Tax Calendar AY 2017-18 – Income Tax,
TDS and Service Tax
Income
Tax
Rates of Tax
a) Individuals
below the age of 60
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 250,000
|
NIL
|
NIL
|
NIL
|
|
Rs
250,000 to Rs 500,000
|
10% of total income minus Rs 250,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 25,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 125,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Senior Citizens (60 to 80 years)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 300,000
|
NIL
|
NIL
|
NIL
|
|
Rs
300,000 to Rs 500,000
|
10% of total income minus Rs 300,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 20,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 120,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Very Senior Citizens (80 above)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 500,000
|
NIL
|
NIL
|
NIL
|
|
Rs
500,000 to Rs 10,00,000/-
|
20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above Rs 10,00,000/-
|
Rs 100,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Surcharge @ 15 % of income tax if total income exceeds Rs 1 Crore..
b) Partnership
Firm
A firm is taxed at a flat rate of 30%. Surcharge @ 12% on the income tax
where net income exceeds Rs 1 Crore.
c) Domestic
Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is
taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if
turnover or gross receipt of the company does not exceed Rs. 5 Crore.
Surcharge @ 7% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 12% if net income exceeds Rs. 10 Crore.
d) Foreign
Company
A foreign company is taxed at a flat rate of 40%.
Surcharge @ 2% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 5% if net income exceeds Rs. 10 Crore.
e) Co-operative
Society
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 10,000
|
10%
|
2% of income tax
|
1% of income tax
|
|
Rs
10,000 to Rs 20,000
|
20%
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 20,000/-
|
30%
|
2% of income tax
|
1% of income tax
|
Surcharge @ 12% net income exceeds Rs. 1 Crore.
Advance Tax
Advance Tax is payable all persons whose estimated total tax liability
for the year is Rs 10,000 or more. However, a resident senior citizen not
having any income from business or profession is not liable to pay advance tax.
Due Date and Instalments Payable (for all assesses)
|
On or
before 15th June 2016
|
Not
less than 15% of such advance tax
|
|
On or
before 15th September 2016
|
Not
less than 45% of such advance tax as reduced by the amount paid in the
earlier instalment
|
|
On or
before 15th December 2016
|
Not
less than 75% of such advance tax as reduced by earlier instalment
|
|
On or
before 15th March 2017
|
100% of
advance tax as reduced by the amount paid in earlier instalment
|
Tax Deducted at
Source
Tax Deduction at Source simply means deduction of income tax right at
the source of income. As per this concept, a person (deductor) who is liable to
make payment of specified nature to any other person (deductee) shall deduct
tax at source and remit the same to the account of Central Government.
Some of the payments of specified nature of which tax to be deducted at
source are listed below;
|
Section
|
Nature of payment
|
Rate of TDS
|
Threshold limit
|
|
192
|
Salary
|
According
to the income slab
|
According
to the income slab
|
|
194C
|
Payment
to contractors
|
1% if
contractor is an individual or
2% if
contractor is other than individual.
(20% if
no PAN)
|
When a
particular contract exceeds Rs 30000 or the total amount of contract during
the whole year exceeds Rs 75000
|
|
194H
|
Commission
or Brokerage
|
5% (20%
if no PAN)
|
Rs
15,000
|
|
194I
|
Rent
|
10% if
rent is of land
2% if
rent is of plant, machinery
(20% if
no PAN)
|
Rs
180,000
|
|
194J
|
Fee for
professional or technical services
|
10%
(20% if no PAN)
|
Rs
30,000
|
|
194IA
|
Transfer
of certain immovable property
|
1% (20%
if no PAN)
|
Rs
50,00,000
|
Due Dates
|
Quarter Ending
|
Due Date
|
|
30th June
|
31st July
|
|
30th September
|
31st October
|
|
31st December
|
31st January
|
|
31st March
|
31st May
|
TDS collected in a month has to be remitted to the Govt within 7th of
next month and for the month of March last date is 30th April
of next financial year.
Service Tax
Service tax is to be paid for all services except those notified by the
Govt. A service provider whose aggregate turnover value of taxable services
does not exceed Rs 10 Lakh in a financial year need not pay service tax.
