION AT SOURCE

Under Income Tax Act 1961, Payer has to deduct the tax (referred as TDS)
As per CBDT circular no-23/2017 dt. July 19, 2017, it has been clarified that TDS will not be deducted on
GST component.
Surcharge In case of Resident Payee

Surcharge and cess shall not be added to TDS rates.
However, in case of TDS on salary u/s 192, surcharge and cess shall be added into TDS rates.
Surcharge In case of Non-Resident Foreign Company Payee

Surcharge and cess shall be added to TDS rates.
Surcharge In case of Other Non-Resident Payee

Surcharge and cess shall be added to TDS rates.
Deduction at source and Advance Payment (Pre-paid Tax)

Section 190
Assessment in respect of any income is to be made in the later assessment year, but tax on such income
is payable in the previous year itself in the following manner:
1. Tax Deducted at Source
2. Tax collected at Source
3. Advance Tax
Direct Payment
Section 191
In case of Income in respect of which provision for TDS/TCS not made at the time of payment or TDS/TCS
not deducted, income shall be called as direct payment and, in this case, assesee shall be liable to pay tax
in form of advance tax or otherwise.
Analysis
(i) in the case of income in respect of which tax is not required to be deducted at source; and
(ii) income in respect of which tax is liable to be deducted but is not actually deducted.
In order to overcome this difficulty, the Explanation to this section provides that if any person, including
the principal officer of a company.
(i) who is required to deduct tax at source; or
(ii) an employer paying tax on non-monetary perquisites under section 192(1A),
does not deduct, or after deducting fails to pay such tax, or does not pay, the whole or part of the tax,
then, such person shall be deemed to be an assessee- in-default. However, if the assessee himself has
paid the tax, this provision will not apply.
Amendment By F.A 2020

In a case where the income of the assessee includes the value of any specified security or sweat equity
shares allotted or transferred by the current employer, being an eligible start-up, free of cost or at
For Classes contact at +91-9311014508. Email rdvclasses@gmail.com

concessional rate to the assessee, the income-tax on such income has to be paid by the assessee within
14 days from the earliest of the following dates:
a) after the expiry of 48 months from the end of the relevant assessment year; or
b) from the date of the sale of such specified security or sweat equity share by the assessee; or
c) from the date of the assessee ceasing to be the employee of the employer who allotted or transferred
him such specified security or sweat equity shares.
TDS on Salary Income

Section 192
Payment by Any Employer (Individual, HUF, Firm, Company etc)
Payment to Any employee (Resident as well as non-resident)
Nature of Income Earned by an employee by way of Salary
Payment
Time of At the time of Payment
Deduction
Rate of TDS TDS is to be deducted at the slab rate applicable to the estimated income of the
employee.
Manner of While computing the estimated income of the employee, income under any other head
computation may also be considered. Any TDS on such other income shall also be considered.
of Estimated
Income of The employee is allowed to report deductions u/s 80C-80U as well as loss under any
Employee other head, provided the employee furnished sufficient proofs of such deduction or loss
to the employer.
It is also provided that except in cases where loss from house property has been
adjusted against salary income, the tax deductible from salary should not be reduced as
a consequence of making the above adjustments.
Where an employer is working in two or more employers, he has the option to furnish
the particulars of his income to a single employer who would deduct TDS after taking
into consideration income from all employers.
Marginal In respect of salary payments to employees of Government or to employees of
Relief companies, co-operative societies, local authorities, universities, institutions,
associations or bodies, deduction of tax at source should be made after allowing relief
under section 89(1), where eligible.
Special Point In case an employee intends to opt for concessional rate of tax under section 115BAC
Section and he intimates to the deductor, being his employer, of such intention, then, the
115BAC employer shall compute his total income, and deduct tax thereon in accordance with
the provisions of section 115BAC.
If such intimation is not made by the employee, the employer shall deduct tax at source
without considering the provision of section 115BAC of the Act.

Furnishing Where the salary paid/payable to an employee exceeds Rs. 1,50,000

Certificate Employer shall furnish to the employee, a statement in Form No. 12BA giving correct
and complete particulars of perquisites or profits in lieu of salary provided to him and
the value thereof. The statement shall be in the prescribed form and manner. Also Form
16 Shall be provided to employee.
Where the salary paid/payable to an employee does not exceeds Rs. 1,50,000
The particulars of perquisites/profits in lieu of salary shall be given in Form 16 itself.
TDS on Premature Taxable withdrawal from EPF

Section 192A
Payment by The trustees of the Employee Provident Fund scheme, 1952 or any other authorised
person who makes payment of accumulated balance kept in Provident Fund
Payment to Any Person
Nature of TDS is required to be deducted if there is premature withdrawal of balance kept in PF
Payment and such premature withdrawal is taxable under the Income Tax Act
Threshold No Tax is required to be deducted at source if the amount of taxable withdrawal paid
Limit during a financial year is less than Rs. 50,000
Time of TDS to be deducted at the time of making payment of accumulated balance kept in
Deduction PF
Rate of TDS TDS is required be deducted at 10%

TDS on Interest on Securities

Section 193
Payment by Any person responsible for making payment for Interest on Securities
Payment to Any Resident
Nature of Income by way of Interest on securities such as bonds, debenture etc
Payment
Threshold No tax is required to be deducted at source if the amount of interest paid/payable
Limit during the financial year does not exceed Rs. 5,000
No tax deduction is to be made from any interest payable:

