CA Abhijit Sawarkar

The provisions of the Income Tax Act relating to “Tax Deduction at source (TDS)” are of very important in the present scenario when TDS collections contribute almost 39% of total collection of Direct Taxes. The Income Tax Act also provides for penalty & prosecution for any default in respect of deduction of tax at source or deposit of the deducted amount in the Government account. Thus, the Tax Deductors need to be well conversant with the provisions relating to Tax Deduction at Source as provided in sections 192 to 198 of the Income Tax Act.

The Indian Income Tax Act provides for chargeability of tax on the total income of a person on an annual basis. The quantum of tax determined as per the statutory provisions is payable as:

a) Advance Tax

b) Self Assessment Tax

c) Tax Deducted at Source (TDS)

d) Tax Collected at Source (TCS)

Tax deducted at source (TDS), as name imply aims at collection of revenue at the very source of income. It is an indirect method of collecting tax with the concepts of “collect as it is being earned.” Its significance to the government lies in the fact that it pre-pones the collection of tax & to ensures a regular source of revenue.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income, tax has been deducted at source, gets the credit of the amount deducted in his personal assessment.

This presentation is an attempt to put forth the various provisions on the subject in a lucid yet precise manner. You can send any queries on this presentation in comment column mentioned below or mail me at abhijit.sawarkar@gmail.com.

Download PPT Presentation on TDS

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0 responses to “PPT Presentation on TDS”

  1. RAJESH MAHAJAN says:

    Nice PPT

  2. Sekaran says:

    Kaushal Ji
    Law is the same for Sonia & you. But she enjoys privileges .
    So you just pay the penalty and enjoy!
    God Bless you.

  3. kushal says:

    sir, my auditor filed tds return late because of function at his house. I came to know only when I got notice for penalty on late filing. what has to be done.

  4. radhika nagare says:

    Dear Sir
    I want to learn all taxes pl help me

  5. raman says:

    Yes We cannot judge all the post offices are the same. My client has received the credit of the tax deducted by them and I even filed his personal return in the first week of July itself. I do agree that service in post offices are very bad and that’s why they are losing the deposits despite higher rate of interest being paid.

  6. Sheela says:

    We cannot judge all the post offices are the same. My client has received the credit of the tax deducted by them and I even filed his personal return in the first week of July itself. I do agree that service in post offices are very bad and that’s why they are losing the deposits despite higher rate of interest being paid

  7. Rahul Mathur says:

    Very Nice.
    Helps to understand TDS laws.

  8. Sekaran says:

    1. The systems in place for accounting for various kinds of deposits with prescribed upper limits is really shocking. The same human being has accounts above limits at different post offices!The same person has more than one PAN card!Please do not say it is impossible!
    2. The system of TDS reporting in 16A is shockingly slow and the 16A form for the last quarter of the FY comes only in the second quarter of the following year! Absolutely there is no accountability.How can one claim a genuine refund? When private companies are so efficient why not our Post Offices?
    3.Each Post office has a different system within the same city for the same product! The taste of sambar in each PO is different of course! None can straighten these basic systems even in the Metros!
    The Govt of India does not care.Perhaps they think that each state has to take care on its own without a punitive system for violation of prescribed rules!
    To top it all over-staffing/ employment of unfit staff is rampant. India Post should have only Ladies within the age group of 25 to 45 and these people should be thoroughly drilled in all aspects of customer services. Computerisation should be used for effective crime detection also instead of accepting tamely.
    When is India Post going to reach modernity inspite of computerisation??
    I think this will not happen ever as long as there is a lack of dynamism at all levels!Of course some exceptions are there, here and there. But all of them should function uniformly irrespective the size and location of the PO.It is indeed a pipe dream so far as India Post is concerned you will agree!

  9. Harshad says:

    GOVT.SHOULD INTRODUCE TDS CHALLAN-CUM-FORM NO.16A. TDS is tedious but mayh be friendly by way of introducing above challan for 194A etc. to avoid many problem. This challan is very usefull to the I T Department as well as the deductor. That Govt. has already make arrangement for 1694-IA deductor, why not for others?BENEFITS ; 1. No separate issue of Form No 16A by the TDS deductor by downloading the Form No 16A from wbsite. That Govt. shall make arrangement that all the details of this challan are automatically appeard in 26AS. 2. That all the information required for 26Q are already appeard in this challan hence there is no requirement of filling Form No26Q & preperation of Form No. 27A. 3. TDS deductor will save charges of 26Q etc. 4. No difficulties in respect of getting credit of TDS. 5. That due dto software or other mistake TDS details are not appeared in 26AS & therefore TDS Officers issued thousands of Notices in respect of TDS payments. This challan serve all the issues. 6. Huge wdorkload of ITO(TDS),deductor & deductee will be reduce by above challan because there will be no mis matching. 7. Green Initiative – less consumption of paper. We can save energy,tree,money,time etc.etc.

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