However the service provider is required to apply for registration under
Service Tax Act within 30 days of his turnover exceeding Rs 9 Lakh.
Presently rate is;
Service Tax Basic Rate - 14%
Swachh Bharath Cess – 0.5%
Krishi Kalyan Cess – 0.5%
Total Service Tax – 15%
Due Dates under Service Tax;
- For payment of service tax: 5th next month if paid
offline and 6th of next month if paid online. For the month of
March remittance shall be within 31st of March itself.
- For filing of returns: 25th of October and 25th of
April
Reverse Charge Mechanism
There are some services specified by the Government of which the service
tax has to be collected and paid by the service recipient. Some of the major
services under reverse charge are:
1) Supply
of manpower
2) Insurance
Agent Service
3) Goods
Transport Agency Service
4) Rent-a-Cab
Service
5) Legal
Service
6) Works
Contract
7) Sponsorship
Service
8) Import
of Taxable Service
Tax Calendar AY 2017-18 – Income Tax,
TDS and Service Tax
Income
Tax
Rates of Tax
a) Individuals
below the age of 60
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 250,000
|
NIL
|
NIL
|
NIL
|
|
Rs
250,000 to Rs 500,000
|
10% of total income minus Rs 250,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 25,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 125,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Senior Citizens (60 to 80 years)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 300,000
|
NIL
|
NIL
|
NIL
|
|
Rs
300,000 to Rs 500,000
|
10% of total income minus Rs 300,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 20,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 120,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Very Senior Citizens (80 above)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 500,000
|
NIL
|
NIL
|
NIL
|
|
Rs
500,000 to Rs 10,00,000/-
|
20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above Rs 10,00,000/-
|
Rs 100,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Surcharge @ 15 % of income tax if total income exceeds Rs 1 Crore..
b) Partnership
Firm
A firm is taxed at a flat rate of 30%. Surcharge @ 12% on the income tax
where net income exceeds Rs 1 Crore.
c) Domestic
Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is
taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if
turnover or gross receipt of the company does not exceed Rs. 5 Crore.
Surcharge @ 7% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 12% if net income exceeds Rs. 10 Crore.
d) Foreign
Company
A foreign company is taxed at a flat rate of 40%.
Surcharge @ 2% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 5% if net income exceeds Rs. 10 Crore.
e) Co-operative
Society
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 10,000
|
10%
|
2% of income tax
|
1% of income tax
|
|
Rs
10,000 to Rs 20,000
|
20%
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 20,000/-
|
30%
|
2% of income tax
|
1% of income tax
|
Surcharge @ 12% net income exceeds Rs. 1 Crore.
Advance Tax
Advance Tax is payable all persons whose estimated total tax liability
for the year is Rs 10,000 or more. However, a resident senior citizen not
having any income from business or profession is not liable to pay advance tax.
Due Date and Instalments Payable (for all assesses)
|
On or
before 15th June 2016
|
Not
less than 15% of such advance tax
|
|
On or
before 15th September 2016
|
Not
less than 45% of such advance tax as reduced by the amount paid in the
earlier instalment
|
|
On or
before 15th December 2016
|
Not
less than 75% of such advance tax as reduced by earlier instalment
|
|
On or
before 15th March 2017
|
100% of
advance tax as reduced by the amount paid in earlier instalment
|
Tax Deducted at
Source
Tax Deduction at Source simply means deduction of income tax right at
the source of income. As per this concept, a person (deductor) who is liable to
make payment of specified nature to any other person (deductee) shall deduct
tax at source and remit the same to the account of Central Government.
Some of the payments of specified nature of which tax to be deducted at
source are listed below;
|
Section
|
Nature of payment
|
Rate of TDS
|
Threshold limit
|
|
192
|
Salary
|
According
to the income slab
|
According
to the income slab
|
|
194C
|
Payment
to contractors
|
1% if
contractor is an individual or
2% if
contractor is other than individual.
