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.
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%
