Free TDS Calculator Excel Based

Friends,

Excel Based TDS Calculator 

                Simple online TDS calculator w.e.f. 01-Oct-2009 is available below.  Enter amount in white cell in which you want to calculate T.D.S. T.D.S. will be calculated automatically on all sections like as 194A, 194C,194H,194I,194J etc.

TDS Calculator w.e.f. 01.10.2009
Financial Year 2010-11 (Assessment Year 2011-12)
(for further updates visit at www.fastworking.blogspot.com)
Tax Deduction at Source (Rates)
			Enter Bill Amount		515800
Section	Nature of Payment	Threshhold Limit		TDS %	TDS (Amount)
		01-10-09 to 30-06-10	01-07-10 to onwards
194-A	Interest from Bank	10000	10000	10	51580
194-A	Interest Others	5000	5000	10	51580
194-B	Winning from Lotteries	5000	10000	30	154740
194-BB	Winning from Horse Races	2500	5000	30	154740
194-C	Contractor/Sub Contractor including Advertisor
	1) To Individual/H.U.F.	(a) 20000 as single   (b) 50000  in a year	(a) 30000 as single    (b) 75000  in a year	1	5158
	2) To Other than Individual/H.U.F.			2	10316
	3) To Transporters (If Pan is Furnished)			0	0
194-D	Insurance Commission	5000	20000	10	51580
194-H	Commission or Brokerage	2500	5000	10	51580
194-I	Rent (1) Land,Building,Furniture or any Property	120000	180000	10	51580
	(2) Plant,Machinery & Equipment	120000	180000	2	10316
194-J	Profesional or Technical Services	20000	30000	10	51580
Note :- Surcharge and Education Cess has been removed w.e.f. 01.10.2009
Note :- If pan is not provided, 20% TDS will be deducted w.e.f. 01.04.10 u/s 206AA

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TDS Status in case Deposit in Joint Name

    TDS Status in case Deposit in two or more Names

    The Board are advised that in the case of a deposit in joint names, say in two names, in the absence of any proof to the contrary, both the persons can be treated as payees for the purpose of deduction of tax under section 194A of the Act.   As such, unless the person paying the interest on such deposit(s) has definite information about the beneficial ownership of the deposit(s), the interest payable under a joint account can be aggregated with the amount of interest payable by that person to any one of the payers in their separate or independent accounts.   The persons responsible for deducting the tax are advised that, in the absence of account with the interest on deposit in the individuals account who has higher interest income.  Thus,  if there is a deposit of Rs. 15,000 in joint account of M/S AB and there are deposits of Rs. 32000 in the name of A and Rs. 3000 in the name of B with the same payer,   the rate of interest being 12% per annum,  the payer may aggregate the interest in the joint account amounting to Rs. 1800 with the interest of Rs. 3840 on the deposit of A and since the aggregate interest during a financial year exceeds Rs. 5000 he may deduct the tax at the prescribed rate.   The fact that the joint account may be styled as M/S AB instead of M/S AB will not make any difference.  [Circular No. 256, dated 29-05-1979].

      Under the existing provisions of the Income-tax Act, credit for tax deducted at source is to be given to each co-owner in cases of jointly owned securities or shares in a company,  in the same proportion in which the interest on such securities or dividend on such shares in assessable as income of each of such owners. 

      Through the Act, the scope of the aforesaid provision has been enlarged so as to cover other situations also in which income which is subject to deduction of tax at source is assessable in the hands of two or more persons.  For this purpose, the scope of the existing provision to allow credit for tax deducted as source is owned deposits or jointly owned united apart from jointly owned securities or shares in a company. [Circular No. 762 dated 18-02-1998].

e-TDS Return for Payment to Transporter Having Pan Number

Some questions  regarding submission of e-TDS return on payment to Transporter while producing Pan Number of the Transporter are as under :-

1. TDS will be dedcuted or not. 
2. e-TDS return will be submitted or not. 
3. In a complete quarter there is no deposit of TDS under any section except payment to transporter (Pan Holders) without deducting TDS.  e-return will be submitted or not. 
4. How can i submit e-TDS return through NSDL software.

Answers:-

1. If transporter provide his Pan number then TDS will not be deducted on payment of Freight to transporter.  In case without PAN holder, threshold limit is 30000/- as a single payment and 75,000/- in a whole year w.e.f. 01.07.2010. 
2. Yes, it is mandatory to submit e-TDS return on Payment of Freight without deducting TDS on it.  In case return is not submitted, penalty can be imposed. 
3. Yes, e-tds return will be submitted for information to the Income Tax Department. of the Name of transporter with Pan Numbers alongwith detail of Freight amount received by them.
4. e-tds return through NSDL software can be submitted with the following setting:-

• Cheque No, BSR code and Transfer Voucher /Challan Serial No.  will be blank and in the column "Date of  which tax deposited" may be the Last Date of selected Quarter in Challan Sheet. Section Code will be 94C and other columns will be entered as Zero (0). 
• Select "T" in the column "Reason for of Non-Deudction or lower deduction of Tax of the Annexure-1.
• Date of deduction in Annexure-I will also be blank.  

In this way if  TDS payable is zero and you have made payment of  freight without deduction of TDS due to having of Pan Number's with the transporter, e-TDS return can be submitted.

Sample file generated through NSDL Software is given here. (click here) to download the sample file).  "T" is also already selected in Proper Column. Just change data as per your TAN or books and prepare your e-tds return in minutes.  Keep in mind that Don't enter any value (even zero) in Blank Columns.  Left them blank and correct your data. 

If anyone feels any problem in submission of such type  of e-TDS return through NSDL software, question can be asked through comments on this post. Solution will be provided earliest.