(20% if
no PAN)
|
When a
particular contract exceeds Rs 30000 or the total amount of contract during
the whole year exceeds Rs 75000
|
|
194H
|
Commission
or Brokerage
|
5% (20%
if no PAN)
|
Rs
15,000
|
|
194I
|
Rent
|
10% if
rent is of land
2% if
rent is of plant, machinery
(20% if
no PAN)
|
Rs
180,000
|
|
194J
|
Fee for
professional or technical services
|
10%
(20% if no PAN)
|
Rs
30,000
|
|
194IA
|
Transfer
of certain immovable property
|
1% (20%
if no PAN)
|
Rs
50,00,000
|
Due Dates
|
Quarter Ending
|
Due Date
|
|
30th June
|
31st July
|
|
30th September
|
31st October
|
|
31st December
|
31st January
|
|
31st March
|
31st May
|
TDS collected in a month has to be remitted to the Govt within 7th of
next month and for the month of March last date is 30th April
of next financial year.
Service Tax
Service tax is to be paid for all services except those notified by the
Govt. A service provider whose aggregate turnover value of taxable services
does not exceed Rs 10 Lakh in a financial year need not pay service tax.
However the service provider is required to apply for registration under
Service Tax Act within 30 days of his turnover exceeding Rs 9 Lakh.
Presently rate is;
Service Tax Basic Rate - 14%
Swachh Bharath Cess – 0.5%
Krishi Kalyan Cess – 0.5%
Total Service Tax – 15%
Due Dates under Service Tax;
- For payment of service tax: 5th next month if paid
offline and 6th of next month if paid online. For the month of
March remittance shall be within 31st of March itself.
- For filing of returns: 25th of October and 25th of
April
Reverse Charge Mechanism
There are some services specified by the Government of which the service
tax has to be collected and paid by the service recipient. Some of the major
services under reverse charge are:
1) Supply
of manpower
2) Insurance
Agent Service
3) Goods
Transport Agency Service
4) Rent-a-Cab
Service
5) Legal
Service
6) Works
Contract
7) Sponsorship
Service
8) Import
of Taxable Service
Tax Calendar AY 2017-18 – Income Tax,
TDS and Service Tax
Income
Tax
Rates of Tax
a) Individuals
below the age of 60
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 250,000
|
NIL
|
NIL
|
NIL
|
|
Rs
250,000 to Rs 500,000
|
10% of total income minus Rs 250,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 25,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 125,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Senior Citizens (60 to 80 years)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 300,000
|
NIL
|
NIL
|
NIL
|
|
Rs
300,000 to Rs 500,000
|
10% of total income minus Rs 300,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 20,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 120,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Very Senior Citizens (80 above)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 500,000
|
NIL
|
NIL
|
NIL
|
|
Rs
500,000 to Rs 10,00,000/-
|
20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above Rs 10,00,000/-
|
Rs 100,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Surcharge @ 15 % of income tax if total income exceeds Rs 1 Crore..
b) Partnership
Firm
A firm is taxed at a flat rate of 30%. Surcharge @ 12% on the income tax
where net income exceeds Rs 1 Crore.
c) Domestic
Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is
taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if
turnover or gross receipt of the company does not exceed Rs. 5 Crore.
Surcharge @ 7% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 12% if net income exceeds Rs. 10 Crore.
d) Foreign
Company
A foreign company is taxed at a flat rate of 40%.
Surcharge @ 2% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 5% if net income exceeds Rs. 10 Crore.
e) Co-operative
Society
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 10,000
|
10%
|
2% of income tax
|
1% of income tax
|
|
Rs
10,000 to Rs 20,000
|
20%
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 20,000/-
|
30%
|
2% of income tax
|
1% of income tax
|
Surcharge @ 12% net income exceeds Rs. 1 Crore.
Advance Tax
Advance Tax is payable all persons whose estimated total tax liability
for the year is Rs 10,000 or more. However, a resident senior citizen not
having any income from business or profession is not liable to pay advance tax.
Due Date and Instalments Payable (for all assesses)
|
On or
before 15th June 2016
|
Not
less than 15% of such advance tax
|
|
On or
before 15th September 2016
|
Not
less than 45% of such advance tax as reduced by the amount paid in the
earlier instalment
|
|
On or
before 15th December 2016
|
Not
less than 75% of such advance tax as reduced by earlier instalment
|
|
On or
before 15th March 2017
|
100% of
advance tax as reduced by the amount paid in earlier instalment
|
Tax Deducted at
Source
Tax Deduction at Source simply means deduction of income tax right at
the source of income. As per this concept, a person (deductor) who is liable to
make payment of specified nature to any other person (deductee) shall deduct
tax at source and remit the same to the account of Central Government.
