Phone No - 22 - 40482500
 
     
   
 
Rate OF TDS

TDS / TCS RATES FOR F.Y.2023-24

           
Section Nature of Payment Threshold Limit of Payment   Rates
      Basic Exemption Limit  
      For Old regime For New regime  
192 Income from Salary Super Senior Citizen (80 Years or more) Rs. 5,00,000 Rs. 3,00,000 Average rate of Tax + Health & Education Cess (Surcharge if Salary > 50 Lacs)                                                        TDS as per Tax Regime selected by employee. If not selected, TDS deduction as per New Regime.
Senior Citizen (60 Years or more) Rs. 3,00,000 Rs. 3,00,000
Others Rs. 2,50,000 Rs. 3,00,000
192A Premature Withdrawal from EPF  Rs. 50,000   PAN available : 10%
PAN Not available : 20% 
193 Interest on Securities (including Listed Debentures) Rs. 5,000
(Rs. 10,000 on 8% Savings (Taxable) Bonds, 2003) 
  10%
194 Dividend Rs. 5,000   10%
194A *Interest (Other than on Securities) by a Banking Company/ Post Office   Senior citizen : Rs. 50,000 p.a.                    Others : Rs. 40,000 p.a.   10%
194A Interest (Other than on Securities) by others Rs. 5,000 p.a.   10%
194B Winning from Lotteries & Cross Word Puzzles, Card games and other games on any sort (Other than winning from online Games) Rs. 10,000 p.a.   30%
194BA Winning From Online Games  No Limit   30%
194BB Winnings from horse races Rs. 10,000 p.a.   30%
194C *Payment to contractor/sub-contractor Rs.30,000 Single Transaction (or)   Individual/HUF : 1%
Others : 2% 
Rs. 1,00,000 Aggregate of transactions  
194D Insurance Commision  Rs. 15,000   Other than Company :5%
Domestic Company:10%
194DA Payment under life insurance policy (The tax shall be deducted on the amount of income comprised in insurance pay-out) Rs.1,00,000 p.a.   5%
194EE Payment under National Savings Scheme Rs.2,500   10%  
194F Payment on account of repurchase of units by Mutual Fund or Unit Trust of India No Limit   20%
194G Commission on Sale of Lottery Tickets Rs. 15,000   5%
194H *Commission/Brokerage Rs. 15,000 p.a.   5%
194-I(a) *Rent of Plant / Machinery Rs. 2,40,000 p.a.   2%
194-I(b) *Rent of Land or building or furniture or fitting Rs. 2,40,000 p.a.   10%
194-IA Payment or transfer of immovable property (other than rural agriculture land) Rs. 50,00,000 & above   1%
(on the higher of amount of consideration or the stamp duty value)
194-IB Rent payable by an individual or HUF not liable to tax audit Rs.50,000 per month   5%
194-IC Payment of monetary consideration under Joint Development Agreements to Resident individual/HUF No Limit   10%
194J *Fees for Professional / Technical Services / Royalty / Remuneration to director Rs. 30,000 p.a. (Rs. 0 in case of Directors)   2% (For Call Centre, Fees for Technical Services & Royalty in case of cinematograh films)
  10% (For Professional Services, Director remuneration and other royelty)
194K Income in respect of units of Mutual funds or specified company Rs. 5,000   10%
194LA Compensation on  acquisition of immovable Property Rs. 2,50,000   10%
194LBA(1) Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its resident unit holders. No Limit   10%
194LBB Payment in respect of units of Investment funds u/s 115UB  [other than income which is exempt under Section 10(23FBB)] No Limit   10%
194LBC(1) Income in respect of investment made in a securitisation trust No Limit   Individual or HUF: 25%
Other : 30%
194M Payment to resident contractors and professionals or by way of commission / brokerage (other than those who covered u/s 194C or 194J) by individual/HUF not liable for tax audit. Rs. 50 lacs   5%
194N Aggregate Cash withdrawal from Bank / Co-operative bank / Post office etc.  (* by persons who have not filed ITR for 3 previous years immediately preceding the previous year and the due date for filing ITR under section 139(1) has expired)  Rs. 20 lakhs    Cash withdrawal  between Rs. 20 lakhs to Rs. 1 crore : 2%
  Cash withdrawal above Rs. 1 crore : 5%
194N Aggregate Cash withdrawal from Bank, Post office etc. in case of others. Rs. 1 crore   2%
194-O Payment by E-commerce operator to e-commerce participants Individual /HUF : Rs. 5 Lakh
Others : No limit.
  1%
194P TDS deduction by bank in case of specified Senior Citizen above 75 Years drawing pension
(NOTE-1)
Rs. 3,00,000   As per Rates in force
194Q Payment for purchase of goods  50 Lakhs    0.1% (on the value above Rs. 50 lakhs)
194R Benefits or perquisites arising from business or profession Rs. 20, 000   10%
194S Payment of Consideration for Transfer of Virtual Digital Assets of crypto currency  By Specified Persons(Not having income PGBP or less than 1Cr/50 lakh) : Rs. 50,000
By Others : Rs. 10,000
  1%
206AA TDS rate in case of Non availability of PAN -   Higher of-
Rates in force
20%
206AB TDS on non-filers of ITR at higher rates -   Higher of -
  – 5%
  – Twice the rate or rates in force

