TDS / TCS Ready Reckoner

• No PAN: Higher of (a) rate in Act, (b) rates in force, or (c) 5%/20% — Sec 397(2)

• Deposit Due: 7th of following month (30th April for March)

• Returns: Q1: 31 Jul, Q2: 31 Oct, Q3: 31 Jan, Q4: 31 May

• Interest: 1% pm (deduction delay) + 1.5% pm (deposit delay) — Sec 398(3)

• NR Payments: Add applicable surcharge + 4% Health & Education Cess

• Nil TDS: Form 121 declaration if estimated total income is nil — Sec 393(6)

• Lower TDS: Apply u/s 395 (Form 128) for reduced / nil rate certificate

• No TDS to: Government, RBI, exempt corporations, Mutual Funds — Sec 393(5)