HIGHLIGHTS OF THE UNION BUDGET 2012

Provisions of tax deducted/ collected at source

HIGHLIGHTS OF THE UNION BUDGET 2012 TABLE OF CONTENTS

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Particulars TAX DEDUCTED/ COLLECTED AT SOURCE

TDS rate chart for the financial year 2012-2013 TCS rate chart for the financial year 2012-2013 Education cess, SAH cess and surcharge Due date for payment of taxes Due date for furnishing returns Due date for furnishing certificates

Related section

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Section 200(2) Section 203AA Section 203

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TDS RATE CHART FINANCIAL YEAR 2012-2013 (ASSESSMENT YEAR 2013-2014)

Sr No Section Nature of Payment Threshold limit 01-04-2012 to 30-06-2012 1 192 Salaries 01-07-2012 onwards Average rate Rate % Ind/ HUF Others

Salary income must be more than exemption limit after deductions

2 3 4

193 194 194A

Interest on debentures Deemed dividend Interest other than Int. on securities (by Bank)

2,500 10,000

5,000 10,000

10 10 10

10 10 10

194A

Interest other than Int. on securities (By others)

5,000

5,000

10

10

6 7 8 9

194B 194BB 194C(1) 194C(2)

Lottery / Cross Word Puzzle Winnings from Horse Race Contracts Sub-contracts/ Advertisements

10,000 5,000 30,000 30,000

10,000 5,000 30,000 30,000

30 30 1 1

30 30 2 2

10 11

194D 194EE

Insurance Commission Payments out of deposits under NSS

20,000 2,500

20,000 2,500

10 20

10 -

12

194F

Repurchase of units by MF/ UTI

1,000

1,000

20

20

13

194G

Commission lottery tickets

on

sale

of

1,000

1,000

10

10

14 15 16

194H 194I

Commission or Brokerage Rent (Land & building) Rent (Plant & Machinery , Equipment, furniture & fittings) Professional/ Technical charges/ Royalty & Noncompete fees

5,000 1,80,000 1,80,000

5,000 1,80,000 1,80,000

10 10 2

10 10 2

17

194J

30,000

30,000

10

10

18

194J(1) (ba)

Any

remuneration

or

NA

NIL

10

10

commission paid to director of the company

19

194LA

Compensation

on

1,00,000

2,00,000

10

10

acquisition of immovable property 20 194LLA Payment on transfer of certain immovable property other than agricultural land (applicable only if amount exceeds : (a) INR 50 lacs in case such property is NA (a) INR 50 lacs in case property is situated in 1 1

specified urban agglomeration; or(b) INR 20 lacs in case property is situated in

situated in a specified urban agglomeration; or (b) INR 20 lacs in case such property is situated in any other area) (Effective from 01-10-2012)

any other area) (Effective from 01-10-2012)

Note: The amended/ newly inserted sections have been highlighted in the above chart.

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TCS RATE CHART FINANCIAL YEAR 2012-2013 (ASSESSMENT YEAR 2013-2014)

Sr No Nature of goods Rates in % 01-04-2012 to 30-06-2012 1 2 3 4 5 6 7 8 9 10 11 Alcoholic liquor for human Consumption Tendu leaves Timber obtained under forest lease Timber obtained by any mode other than a forest lease Any other forest produce not being timber or tendu leaves Scrap Parking lot Toll plaza Mining & Quarrying Minerals, being coal or lignite or iron ore Bullion or jewellery (if sale consideration is paid in cash > INR 2 lacs) 1 5 2.5 2.5 2.5 1 2 2 2 NA NA 01-07-2012 onwards 1 5 2.5 2.5 2.5 1 2 2 2 1 1

Note: The amended/ newly inserted sections have been highlighted in the above chart. ****

EDUCATION CESS, SECONDARY AND HIGHER EDUCATION CESS & SURCHARGE

EDUCATION CESS & SECONDARY AND HIGHER EDUCATION CESS ON SURCGARGE & TDS
Resident Individual/ HUF / Firm/ AOP/ BOI/ Domestic Company Payment of income other than salary NIL NIL Payment in respect of salary @ 2% @ 1% Non residents and foreign companies In all cases @ 2% @ 1%

SURCHARGE ON TDS
@ 2% when the recipient is a foreign company and the payment/ credit, subject to TDS, exceeds INR 1 crore. ****

DUE DATE FOR PAYMENT OF TAXES

Sr No A 1 2 Different situations Tax deducted/ collected by an office of the Government Tax paid without production of a challan Tax deposited through a challan On the same date on which tax is deducted/ collected On or before 7 days from the end of the month in which tax is deducted/ collected B 1 Tax deducted/ collected by a person (not being an office of the Government) Where income or amount is paid or credited By 30th April in the month of March 2 Within 1 week Time of deposit of

from the last day of

Where income or amount is paid or credited Within 7 days from the end of the the month in which before March 1 month in which tax is deducted tax is collected

Where the AO (with the prior approval of 7th Jul: for qtr ending 30th Jun; the Joint Commissioner) has permitted 7th Oct: for qtr ending 30th Sept; quarterly deposit of tax deducted under 7th Jan: for qtr ending 31st Dec; sections 192, 194A, 194D and 194H 30th Apr: for qtr ending 31st Mar **** -

DUE DATE FOR FURNISHING STATEMENT OF TDS

Sr No Quarter ending Due date for furnishing statement of TDS If the deductor is a person other than an office of the Government 1 2 3 4 30 June 30th September 31st December 31st March
th

If the deductor is an office of Government 31st July of the FY 31st October of the FY 31st January of the FY 15th May of the FY immediately following the FY in which deduction is made

15 July of the FY 15th October of the FY 15th January of the FY 15th May of the FY immediately following the FY in which deduction is made ****

th

DUE DATE FOR FURNISHING TDS CERTIFICATES

Sr No Category Periodicity of furnishing TDS certificate 1 Salary (Form 16) Annual By 31st May of the FY immediately following the FY in which the income was paid and tax deducted 2 Non salary (Form 16A) Quarterly Within 15 days from the due date for furnishing the statement of TDS ****
Note 1: Section 206AA inserted w.e.f. 01-04-2010 provides that in cases where the deductee does not furnish his PAN/ furnishes invalid PAN to the deductor, tax shall be deducted at the higher of the following rates: (a) At the rate specified in the relevant provision of this Act; or (b) At the rate or rates in force; or (c) At the rate of twenty per cent. Note 2: CBDT vide circular # 01/2012 dated 09-04-2012 has made it mandatory for all deductors (including government deductors who deposit TDS in the Central Government Account through book entry) in respect of all sums deducted on or after the 1st day of April, 2012, to issue TDS certificate in Form No 16A generated through TIN central system. The circular further provides that for tax deducted between 01-04-2011 to 31-03-2012, the deductor, being a company including a banking company shall issue TDS certificate in Form No16A generated through TIN central system. All other deductors, may, at his option, issue TDS Certificate in Form No16A generated through TIN central system. For deduction of tax at source made during financial year 2010-11, the deductors, may, at his option, issue the TDS certificate in Form No16A generated through TIN central system.

Due date

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