TDS/TCS Rates Chart for FY 2015-16 / AY 2016-17

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Proposed
TDS/TCS Rates Chart for Financial Year 2015-16 / Assessment Year
2016-17 vide Finance Bill 2015 i. e. Budget 2015-16.

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a
person responsible to pay a sum of specified nature shall deduct an amount
towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up covers all
such rates.


Sl. No.
Section
Nature of Payment in brief
Cut Off Amount
Rate %
HUF/IND
Others
1
192
Salaries
Average Rate
2
193
Interest on debentures
5000
10
10
3
194
Deemed dividend
10
10
4
194A
Interest other than Int on securities (by Bank)
10000
10
10
4A
194A
Interest other than Int. on securities (By others)
5000
10
10
5
194B
Lottery / Cross Word Puzzle
10000
30
30
6
194BB
Winnings from Horse Race
5000
30
30
7
194C(1)
Contracts *
30000
1
2
8
194C(2)
Sub-contracts/ Advertisements *
30000
1
2
9
194D
Insurance Commission
20000
10
10
10
194EE
Paymentsout of deposits under NSS
2500
20
11
194F
Repurchase of units by MF/UTI
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
10
10
13
194H
Commission or Brokerage
5000
10
10
14
194I
Rent (Land & building)
180000
10
10
Rent (P & M , Equipment, furniture &
fittings)
180000
2
2
15
194J
Professional/Technical charges/Royalty &
Non-compete fees
30000
10
10
16
194J(1)(ba)
Any remuneration or commission paid to director of
the company
(Effective from 1 July 2012)
NIL
10
10
17
194LA
Compensation on acquisition of immovable property
200000
10
10
18
194IA
Payment on transfer of certain immovable property
other than agricultural land
(applicable only if
amount exceeds : (a) Value exceeds INR 50) (Effective from 1 June
2013)
1
1
19
194LBA
on income distributed by business trust to its
holders ( Sec 194LBA –wef 1.6.15)
10
10



Surcharge, education cess and
secondary and higher education cess will be added to the above tax rate, as
applicable.

RECOMMENDED READ  Checklist to File Form 15CA & Form 15CB

Notes:
1. Securities includes listed as well as
unlisted debentures issued by companies in which public are substantially
interested.
2. In case of interest payment by
co-operative banks to its members the TDS Provision is applicable from
1-6-2015.
3. If the payment is made to
contractor/sub contractor in transport business, no TDS shall be deducted at
source in the course of payment for plying, hiring or leasing goods carriages
if the contractor provides PAN Number and such contractor owns ten or less goods
carriage at any time during the previous year and furnishes a declaration to
that effect.
4. In case of section 194LA, the
sub-registrar shall register the document only after the challan for payment of
TDS is presented before him.
5. If the payment is made to a person
(including non resident) whose receipts are subject to TDS shall mandatory
furnish his PAN to the deductor (even though the deductee file a declaration in
form no. 15G or 15H) otherwise the deductor shall deduct the TDS at higher of
the following rates-
–      The
applicable rate prescribed in the Act or
–      The rate
mentioned in the Finance Act or
–      20%

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