 on 4¼% National Defence Bonds 1972, if bonds are held by an Resident individual.
 on 4¼% National Defence Loan, 1968 or 4¾% National Defence Loan, 1972, if the
interest is payable to an individual.
 on National Development Bonds.
 on 7-year National Savings Certificates (IV Issue).
 on debentures issued by any institution or authority or any public sector company
or any co-operative society (including a co-operative land mortgage bank or a co-
operative land development bank), as notified by the Central Government.
-“Power Finance Corporation Limited 54EC Capital Gains Bond” issued by Power
Finance Corporation Limited {PFCL} and
-“Indian Railway Finance Corporation Limited 54EC Capital Gains Bond” issued by
Indian Railway Finance Corporation Limited {IRFCL}
 on 6½% Gold Bonds, 1977 or 7% Gold Bonds, 1980, where the bonds are held by an
resident individual, provided that the holders of the bonds make a written
declaration that the total nominal value of the bonds held by him or on his behalf did
not in either case exceed Rs. 10,000 at any time during the period to which the
interest relates.
 on any security of the Central Government or a State Government
Note – It may be noted that tax has to be deducted at source in respect of interest
payable on 8% Savings (Taxable) Bonds, 2003, or 7.75% Savings (Taxable) Bonds,
2018, only if such interest payable exceeds Rs. 10,000 during the financial year.
 on any debentures (whether listed or not listed on a recognized stock exchange)
issued by the company in which the public are substantially interested to a resident
individual or HUF. However,
(a) the interest should be paid by the company by an account payee cheque;
(b) the amount of such interest or the aggregate thereof paid or likely to be paid during
the financial year by the company to such resident individual or HUF should not exceed
Rs. 5,000.
 on securities to LIC, GIC, subsidiaries of GIC or any other insurer, provided –
(a) the securities are owned by them or
(b) they have full beneficial interest in such securities.
(x) on any security issued by a company, where such security is in dematerialised form
and is listed on a recognised stock exchange in India in accordance with the Securities
Contracts (Regulation) Act, 1956 and the rules made thereunder.
Time of At the time of credit or payment whichever is earlier
Deduction
Rate of TDS TDS is required to be deducted at 10%

Special Rate Rate of TDS u/s 193 has been reduced from 10% to 7.5% for the period from 14th May
2020 to 31st March 2021
TDS on other than “Interest on Securities”

Section 194A
Payment by Any Individual or HUF if whose total sales, gross receipts or turnover from the business
or profession carried on by him exceed Rs. 1 crore in case of business and Rs. 50 lakhs
in case of profession during the immediately preceding financial year.
Any other person irrespective of the fact whether total sales, gross receipts or turnover
from the business or profession carried on by him exceed Rs. 1 crore in case of business
and Rs. 50 lakhs in case of profession during the immediately preceding financial year.
Nature of Income by way of Interest other than Interest on securities such as Interest on Saving
Payment bank account, post office.
Threshold No tax is required to be deducted at source if the amount of interest paid/payable
Limit during the financial year does not exceed the following limits:
 Rs. 40,000 if the interest is being paid by a bank including co-operative banks or post
office if the interest is paid to other than senior citizen.
 Rs. 50,000 if the interest is being paid by a bank including co-operative banks or post
office if the interest is paid to senior citizen.
 Rs. 5,000 if the interest is being paid by any other person
Also, No tax shall be deducted in the below cases:

a) Interest income credited or paid by the Central Government under any provision of
the Income-tax Act, 1961.
b) Interest paid by co-operative societies to its member.
c) Interest income credited or paid in respect of deposit with primary agriculture

credit society or a primary credit society or a co-operative land mortgage bank
or a co-operative land development bank.
d) Interest on Zero Coupon Bond
e) Interest paid by any person to bank, LIC or other notified financial organisation.
f) Interest paid or credited in respect of deposits under any scheme framed by the
Central Government.
g) Income paid by way of interest on the compensation amount awarded by the Motor
Accidents Claims.

Time of At the time of payment or credit whichever is earlier.

Deduction
Special Rate Rate of TDS u/s 194A has been reduced from 10% to 7.5% for the period from 14th
May 2020 to 31st March 2021
Amendment However, a cooperative society referred to in (e) or (f) is liable to deduct tax if –
a) The total sales, gross receipts or turnover of the co-operative society exceeds Rs.
50 crore during the financial year immediately preceding the financial year in
which interest is credited or paid; and
b) The amount of interest or the aggregate amount of interest credited or paid, or is

likely to be credited or paid, during the financial year is more than Rs. 50,000 in
case of payee being a senior citizen and Rs. 40,000, in any other case.
TDS on Dividend
Section 194
Payment by A Domestic company is required to deduct tax on dividend distributed or paid by it
to its resident shareholders.
Deemed TDS shall be deducted on deemed dividend u/s u/s 2(22)(a), 2(22)(b), 2(22)(c),
Dividend 2(22)(d) and 2(22)(e).
Threshold No tax is required to be deducted at source if
Limit (a) the dividend is paid by any mode other than cash; and
(b) the amount of such dividend or aggregate of dividend distributed or paid or likely
to be distributed or paid during the financial year by the company to such shareholder
does not exceed Rs. 5,000.
(c) The TDS provisions will not apply to such dividend credited or paid to LIC, GIC,
subsidiaries of GIC or any other insurer provided the shares are owned by them, or they
have full beneficial interest in such shares
Time of Deduction of tax has to be made before making any payment by any mode in respect of
Deduction any dividend or before making any distribution or payment to a resident shareholder
Special Rate Rate of TDS u/s 194 has been reduced from 10% to 7.5% for the period from 14th
TDS on Winning from Lottery, Crossword, Puzzles Etc

Section 194B
Payment by Any Person
Payment to Any Person (Resident or Non-Resident)
Nature of Prize money earned from winning from lottery, crossword, puzzles, card games and
Payment other games of any sort
Threshold No tax is required to be deducted at source if the amount of winning paid does not
Limit exceed Rs. 10,000

Time of At the time of payment

Deduction
In kind In case of winnings to be received which are not in cash (In kind), the person giving the
winning prize should deduct the applicable amount of TDS and thereafter release the prize.
Case 1: If TDS amount is to be recovered from the winner then TDS would be calculated
taking the value of prize given in kind as the basis.
Case 2: If TDS amount is not to be recovered from the winner then the sum of prize
money and TDS amount would become the final winning amount and TDS would be
determined accordingly
TDS on Winning from Horse Races

Section 194BB
Payment by Any Person (Such person generally holds licence for organising horse races)
Nature of Prize money earned from winning from Horse Races.
Payment
Threshold No tax is required to be deducted at source if the amount of winning paid does not
Limit exceed Rs. 10,000
Deduction
TDS on Payment to Contractor