Some of the payments of specified nature of which tax to be deducted at
source are listed below;
|
Section
|
Nature of payment
|
Rate of TDS
|
Threshold limit
|
|
192
|
Salary
|
According
to the income slab
|
According
to the income slab
|
|
194C
|
Payment
to contractors
|
1% if
contractor is an individual or
2% if
contractor is other than individual.
(20% if
no PAN)
|
When a
particular contract exceeds Rs 30000 or the total amount of contract during
the whole year exceeds Rs 75000
|
|
194H
|
Commission
or Brokerage
|
5% (20%
if no PAN)
|
Rs
15,000
|
|
194I
|
Rent
|
10% if
rent is of land
2% if
rent is of plant, machinery
(20% if
no PAN)
|
Rs
180,000
|
|
194J
|
Fee for
professional or technical services
|
10%
(20% if no PAN)
|
Rs
30,000
|
|
194IA
|
Transfer
of certain immovable property
|
1% (20%
if no PAN)
|
Rs
50,00,000
|
Due Dates
|
Quarter Ending
|
Due Date
|
|
30th June
|
31st July
|
|
30th September
|
31st October
|
|
31st December
|
31st January
|
|
31st March
|
31st May
|
TDS collected in a month has to be remitted to the Govt within 7th of
next month and for the month of March last date is 30th April
of next financial year.
Service Tax
Service tax is to be paid for all services except those notified by the
Govt. A service provider whose aggregate turnover value of taxable services
does not exceed Rs 10 Lakh in a financial year need not pay service tax.
However the service provider is required to apply for registration under
Service Tax Act within 30 days of his turnover exceeding Rs 9 Lakh.
Presently rate is;
Service Tax Basic Rate - 14%
Swachh Bharath Cess – 0.5%
Krishi Kalyan Cess – 0.5%
Total Service Tax – 15%
Due Dates under Service Tax;
- For payment of service tax: 5th next month if paid
offline and 6th of next month if paid online. For the month of
March remittance shall be within 31st of March itself.
- For filing of returns: 25th of October and 25th of
April
Reverse Charge Mechanism
There are some services specified by the Government of which the service
tax has to be collected and paid by the service recipient. Some of the major
services under reverse charge are:
1) Supply
of manpower
2) Insurance
Agent Service
3) Goods
Transport Agency Service
4) Rent-a-Cab
Service
5) Legal
Service
6) Works
Contract
7) Sponsorship
Service
8) Import
of Taxable Service
Tax Calendar AY 2017-18 – Income Tax,
TDS and Service Tax
Income
Tax
Rates of Tax
a) Individuals
below the age of 60
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 250,000
|
NIL
|
NIL
|
NIL
|
|
Rs
250,000 to Rs 500,000
|
10% of total income minus Rs 250,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 25,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 125,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Senior Citizens (60 to 80 years)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 300,000
|
NIL
|
NIL
|
NIL
|
|
Rs
300,000 to Rs 500,000
|
10% of total income minus Rs 300,000
|
2% of income tax
|
1% of income tax
|
|
Rs
500,000 to Rs 10,00,000/-
|
Rs 20,000 + 20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 10,00,000/-
|
Rs 120,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Very Senior Citizens (80 above)
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 500,000
|
NIL
|
NIL
|
NIL
|
|
Rs
500,000 to Rs 10,00,000/-
|
20% of total income minus 500,000
|
2% of income tax
|
1% of income tax
|
|
Above Rs 10,00,000/-
|
Rs 100,000 + 30% of total income minus Rs
10,00,000
|
2% of income tax
|
1% of income tax
|
Surcharge @ 15 % of income tax if total income exceeds Rs 1 Crore..
b) Partnership
Firm
A firm is taxed at a flat rate of 30%. Surcharge @ 12% on the income tax
where net income exceeds Rs 1 Crore.
c) Domestic
Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is
taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if
turnover or gross receipt of the company does not exceed Rs. 5 Crore.