* Other than Individual or HUF (except those covered u/s 44AB)


NOTE-1

No ITR filing by senior citizen if all the following conditions are satisfied:

1. The senior citizen is resident in India.

2. He is of the age of 75 years or more during the previous year.

3. He has only pension income and may also have interest income from the same bank (specified bank) in which he is receiving his pension income;

4. He has furnished a declaration in Form 12BBA to the specified bank.

5. Specified bank would be required to compute income after giving effect to deductions allowable under Chapter VI-A and rebate under section 87A and deduct Income Tax on the rates in force.

6. As per Notification no. S.O. 3595(E) dated 2nd Sep, 2021, specified banks means a banking company which is a scheduled bank and has been appointed as agents of RBI u/s 45 of the RBI act. Most of the major public sector banks, Private sector banks &foreign banks are covered.

 

TCS Rates
Section Goods/Services Nature Threshold Limit of Payment Rates
206C (1) Alcoholic Liquor for Human Consumption Sale   1.00%
206C (1) Indian made for foreign liquor Sale   1.00%
206C (1) Minerals,coal lignite, Iron ore by a trader Sale    1.00%
206C (1F) Motor vehicle Sale Sale value Exceeding Rs. 10 Lakhs per transaction 1.00%
206C (1C) Parking lot, toll plaza, mining & quarrying Lease or license   2.00%
206C (1) Scrap Sale   1%
206C (1) Tendu Leaves Sale   5%
206C (1) Timber obtained under a forest lease or other mode Sale   2.50%
206C (1) Any other forest produce not being a Timber or tendu leaves Sale   2.50%
206 (1H) Goods other those specified separately in excess of Rs.50 Lakh in a year by seller Sale Whose turnover is more than Rs. 10 Crore 0.10%
206 (1G) Overseas Tour Package Sale No Limit Upto 30 Sep  2023 : 5%

From 1 Oct 2023 : 
Upto 7 Lacs : 5%
Above 7 Lacs: 20%
206 (1G) Remittance under LRS of RBIis a loan for education obtained from any financial institutiondefined in section 80E Foreign Remittance Rs. 7 lacs 0.50%
206 (1G) Remittance under LRS of RBIforeducation in other cases or for medical treatment Foreign Remittance Rs. 7 lacs 5%
  Any other Remittance Foreign Remittance 7 lacs


Upto 30 Sep 2023: 5%
From 1 OCT 2023 : 20%
206CC TCS rate in case of Non availability of PAN - Higher of-
Twice the rate
5%
206CCA TCS on non-filers of ITR at higher rates - Higher of -
Twice the rate or rates in force
5%

 

Notes-

Surcharges & Education Cess

Type of Payment Surcharge Rate Health and Education Cess (4.00%)
Salary (Residents) Upto 50 Lacs Nil Yes
  50 Lacs to  1 Crore 10% Yes
  > 1 Crore but upto 2 Crore 15% Yes
  > 2 crore but upto 5 crore 25% Yes
  > 5 crore 37% (Old Regime)
25% (New Regime)
Yes
Other Payments to Residents   No Nil No

 

Interest for failure to deduct tax at source/delay in payment of TDS

Stage of deduction Rate per month or part of the month
From date when deductible till actual deduction 1.00%
From date of deduction till payment 1.50%

 

TDS / TCS RATES FOR F.Y.2022-23

Section Nature of Payment Threshold Limit of Payment Rates
192 Income from Salary
Senior Citizen (60 Years) Rs. 3,00,000
Super Senior Citizen (80 Years) Rs. 5,00,000
Others