Section 194C
Payment by Any Individual or HUF, AOP, BOI if whose total sales, gross receipts or turnover from
the business or profession carried on by him exceed Rs. 1 crore in case of business and
Rs. 50 lakhs in case of profession during the immediately preceding financial year.
However, no tax has to be deducted at source in respect of payments made by

individuals/HUF to a contractor exclusively for personal purposes.
Payment to Any Resident Contractor
Nature of Payment made by a “contractee” to a “contractor” for carrying out any work (including
Payment supply of labour for carrying out any work) in pursuance of a contract
Threshold No tax is required to be deducted at source if the amount of paid/payable during a
Limit financial year does not exceed:
 Rs. 30,000 in case of single contract
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 Rs. 1,00,000 in case of aggregate of contracts

Deduction
Rate of TDS TDS is required to be deducted at:
 1% where the payment is to be made to Individual/HUF
 2% where the payment is to be made to any other person
Work The word “work” has include the following:
Contract  Advertising
 Broadcasting & telecasting
 Carriage or goods or passenger by any mode of transport other than by railways
 Catering
 Manufacturing or supplying a product according to the requirement or specification
of a customer using material purchased from such customer or associate of such
customer.
But it does not include Manufacturing or supplying a product according to the

requirement or specification of a customer using material purchased from a person
other than such customer or associate of such customer.
In such a case, tax shall be deducted on the invoice value excluding the value of
material purchased from such customer or its associate, if such value is mentioned
separately in the invoice.
Where the material component has not been separately mentioned in the invoice, tax
shall be deducted on the whole of the invoice value.
Non- No deduction is required to be made from the sum credited or paid or likely to be
applicability credited or paid during the previous year to the account of a contractor, during the
course of the business of plying, hiring or leasing goods carriages, if he furnishes his
PAN to the deductor.
Analysis
Relaxation from the requirement to deduct tax at source shall only be applicable to the
payment in the nature of transport charges made to a contractor, who fulfills the
following three conditions cumulatively.
1. Owns ten or less goods carriages at any time during the previous year.
2. Is engaged in the business of plying,
3. has furnished a declaration to this effect along with his PAN.
Special Rate Rate of TDS u/s 194C has been reduced from 1% or 2% to 0.75% or 1.5% for the
period from 14th May 2020 to 31st March 2021

TDS on Insurance Commission

Section 194D
Nature of Payment made in the nature of Insurance Commission
Payment
Threshold No tax is required to be deducted at source if the commission or brokerage etc
Limit paid/payable during a financial year does not exceed Rs. 15,000
Deduction
Special Rate Rate of TDS u/s 194D has been reduced from 5% to 3.75% for the period from 14th
TDS on Proceed Received on Maturity of Life Insurance Policy

Section 194DA
Payment by Any Life Insurance company
Nature of TDS is required to be deducted if the proceeds received on maturity of Life Insurance
Payment policy are taxable, under the income tax Act.
Some maturity proceeds of policy are exempt u/s 10(10D), and no TDS are required to
be deducted in those cases
Threshold No tax is required to be deducted at source if the commission or brokerage etc
Limit paid/payable during a financial year is less than Rs. 1,00,000
Time of At the time of payment.
Deduction
Special Rate Rate of TDS u/s 194DA has been reduced from 5% to 3.75% for the period from 14th
TDS on Payment to Non-Resident Sportsman, Entertainer Etc

Section 194E
Payment to  Any Non-Resident sportsman/athlete provided he is not a citizen of India
 Any Non-Resident entertainer provided he is not a citizen of India
 Any Non-Resident Sports Association

Nature of  Income from participation in any game or sports in India or

Payment  Income from advertisement
 Income from contributing any sports related articles in any Indian newspaper,
magazine or journal
Threshold No threshold Limit
Limit
Deduction
Rate of TDS TDS is required to be deducted at 20% Plus Surcharge if applicable and HEC @ 4%
TDS on Payment in respect of deposits under National Savings Scheme Etc.

Section 194EE
Nature of Payment in respect of deposits under National Savings Scheme Etc
Payment
The provisions of this section shall not apply to the payments made to the heirs of the
assessee.
Threshold No deduction shall be made where the amount of payment or the aggregate amount of
Limit payments in a financial year is less than Rs. 2,500.
Deduction
TDS on Repurchase of units by Mutual Fund or Unit Trust of India.

Section 194F
Time of At the time of credit of payment.
Deduction
Special Rate Rate of TDS u/s 194F has been reduced from 20% to 15% for the period from 14th May
2020 to 31st March 2021
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TDS on Payment of Commission/Remuneration or prize on Sale of Lottery Ticket

Section 194G
Nature of Commission, brokerage etc in respect of sale of lottery ticket
Payment
Threshold No tax is required to be deducted at source if the amount of commission for sale of
Limit lottery ticket paid/payable during a financial year does not exceed Rs. 15,000
Deduction
Special Rate Rate of TDS u/s 194G has been reduced from 5% to 3.75% for the period from 14th May
2020 to 31st March 2021
TDS on Payment of Commission/Brokerage

Section 194H
Payment by Any Individual or HUF, AOP, BOI if whose total sales, gross receipts or turnover from
the business or profession carried on by him exceed Rs. 1 crore in case of business and
Rs. 50 lakhs in case of profession during the immediately preceding financial year.

Nature of Payment in nature of Commission or brokerage which are not covered in any other
Payment section (192, 194D, and 194G)
Threshold No tax is required to be deducted at source if the amount of Commission or brokerage
Limit paid/payable during a financial year does not exceed Rs. 15,000
Deduction
Special Rate Rate of TDS u/s 194H has been reduced from 5% to 3.75% for the period from 14th May
2020 to 31st March 2021.
11

TDS on Payment of Rent by Certain Individual or HUF

Section 194IB
Nature of Payment in nature of Rent
Payment
Threshold No tax is required to be deducted at source if the amount of Commission or brokerage
Limit paid/payable during a financial year does not exceed Rs. 50,000 p.m
Time of  If the tenant occupies the property till the end of the relevant previous year
Deduction TDS Shall be deducted at the time of credit or payment of rent for last month of the
relevant previous year, which-ever is earlier.
 If the has vacated the property before the end of the relevant previous year
TDS Shall be deducted at the time of credit or payment of rent for last month of the
tenancy, which-ever is earlier
Point Such TDs is not required to be deducted on monthly basis. Instead law requires the
deductor to deduct the TDS only once in the entire Previous year.
TAN In order to reduce the compliance burden, it has been further provided that the
deductor shall not be required to obtain Tax Deduction Account Number (TAN) as per
section 203A.
Rate of TDS if If the person receiving rent doesn’t furnish his PAN, then TDS is deductible at the rate
payee does of 20%
not furnish
PAN
Special Rate Rate of TDS u/s 194IB has been reduced from 5% to 3.75% for the period from 14th
TDS on Payment of Rent

Section 194I
12

Nature of  Rent charges for any property, whether movable or immovable.

