TDS in Income Tax

TDS in GST

Rate of TDS Under 194C

Payment to Individual /HUF 1%

Payment to Others 2%

Rate of TDS

Tds Rate is 1% in all cases

 

Applicable only If Deductor is

Covered in Tax Audit

(Individual/HUF/Partnership having turnover>1 Cr

Or

Company )

 

Applicable in Case of

  1. Department of Central Government or State Government
  2. Local Authority
  3. Governmental Agencies
  4. Others as may be notified

Cut off limit

30000 Single Payment

Or

100000 Annual

Cut off limit

250,000 Single Contract

 

 

Challan payment

Due date is 7 th  of next month

However, for March, it is 30 April

  Challan payment

Due date is 10 th  of next month

(Even for March, it is same)

TDS Return

It is to be file quarterly one month from end of quarter

 Except last quarter

April-June->31 July

July-Sep->31 Oct

Oct-Dec->31 Jan

Jan-March->31 May

 

Form No Prescribed is Form 26Q

TDS Return

It is to be file monthly by 10 th  of next quarter

Form No Prescribed is GSTR 7

 

 

 

 

 

 

TDS Certificate

It is to be issued quarterly 15 days of filing TDS Return

In case of late payment, Penalty applicable is 100 per day

 

TDS Certificate

It is to be issued Monthly 5 days of filing TDS Challan

In case of late payment,

 Penalty applicable is 100 per day

Upto max 5000

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.