Surcharge @ 7% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 12% if net income exceeds Rs. 10 Crore.
d) Foreign
Company
A foreign company is taxed at a flat rate of 40%.
Surcharge @ 2% if net income exceeds Rs. 1 Crore but does not exceed Rs.
10 Crore and @ 5% if net income exceeds Rs. 10 Crore.
e) Co-operative
Society
|
Income Slab
|
Tax Rate
|
Education Cess
|
Secondary and Higher Education Cess
|
|
Up to
Rs 10,000
|
10%
|
2% of income tax
|
1% of income tax
|
|
Rs
10,000 to Rs 20,000
|
20%
|
2% of income tax
|
1% of income tax
|
|
Above
Rs 20,000/-
|
30%
|
2% of income tax
|
1% of income tax
|
Surcharge @ 12% net income exceeds Rs. 1 Crore.
Advance Tax
Advance Tax is payable all persons whose estimated total tax liability
for the year is Rs 10,000 or more. However, a resident senior citizen not
having any income from business or profession is not liable to pay advance tax.
Due Date and Instalments Payable (for all assesses)
|
On or
before 15th June 2016
|
Not
less than 15% of such advance tax
|
|
On or
before 15th September 2016
|
Not
less than 45% of such advance tax as reduced by the amount paid in the
earlier instalment
|
|
On or
before 15th December 2016
|
Not
less than 75% of such advance tax as reduced by earlier instalment
|
|
On or
before 15th March 2017
|
100% of
advance tax as reduced by the amount paid in earlier instalment
|
Tax Deducted at
Source
Tax Deduction at Source simply means deduction of income tax right at
the source of income. As per this concept, a person (deductor) who is liable to
make payment of specified nature to any other person (deductee) shall deduct
tax at source and remit the same to the account of Central Government.
Some of the payments of specified nature of which tax to be deducted at
source are listed below;
|
Section
|
Nature of payment
|
Rate of TDS
|
Threshold limit
|
|
192
|
Salary
|
According
to the income slab
|
According
to the income slab
|
|
194C
|
Payment
to contractors
|
1% if
contractor is an individual or
2% if
contractor is other than individual.
(20% if
no PAN)
|
When a
particular contract exceeds Rs 30000 or the total amount of contract during
the whole year exceeds Rs 75000
|
|
194H
|
Commission
or Brokerage
|
5% (20%
if no PAN)
|
Rs
15,000
|
|
194I
|
Rent
|
10% if
rent is of land
2% if
rent is of plant, machinery
(20% if
no PAN)
|
Rs
180,000
|
|
194J
|
Fee for
professional or technical services
|
10%
(20% if no PAN)
|
Rs
30,000
|
|
194IA
|
Transfer
of certain immovable property
|
1% (20%
if no PAN)
|
Rs
50,00,000
|
Due Dates
|
Quarter Ending
|
Due Date
|
|
30th June
|
31st July
|
|
30th September
|
31st October
|
|
31st December
|
31st January
|
|
31st March
|
31st May
|
TDS collected in a month has to be remitted to the Govt within 7th of
next month and for the month of March last date is 30th April
of next financial year.
Service Tax
Service tax is to be paid for all services except those notified by the
Govt. A service provider whose aggregate turnover value of taxable services
does not exceed Rs 10 Lakh in a financial year need not pay service tax.
However the service provider is required to apply for registration under
Service Tax Act within 30 days of his turnover exceeding Rs 9 Lakh.
Presently rate is;
Service Tax Basic Rate - 14%
Swachh Bharath Cess – 0.5%
Krishi Kalyan Cess – 0.5%
Total Service Tax – 15%
Due Dates under Service Tax;
- For payment of service tax: 5th next month if paid
offline and 6th of next month if paid online. For the month of
March remittance shall be within 31st of March itself.
- For filing of returns: 25th of October and 25th of
April
Reverse Charge Mechanism
There are some services specified by the Government of which the service
tax has to be collected and paid by the service recipient. Some of the major
services under reverse charge are:
1) Supply
of manpower
2) Insurance
Agent Service
3) Goods
Transport Agency Service
4) Rent-a-Cab
Service
5) Legal
Service
6) Works
Contract
7) Sponsorship
Service
8) Import
of Taxable Service
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