Payment  It is not mandatory that the property is owned by the person to whom rent is paid.
Threshold No tax is required to be deducted at source if the amount of Rent paid/payable during
Limit a financial year does not exceed Rs. 1,80,000
In case of property co-owned by multiple owners, the limit of Rs. 2,40,000 would be
apply to each co-owner separately if their share is definite and ascertainable.
Deduction
Rate of TDS TDS is required to be deducted at
 2% in case of Rent for the use of Plant & Machinery
 10% in case of Rent for the use of Land, Building & Furniture
Special Rate Rate of TDS u/s 194I has been reduced from 2% or 10% to 1.5% or 7.50% for the period
from 14th May 2020 to 31st March 2021
CBDT Circular No.1/2008 dated 10.1.2008 provides clarification regarding applicability of provisions of
section 194-I to payments made by the customers on account of cooling charges to the cold storage
owners.
Since the arrangement between the customers and cold storage owners are basically contractual in nature,
the provision of section 194-C will be applicable to the amounts paid as cooling charges by the customers
of the cold storage.
CBDT has, vide this Circular, clarified that lump sum lease premium or one-time upfront lease charges,
which are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold
rights over land or any other property are not payments in the nature of rent within the meaning of section
194-I. Therefore, such payments are not liable for TDS under section 194-I.
TDS on Payment For Transfer of Certain Immovable Property

Section 194IA
Payment by Any person (other than person referred to u/s 194LA)
Nature of  Payment should be in nature of sale consideration received on transfer of any
Payment immovable property.
Agriculture land situated rural area is not considered as immovable property for the
purpose of section 194IA
13

Threshold No tax is required to be deducted at source if the amount of Sale consideration for
Limit transfer of the immovable property is less than Rs. 50,00,000
Consideration for transfer of immovable property include all charges of the nature of
club membership fee, car parking fee, electricity or water facility fee, maintenance fee,
advance fee or any other charges of similar nature, which are incidental to transfer of
the immovable property.
Deduction
Rate of TDS TDS is required to be deducted at 1% on the total consideration for transfer for
immovable property
section 203A.
Special Rate Rate of TDS u/s 194IA has been reduced from 1% to 0.75% for the period from 14th
TDS on Payment under specified agreement

Section 194IC
Payment by Any person (other than person referred to u/s 194LA)
Nature of Paying to a resident any sum by way of consideration, not being consideration in kind,
Payment under a specified agreement under section 45(5A).

Deduction
Special Rate Rate of TDS u/s 194IC has been reduced from 10% to 7.5% for the period from 14th
TDS on Payment for Professional Services, Technical Services Etc.

Section 194J
Further, an individual or Hindu Undivided Family, shall not be liable to deduct income-
tax on the sum payable by way of fees for professional services, in case such sum is
credited or paid exclusively for personal purposes.
14


Nature of Payment for below are covered in this section:
Payment a) Fees for professional services or
b) Fees for technical services or
c) Royalty or
d) Non-compete fees referred u/s 28 or
e) Any remuneration or fees or commission paid/payable to directors of a company
provided such remuneration which is not covered u/s 192
Threshold No tax is required to be deducted if the amount paid/payable during a financial year
Limit does not exceed the limit given below:
For Item (a) to (d) Rs. 30,000 (The limit of Rs. 30,000 is applicable separately for
each of the above item)
For Item (e) Nil (Tax is to be deducted even if the remuneration to directors during the
entire financial year does not exceed Rs. 30,000)
Deduction
Rate of TDS TDS is required to be deducted at:
(a) 2% in case of fees for technical services or royalty in the nature of consideration
for sale, distribution or exhibition of cinematographic films.
(b) 10% in other cases.
(c) 2% for payments made to call centres.
Professional Professional Services would include services rendered by a lawyer, enginer, architect,
Services accountant etc. It also includes: sportsperson, umpires, sports columnists,
commentators, anchors, trainer etc
Special Rate Rate of TDS u/s 194J has been reduced from 10% or 2% to 7.5% or 1.5% for the period
from 14th May 2020 to 31st March 2021
TDS on Income in respect of units.

Section 194K
Nature of Payments for below are covered in this section:
Payment (i) units of a Mutual fund
(ii) units from Administrator of the specified undertaking
(iii) units from the specified company
Threshold No tax is required to be deducted if:
Limit (i) the amount of such income or the aggregate of the amounts of such income
credited or paid or likely to be credited or paid during a financial year does not
exceed Rs. 5,000; or
(ii) the income is of the nature of capital gains

Deduction
15


Special Rate Rate of TDS u/s 194K has been reduced from 10% to 7.5% for the period from 14th May
2020 to 31st March 2021
TDS on Payment of compensation on Acquisition of Immovable Property

Section 194LA
Payment by Any Person (These person are generally a Govt. or other similar agency)
Nature of Compensation or enhanced compensation in relation to compulsory acquisition of any
Payment immovable property other than agriculture land.
Threshold No tax is required to be deducted if the compensation amount paid during a financial
Limit year does not exceed Rs. 2,50,000
Deduction
Special Rate Rate of TDS u/s 194LA has been reduced from 10% to 7.5% for the period from 14th
TDS on Payment made by an individual or a HUF for contract work or by way of commission or
brokerage or fees for professional services.
Section 194M
Payment by Any Person being Individual or HUF.
Other than those who are required to deduct income-tax as per the provisions of section
194C or 194H or 194J) are required to deduct tax in respect of the above sums payable
during the financial year to a resident.
Nature of a) for carrying out any work (including supply of labour for carrying out any work) in
Payment pursuance of a contract; or
b) by way of commission (not being insurance commission referred to in section 194D)

or brokerage; or
c) by way of fees for professional services.

