Hello, We are a small startup and we have hired staff on a contractual basis so we are deducting TDS at 10% as professional fees. We now have to deposit the TDS we have deducted and we are not sure which challan or form to use to deposit the TDS, request people with the knowledge to guide us on which challan or form we should use to deposit the TDS - is it CHALLAN NO./ITNS 281 or is it Form 26QD or some other challan? The monthly salary is approximately Rs 40000 and TDS is Rs 4000 per month.
Also if the answer is challan 281 then what is the code we need to select under nature of payment - is it 94J?
and what option should we select for Tax Applicable - is it (0020) Company Deductees or (0021) Non-Company Deductees?
for Type of Payment*do we choose (200) TDS/TCS Payable by Taxpayer or (400) TDS/TCS Regular Assessment?
Finally, what is the due date to deposit the tax - we did TDS for Jan's salary on Feb 1 when the Jan salary was paid to the person? - so is the due date to deposit TDS Feb 7 or Mar 7? Is there anything else we should know or be aware of? Thank you.
From India, Bengaluru
Also if the answer is challan 281 then what is the code we need to select under nature of payment - is it 94J?
and what option should we select for Tax Applicable - is it (0020) Company Deductees or (0021) Non-Company Deductees?
for Type of Payment*do we choose (200) TDS/TCS Payable by Taxpayer or (400) TDS/TCS Regular Assessment?
Finally, what is the due date to deposit the tax - we did TDS for Jan's salary on Feb 1 when the Jan salary was paid to the person? - so is the due date to deposit TDS Feb 7 or Mar 7? Is there anything else we should know or be aware of? Thank you.
From India, Bengaluru
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Request you to discuss the issue with your Auditor / Chartered accountant, as TDS of contract work has two sections 194C and 194J and both have different rate depending on the nature of contract in force.
Monthly TDS due dates, challan to be used , and quarterly return submission dates of TDS calendars are handled by the CA only
630Monthly TDS due dates, challan to be used , and quarterly return submission dates of TDS calendars are handled by the CA only
Now remittance of TDS to the govt. a/c has become very easy and quick enough thru' ONLINE linking your Netbanking a/c. If you have your Netbanking ID, Login PW & Transaction IDs it can be done in a few minutes.
Going by your description it appears your TDS will be under 94C (@ 1-if the deductee is a Proprietor or 2% Partnerships & Cos.). 94J is meant to Professional advice, Tech.services/ assistance etc @ 10%.
Step by step compliance on the Net banking portal of your banker's web site:
Open the portal > login >select Direct or Indirect Tax > select Co user or Others > select TDS > select bank name & A/c > Assessment Year > Input PAN & TAN No. Check whether your firms' name displays > type the amount of TDS to be remitted > submit to bank > see bank a/c No. & your latest logged in details appear > enter your login & Transaction PW > submit > then your paid challan is displayed. Click on pdf format print, take a print for your file. It's over. Use the details for filing your IT -TDS Qly Returns also.
Re: due dates etc. pl.see the info in the following links for the next few months.
https://eztax.in/tax-compliance-calendar-it-tds-gst-roc
From India, Bangalore
Going by your description it appears your TDS will be under 94C (@ 1-if the deductee is a Proprietor or 2% Partnerships & Cos.). 94J is meant to Professional advice, Tech.services/ assistance etc @ 10%.
Step by step compliance on the Net banking portal of your banker's web site:
Open the portal > login >select Direct or Indirect Tax > select Co user or Others > select TDS > select bank name & A/c > Assessment Year > Input PAN & TAN No. Check whether your firms' name displays > type the amount of TDS to be remitted > submit to bank > see bank a/c No. & your latest logged in details appear > enter your login & Transaction PW > submit > then your paid challan is displayed. Click on pdf format print, take a print for your file. It's over. Use the details for filing your IT -TDS Qly Returns also.
Re: due dates etc. pl.see the info in the following links for the next few months.
https://eztax.in/tax-compliance-calendar-it-tds-gst-roc
From India, Bangalore
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INTEREST RATE ON LATE DEPOSIT OF TDS.doc
TDS circular.pdf