Threshold No tax is required to be deducted such sum or, as the case may be, aggregate amount of
Limit such sums credited or paid to a resident during the financial year does not exceed Rs.
50,00,000
16

Non- An individual or a Hindu undivided family is not liable to deduct tax at source u/s 194M
Applicability if TDS is being deducted:
a) u/s 194C
b) u/s 194H
c) u/s 194J
section 203A.
Time of At the time of payment or credit whichever is earlier
Deduction
Special Rate Rate of TDS u/s 194M has been reduced from 5% to 3.75% for the period from 14th
TDS on payment by e-commerce operator to e-commerce participant.

Section 194O
Applicability Notwithstanding anything to the contrary contained in any of the provisions of this
Chapter, section 194-O provides that:
 where sale of goods or provision of services of an e-commerce participant is
 facilitated by an e-commerce operator through its digital or electronic facility or
platform.
 such e-commerce operator is liable to deduct tax at source.
 @1% of the gross amount of such sales or services or both.
Person For the purpose of this section, e-commerce operator shall be deemed to be the person
Responsible responsible for paying to e-commerce participant.
Payment to E-Commerce Participant (Resident)
Nature of d) for carrying out any work (including supply of labour for carrying out any work) in
Payment pursuance of a contract; or
e) by way of commission (not being insurance commission referred to in section 194D)

or brokerage; or
f) by way of fees for professional services.

Deemed Any payment
credit  made by a purchaser of goods or recipient of services.
 directly to an e-commerce participant for the sale of goods or provision of services
or both, facilitated by an e-commerce operator,
 would be deemed to be amount credited or paid by the e-commerce operator to the
e-commerce participant.
Accordingly, such payment would be included in the gross amount of such sales or
services for the purpose of deduction of income-tax under this section.
17

Non- No tax is required to be deducted under section 194-O in case of

Applicability  any sum credited or paid to an e-commerce participant, being an individual or HUF,
 where the gross amount of such sale or services or both during the previous year
 does not exceed Rs. 5 lakhs.
 and such e-commerce participant has furnished his PAN/ Aadhaar number to e-
commerce operator.
Non-  A transaction in respect of which tax has been deducted by the e-commerce
applicability operator under this section or
of TDS under  which is not liable to tax deduction under this section on account of the exemption
any other (5 Lakh)
section  would not be liable to tax deduction at source under any other provision of Chapter
XVII-B of the Act.
However, this exemption from TDS under Chapter XVII-B would not apply to any
amount or aggregate of amounts received or receivable by an e-commerce operator for
hosting advertisements or providing any other services which are not in connection
with the sale of goods or services.
Threshold No tax is required to be deducted such sum or, as the case may be, aggregate amount of
Limit such sums credited or paid to a resident during the financial year does not exceed Rs.
50,00,000
Non- An individual or a Hindu undivided family is not liable to deduct tax at source u/s 194M
Applicability if TDS is being deducted:
d) u/s 194C
e) u/s 194H
f) u/s 194J
section 203A.
Time of At the time of payment or credit whichever is earlier
Deduction
Special Rate Rate of TDS u/s 194O has been reduced from 1% to 0.75% for the period from 14th May
2020 to 31st March 2021
TDS on cash withdrawal

Section 194N (till 30th June 2020)
Applicability Every person, being:
 a banking company to which the Banking Regulation Act, 1949 applies (including
any bank or banking institution referred under section 51 of that Act)
 a co-operative society engaged in carrying on the business of banking or
 a post office
who is responsible for paying any sum, being the amount or aggregate of amounts, as
the case may be, in cash exceeding Rs. 1 crore during the previous year, to any person
from one or more accounts maintained by such recipient person with it, shall deduct
tax at source
18


Deduction
Rate of TDS TDS shall be deducted at 2% of such sum
TDS on cash withdrawal

Section 194N (From 01st July 2020)
Applicability Every person, being:
 a banking company to which the Banking Regulation Act, 1949 applies (including
any bank or banking institution referred under section 51 of that Act)
 a co-operative society engaged in carrying on the business of banking or
 a post office
who is responsible for paying any sum, being the amount or aggregate of amounts, as
the case may be, in cash exceeding Rs. 20 Lakh during the previous year, to any
person from one or more accounts maintained by such recipient person with it, shall
deduct tax at source.
 If the recipient who has not filed/furnished the returns of income

 for all the 3 A.Y relevant to the 3 previous years, for which the time limit of file
return of income under section 139(1) has expired,
 immediately preceding the previous year in which the payment of the sum is made,
The sum shall mean the amount or the aggregate of amounts, as the case may be, in
cash > Rs. 20 lakhs during the previous year, and the tax shall be deducted at the rate
of:
 2% of the sum, where the amount or aggregate of amounts, as the case may be,
being paid in cash exceeds Rs. 20 Lakh but does not Exceeds Rs. 1 Crore
 5% of the sum, where the amount or aggregate of amounts, as the case may be,
being paid in cash exceeds Rs. 1 crore.

Deduction
Non- Liability to deduct tax at source under section 194N shall not be applicable to any
applicability payment made to
a) the Government
b) any banking company or co-operative society engaged in carrying on the business

of banking or a post-office.
c) any business correspondent of a banking company or co-operative society

engaged in carrying on the business of banking, in accordance with the RBI
guidelines.
19

any white label ATM operator of a banking company or co-operative society engaged
in carrying on the business of banking, in accordance with the authorisation issued by
the RBI under the Payment and Settlement Systems Act, 2007
Special Point The Central Government may specify, with the consultation of RBI, by notification, the
recipient in whose case section 194N shall not apply or apply at reduced rate, subject
to the satisfaction of the conditions specified in such notification. Accordingly, the
Central Government has, after consultation with the Reserve Bank of India (RBI),
specified
a) Cash Replenishment Agencies (CRA’s) and franchise agents of White Label

Automated Teller Machine Operators (WLATMO’s)
b) Commission agent or trader, operating under Agriculture Produce Market

Committee (APMC), and registered under any Law relating to Agriculture Produce
Market.
c) Full-Fledged Money Changer (FFMC) licensed by the RBI and its franchise agent.
TDS on Payment Made to Non-Resident or foreign company.

Section 195
Payment to Any Non-Resident or any Foreign company
Nature of Payment can be in nature of interest or any other sum (other than salary) which is
Payment chargeable to income tax under Income Tax Act, 1961.
Deduction
Rate of TDS TDS is required to be deducted at prescribed rates under Income Tax Act
Income payable “Net of Tax”

Section 195A
Where, under an agreement or other arrangement, the tax chargeable on any income referred to in the
foregoing provisions of this Chapter is to be borne by the person by whom the income is payable, then,
for the purposes of deduction of tax under those provisions such income shall be increased to such
amount as would, after deduction of tax thereon, be equal to the net amount payable under such
agreement or arrangement.
In simple words, when any amount is paid net of tax, the TDS has to be calculated by grossing up
the amount, since the tax itself (born by the payer) represents the income of the payee.
However, no grossing up is required in the case of tax paid under section 192(1A) by an employer on
the non-monetary perquisites provided to the employee.
20

Interest or dividend or other sums payable to Government, Reserve Bank or certain

corporations
Section 196
No deduction of tax shall be made by any person from any sums payable to-
 the Government; or
 the Reserve Bank of India; or
 a corporation established by or under a Central Act, which is, under any law for the time being in
force, exempt from income-tax on its income; or
 a Mutual Fund4.
This provision for non-deduction is applicable when such sum is payable to the above entities by way
of -
a) interest or dividend in respect of securities or shares –
b) owned by the above entities; or
c) in which they have full beneficial interest or
d) any income accruing or arising to them.
Deduction of Tax at Lower Rates

Section 197
As per the section 197, the recipient of payment can approach to the Assessing officer in advance with
an application in Form No 13 to get an order directing the payer to release the payment without TDS or
with lower TDS.
Application can be made for the above only in those cases where TDS is required to be deducted under
section 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194K, 194LA, 194M and 194-O.
If the Assessing Officer is satisfied that the total income of the recipient justifies the deduction of income-
tax at lower rates or no deduction of income-tax, as the case may be, he may give to the assessee such
certificate, as may be appropriate.
Where the Assessing Officer issues such a certificate, then the person responsible for paying the income
shall deduct income-tax at such lower rates specified in the certificate or deduct no tax, as the case may
be, until such certificate is cancelled by the Assessing Officer.
Self-declaration for Non-Deducting the TDS

Section 197A
1. This section enables an individual, who is resident in India and whose estimated total income of the
previous year is less than the basic exemption limit, to receive dividend or any sum out of National
Savings Scheme Account, without deduction of tax at source under section 194 or 194EE.
2. A Person other than a company or firm may furnish a declaration in writing in duplicate in new Form
No 15G to the payer for non-deduction of tax at source provided the following conditions are
satisfied: (under section 192A or 193 or 194A or 194D or 194DA or 194-I or 194K)
a) Tax on his Total Income is Nil And
b) Income from following 5 sources whether credited or paid or likely to be credited or paid will not
exceed the applicable exemption limit.
21

However, Declaration cannot be furnished as per the above provisions, where

 payments of dividend; or
 payments in respect of deposits under National Savings Schemes, etc.; or
 payment of premature withdrawal from Employee Provident Fund; or
 income from interest on securities or interest other than “interest on securities” or units; or
 insurance commission; or
 payment in respect of life insurance policy; or
 rent; or
 income from units; or
 the aggregate of the amounts of such incomes in (i) to (viii) above
credited or paid or likely to be credited or paid during the previous year in which such income is to be
included exceeds the basic exemption limit.
3. In case of resident individual who is the age of 60 year or more at any time during the previous year
no deduction shall be made from the above income, if such Individual furnishes to the payer a
declaration in writing in Form 15H (under section 192A or 193 or 194A or 194D or 194DA or
194-I or 194K)
The restriction contained above will not apply to resident senior citizens.
Note: Form 15G/Form 15H shall not be valid if it does not contain PAN of the declarant (Deductee). In
such case declaration become Invalid and deductor shall deduct tax at 20%
Non-deduction of tax in certain cases

1. Interest payments by an Offshore Banking Unit to a non- resident/not ordinarily resident in India
[Sub-section (1D)]
2. Payment to any person for, or on behalf of, the NPS Trust [Sub-section (1E)]
3. Payments to notified person or class of persons including institutions/class of institutions etc.

[Sub-section (1F)]
Tax deducted is income received.

Section 198
All sums deducted in accordance with the foregoing provisions shall, for the purpose of computing the
income of an assessee, be deemed to be income received.
However, the following tax paid or deducted would not be deemed to be income received by the assessee
for the purpose of computing the total income–
a) the tax paid by an employer under section 192(1A) on non-monetary perquisites provided to the
employees.
b) tax deducted under section 194N.
22

Requirement to furnish PAN.

Section 206AA
Any person entitled to receive any sum or income or amount on which tax is deductible under the Income
Tax is required to furnish his PAN to the deductor.
If Deductee fails to submit his PAN to the deductor, tax would be deducted at the higher of the below
two rates:
 Specific rate given under the relevant section or
 rate mentioned in the Finance Act; or
 20%
However, 5% in case tax is required to be deducted at source u/s 194-O
If the PAN provided to the deductor is invalid or it does not belong to the deductee, it shall be deemed
that the deductee has not furnished his PAN to the deductor.
Person Deducting TDS to obtain TAN.

Section 203A
Every person deducting TDS shall make an application for allotment of Tax Deduction & Collection
Account Number (TAN) in form 49B. Such Application needs to be made within 1 Month from the end of
the month in which tax was deducted at source for the first time.
Time limit for depositing TDS with Govt.

Section 200 with Rule 30, 31A, 31
Every person who has deducted the TDS shall have to pay TDS to Govt by the due dates which are as
below:
Amount paid/credited in March 30th April of the next FY
Amount paid/credited in any other Month 7th of the succeeding month
1. Tax deducted u/s 194-IA, 194-IB and 194M shall be paid to the credit of the Central Government
within a period of 30 days from the end of the month in which the deduction is made and shall be
accompanied by a challan-cum- statement in Form No. 26QB, 26QC and 26QD, respectively.
2. Every person responsible for deduction of tax u/s 194-IA, 194-IB and 194M shall furnish the TDS
certificate in Form No. 16B, 16C and 16D, respectively, to the payee within 15 days from the due date
for furnishing the challan- cum-statement in Form No.26QB, 26QC and 26QD, respectively
Time limit for Filling of TDS Return.

Section 200 with Rule 31
Every person who has deducted the TDS shall have to file TDS Return on quarterly basis to Govt by the
due dates which are as below:
For April to June 31st July of the FY
For July to September 31st October of the FY
23

For October to December 31st January of the FY

For January to March 31st May of the next FY
Form to be used for filing of TDS Returns.
1. Form 24Q : Statement of TDS under section 192 ( TDS Return for Salary)
2. Form 26Q : TDS Return for other sections from section 193 to section 196D in respect of all deductees
(other than a deductee being a non-corporate non-resident or a foreign company or
resident but not ordinarily resident)
3. Form 27Q : TDS Return for other sections from section 193 to section 196D in respect of deductees
(being a non-corporate non-resident or a foreign company or resident but not
ordinarily resident)
Time limit for Issue of TDS certificate by Deductor to the Deductee

Section 203
Every deductor shall be issue the Form 16/Form 16A as the case may be to deductee within the below
time limits
Particular TDS on Salary TDS on “Other than Salary”
Form Form 16 Form 16A
Periodicity Annual Quarterly
Last date of TDS certificate issue 15th June of the Next FY 15 Days from the due date of furnishing
TDS returns
Statement of TDS Deducted to be furnished by Govt to the Deductee.

Section 203AA
The Income tax authorities are required to prepare an annual Statement in Form 26-AS in respect of
each person for whom tax has been deducted by different deductors. Such statement is prepared on
the basis of quarterly TDS returns filled by each deductors.
Correction of arithmetic mistakes and adjustment of incorrect claim during computerized

processing of TDS statements
Section 200A
1. All statements of tax deducted at source are filed in an electronic mode, thereby facilitating
computerised processing of these statements.
2. The following adjustments can be made during the computerized processing of statement of tax
deducted at source or a correction statement –
a) any arithmetical error in the statement; or
b) an incorrect claim, if such incorrect claim is apparent from any information in the statement.
3. The term “an incorrect claim apparent from any information in the statement” shall mean such claim
on the basis of an entry, in the statement,–
24

a) of an item, which is inconsistent with another entry of the same or some other item in such
statement;
b) in respect of rate of deduction of tax at source, where such rate is not in accordance with the
provisions of the Act.
4. The interest, if any, has to be computed on the basis of the sums deductible as computed in the
statement.
5. The fee, if any, has to be computed in accordance with the provision of section 234E. A fee of Rs. 200
for every day would be levied under section 234E for late furnishing of TDS statement from the due
date of furnishing of TDS statement to the date of furnishing of TDS/ statement. However, the total
amount of fee shall not exceed the total amount of tax deductible/collectible and such fee has to be
paid before delivering the TDS statement.
6. The sum payable by, or the amount of refund due to, the deductor has to be determined after
adjustment of interest and fee.
7. An intimation will be prepared and generated and sent to the deductor, specifying his tax liability or
the refund due, within one year from the end of the financial year in which the statement is filed.
Consequences of failure to deduct or pay TDS.

Section 201
Where the person responsible for deducting and paying TDS to the government fails to do so, such
person shall be deemed to be an assessee-in-default if he does not deduct the whole or any part of the
tax or after deducting fails to pay the tax. As well the relevant expenses shall be disallowed under the
head PGBP (Refer PGBP Module)
Provided
Any person who fails to deduct the whole or any part of the tax on the amount credited or payment
made to a payee shall not be deemed to be an assessee-in-default in respect of such tax if such payee:
a) has furnished his return of income under section 139;
b) has taken into account such sum for computing income in such return of income; and
c) has paid the tax due on the income declared by him in such return of income,
d) and the payer furnishes a certificate to this effect from an accountant in such form as may be
prescribed.
The amount of penalty shall not exceed the amount of tax payable.
An assesee in default shall also be liable to pay simple Interest as under:

 Simple Interest @ 1% p.m. or part of the month on the amount of default from the date on which
such tax was deductible to the date on which such tax was actually deducted.
 Simple Interest @ 1.5% p.m. or part of the month on the amount of default from the date on
which such tax was deducted to the date on which such tax was actually deposited.
25

Tax Collected at Source

Tax Collection at Source (TCS)
Section 206C(1)
 Every person, being a seller shall.
 At the time of debiting the amount payable by the buyer to the account of the buyer, or at the time of
receipt of such amount from said buyer
 Whichever is earlier
 Collect from buyer
 A sum equal to the following percentage of the purchase price as income tax
If collectee fails to furnish his PAN or Aadhar to the collector, tax shall be collected at HIGHER of the
below rates:
 Twice the rate specified under Income Tax Act, 1961 or
 1%
Note: Buyer shall be allowed credit of TCS collected by seller
Nature of Goods Rate of TCS

Alcoholic Liquor for human consumption 1%
Tendu Leaves 5%
Timber obtained under a forest lease 2.5%
Timber obtained by any mode other than a forest lease 2.5%
Any other forest produces not being timber or Tendu leaves 2.5%
Scrap 1%
Minerals, being coal or lignite or iron ore 1%
Rate of TCS have been reduced to 75% for the period from 14.5.2020 to 31.3.2021 in all above items
Except Alcoholic Liquor for human consumption.
Notwithstanding anything contained in sub-section (1), no collection of tax shall be made in the case of a
buyer, who is resident in India, if such buyer furnishes to the person responsible for collecting tax, a
declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the
effect that the goods referred to in column (2) of the aforesaid Table are to be utilised for the purposes of
manufacturing, processing or producing articles or things or for the purposes of generation of power and
not for trading purposes.
Applicability of TCS Provision to Individual or HUF

Any Individual or HUF if whose total sales, gross receipts or turnover from the business or profession
carried on by him exceed Rs. 1 crore in case of business and Rs. 50 lakhs in case of profession during the
immediately preceding financial year.
Any other person irrespective of the fact whether total sales, gross receipts or turnover from the
business or profession carried on by him exceed Rs. 1 crore in case of business and Rs. 50 lakhs in case
of profession during the immediately preceding financial year.
26

Applicability of TCS Provision

 Lease/License of parking Lot, Toll Plaza and Mine/Quarry
TCS provision also apply where any contract is entered for Leasing/Licensing of any parking Lot, Toll
Plaza and Mine/Quarry for the purpose of carrying on such business.
TCS shall be collected in this case at 2%
Reduction in rate of TCS due to COVID-19 pandemic made from 2% to 1.5%
 Sale of Motor Vehicles {Section 206C(1F)}

TCS provision also apply where a person sells any motor vehicle for an amount exceeding Rs.
10,00,000
TCS shall be collected in this case at 1% on the amount of total sale price.
Reduction in rate of TCS due to COVID-19 pandemic made from 1% to 0.75%
Important Points
1. Above provision will not apply on sale of motor vehicles by manufacturers to dealers/distributors.
2. TCS on sale consideration of a motor vehicle exceeding Rs. 10 lakhs. It is applicable to each sale and
not to aggregate value of sale made during the year.
 Overseas remittance or an overseas tour package [w.e.f. 1.10.2020] {Section 206C(1G)}

Every person,
 being an authorized dealer, who receives amount, under the Liberalised Remittance Scheme of the
RBI, for overseas remittance from a buyer, being a person remitting such amount out of India.
 being a seller of an overseas tour programme package who receives any amount from the buyer
who purchases the package.
at the rate of 5% of such amount.
Provided that the authorised dealer shall not collect the sum, if the amount or aggregate of the amounts
being remitted by a buyer is less than seven lakh rupees in a financial year and is for a purpose other
than purchase of overseas tour program package:
Provided further that the sum to be collected by an authorised dealer from the buyer shall be equal to
5% of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the buyer
in a financial year, where the amount being remitted is for a purpose other than purchase of overseas
tour program package:
Provided also that the authorised dealer shall collect a sum equal to 0.5% of the amount or aggregate
of the amounts in excess of seven lakh rupees remitted by the buyer in a financial year, if the amount
being remitted out is a loan obtained from any financial institution as defined in section 80E, for the
purpose of pursuing any education:
Provided also that the authorised dealer shall not collect the sum on an amount in respect of which the
sum has been collected by the seller:
Provided also that the provisions of this sub-section shall not apply, if the buyer is,
a) liable to deduct tax at source under any other provision of this Act and has deducted such amount.
27

b) the Central Government, a State Government, an embassy, a High Commission, a legation, a

commission, a consulate, the trade representation of a foreign State, a local authority or any other
person as the Central Government may, by notification in the Official Gazette, specify for this
purpose, subject to such conditions as may be specified therein.
 Sale of goods of value exceeding Rs. 50 lakhs [w.e.f. 1.10.2020]

Every person,
 being a seller
 who receives any amount as consideration for sale of any goods of the value or aggregate of such
value
 exceeding 50 Lakhs rupees in any previous year
 other than the goods being exported out of India or goods covered in sub-section (1) or sub-section
(1F) or sub-section (1G)
 shall, at the time of receipt of such amount
 collect from the buyer
 a sum equal to 0.1 per cent of the sale consideration
 exceeding 50 Lakhs rupees as TCS
Reduction in rate of TCS due to COVID-19 pandemic made from 0.1% to 0.075%
Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct
tax at source under any other provision of this Act on the goods purchased by him from the seller and
has deducted such amount.
Buyer" means a person who purchases any goods, but does not include:
 the Central Government, a State Government, an embassy, a High Commission, legation,
commission, consulate and the trade representation of a foreign State; or
 a local authority as defined in the Explanation to clause (20) of section 10; or
 a person importing goods into India or any other person as the Central Government may, by
notification in the Official Gazette, specify for this purpose, subject to such conditions as may be
specified therein.
Seller" means a person whose total sales, gross receipts or turnover from the business carried on by
him exceed ten crore rupees during the financial year immediately preceding the financial year in
which the sale of goods is carried out, not being a person as the Central Government may, by notification
in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein.
If collectee fails to furnish his PAN or Aadhar to the collector, tax shall be collected at HIGHER of the
below rates:
 Twice the rate specified under Income Tax Act, 1961 or
 1%
28

Chapter 12 Tds &amp; Tcs

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Income Tax CA-INTER/IPCC For May/Nov 2021

TAX DEDUCTION & COLLECTION AT SOURCE

Surcharge In case of Resident Payee

Surcharge In case of Non-Resident Foreign Company Payee

Surcharge In case of Other Non-Resident Payee

Deduction at source and Advance Payment (Pre-paid Tax)

Amendment By F.A 2020

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TDS on Salary Income

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Furnishing Where the salary paid/payable to an employee exceeds Rs. 1,50,000

TDS on Premature Taxable withdrawal from EPF

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TDS on Interest on Securities

No tax deduction is to be made from any interest payable:

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TDS on other than “Interest on Securities”

 Rs. 5,000 if the interest is being paid by any other person

Also, No tax shall be deducted in the below cases:

b) Interest paid by co-operative societies to its member.

c) Interest income credited or paid in respect of deposit with primary agriculture

d) Interest on Zero Coupon Bond

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Time of At the time of payment or credit whichever is earlier.

b) The amount of interest or the aggregate amount of interest credited or paid, or is

TDS on Winning from Lottery, Crossword, Puzzles Etc

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Time of At the time of payment

TDS on Winning from Horse Races

TDS on Payment to Contractor

However, no tax has to be deducted at source in respect of payments made by

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 Rs. 1,00,000 in case of aggregate of contracts

Time of At the time of credit or payment whichever is earlier

But it does not include Manufacturing or supplying a product according to the

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TDS on Insurance Commission

TDS on Proceed Received on Maturity of Life Insurance Policy

TDS on Payment to Non-Resident Sportsman, Entertainer Etc

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Nature of  Income from participation in any game or sports in India or

TDS on Payment in respect of deposits under National Savings Scheme Etc.

TDS on Repurchase of units by Mutual Fund or Unit Trust of India.

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TDS on Payment of Commission/Remuneration or prize on Sale of Lottery Ticket

TDS on Payment of Commission/Brokerage

Payment to Any Resident

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TDS on Payment of Rent by Certain Individual or HUF

TDS on Payment of Rent

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Payment to Any Resident

Nature of  Rent charges for any property, whether movable or immovable.

TDS on Payment For Transfer of Certain Immovable Property

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TDS on Payment under specified agreement

Time of At the time of credit or payment whichever is earlier

TDS on Payment for Professional Services, Technical Services Etc.

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Payment to Any Resident

TDS on Income in respect of units.

(ii) the income is of the nature of capital gains

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Chapter 12 Tds & Tcs

Chapter 12 Tds & Tcs