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TDS New Page 1

TDS / TCS RATES FOR F.Y.2021-22

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

Rs. 2,50,000

Average rate of Tax +  Health & Education Cess (Surcharge if Salary > 50 Lacs) Or,

Option to choose between New and Old Tax Slab Regime for Salaried Employees

192A

Premature Withdrawal from EPF (wef 01.06.2015) (*If PAN not furnished Rate of TDS at Maximum Mariginal Rate of 34.608%)

Rs. 50,000

10%

193

* Interest on Securities

Rs. 10,000

10%

194

Dividend

Rs. 5,000

10%

(Tds shall not be deducted on Dividend paid or credited to Business trust by Special Purpose Vehicle or any other person as may be specified)

194A

Interest from a Banking Company

Rs. 40,000 per annum for Others /Rs. 50,000 per annum for Senior citizen

10%

194A

Interest other than from a Banking Company

Rs. 5,000 per annum

10%

194B

Winning from Lotteries & Cross Word Puzzles

Rs. 10,000 per annum

30%

194BB

Winnings from horse races

Rs. 10,000 per annum

30%

194C

Payment to contractor/sub-contractor

Rs.30,000 Per Contract (or)
Rs. 1,00,000 per annum

Individual/HUF 1%

Others 2% 

194D

Insurance Commision

Rs. 15,000

Resident:5%

Domestic Company:10%

194DA

Payment under life insurance policy

Rs.1,00,000 per annum

5%

194EE

Out of deposit under NSS

Rs.2,500

10%  

194F

Payment on account of repurchase of units by Mutual Fund or Unit Trust of India

 

20%

194G

Commission on Sale of Lottery Tickets

Rs. 15,000

5%

194H

**Commission/Brokerage

Rs. 15,000 per annum

5%

194-I(a)

**Rent of Plant / Machinery

Rs. 2,40,000 per annum

2%

194-I(b)

**Rent of Land or building or furniture or fitting

Rs. 2,40,000 per annum

10%

194-IA

Payment or transfer of immovable property (other than rural agriculture land)

Rs. 50,00,000 & above

1%

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

 

10%

194J

Fees for Professional / Technical Services / Royalty / Remuneration to director

Rs. 30,000 per annum

2% (For Call Centre & Fees for Technical Services & Royalty)

10% (For Others)

194K Income in respect of units of Mutual funds or specified company

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 unit holders.

 

10%

194LBB

Payment in respect of units of Investment funds u/s 115UB  [other than income which is exempt under Section 10(23FBB)]

 

10%

194LBC(1)

Income in respect of investment made in a securitisation trust

 

Individual or HUF 25%

Other 30%

 

194M

TDS on 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

TDS on cash withdrawal from Bank, Post office etc.

i) in excess of Rs. 1 crore

                                     2%  

194N TDS on cash withdrawal from Bank / Co-operative bank / Post office etc.
ii) in excess of Rs. 20 lakhs* (* for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired) 
2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year
5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year 
194-O

Tds on E-commerce participants

5 Lakh 1%
194P TDS on Senior Citizen above 75 Years NOTE-1

As per Rates in force

194Q Purchase of goods (w.e.f 01.07.2021) 50 Lakh  0.10%

    

* Only for Debenture in which the public are substantially interested

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

 

Note -
In case of non availibility of PAN :- TDS shall be at the rate specified or rate of 20% whichever is higher 

 

TDS on Non-Filers of ITR under section 206AB (applicable w.e.f 01.07.2021)
In case of PAN Higher of the following rates :-
1. Twice the rate specified in the relevant provision of the Act; or
2. Twice the rate or rates in force; or
3. At the rate of 5%
In case of non availability of PAN Higher of the following rates :-
1. Twice the rate specified in the relevant provision of the Act; or
2. Twice the rate or rates in force; or
3. At the rate of twenty percent

 

NOTE-1
Following conditions needs to be satisfied-
1. The senior citizen is resident in India and of the age of 75 years or more during the previous year;
2. He has only pension income and may also have interest income from the same bank (specified bank – to be notified by the CG) in which he is receiving his pension income;
3. He shall be required to furnish a declaration to the specified bank. The declaration shall be containing such particulars, in such form and verified in such manner, as may be prescribed.
4.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 base of rates in force.

Once all done, there will not be requirement of furnishing return of income for this assessment year

 

 

TCS Rates  

Section

Nature of Payment

Threshold Limit of Payment

Rates

206C (1)

Sale of Scrap

 

1.00%

206C (1)

Sale of Tendu Leaves

 

5.00%

206C (1)

Sale of Timber obtained under a forest lease or other mode

 

2.50%

206C (1)

Sale of Any other forest produce not being a Timber or tendu leaves

 

2.50%

206C (1)

Sale of Alcoholic Liquor for Human Consumption

 

1.00%

206C Sale of Indian made for foreign liquor  

1.00%

206C (1C)

Lease or license of Parking lot, toll plaza, mining & quarrying

 

2.00%

206C (1)

Sale of Minerals,coal lignite, Iron ore by a trader

 

1.00%

206C (1F)

Sale Value of Motor vehicle whether in cheque or in any other mode of receipt

Exceeding Rs. 10 Lakhs per transaction

1.00%

206C Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if remitted amount is out of loan obtained from any financial institution u/s 80E for the purpose of pursuing any education  

  0.5% (applicable from 01.10.2020)

206C Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh  in any other case   5% (applicable from 01.10.2020)
206C Selling of overseas tour package   5% (applicable from 01.10.2020)
206C  Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from business exceeds Rs 10 Crore during immediately financial year Rs. 50 Lakhs   0.1% (applicable from 01.10.2020)

 

 

Note: -  
In case of non availability of PAN :- Higher of the following rates :-
1. Twice the rate specified in the relevant provision of the Act; or
2. At the rate of 5%
TCS on Non-Filers of ITR under section 206CCA (applicable w.e.f 01.07.2021) Higher of the following rates :-
1. Twice the rate specified in the relevant provision of the Act; or
2. At the rate of 5%

 

Notes 
Surcharges & Education Cess

Type of Payment

Surcharge

Rate

Health and Education Cess (4.00%)

Salary (Residents)

Upto 50 Lacs

50 Lacs to  1 Crore

> 1 Crore but upto 2 Crore

> 2 crore but upto 5 crore

> 5 crore

Nil

10%

15%

25%

37%

Yes

Yes

Yes

Yes

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.2020-21

Section

Nature of Payment

Threshold Limit of Payment

01-04-2020 to 13-05-2020 

New rates from 14-05-2020 to 31-03-2021

192

Income from Salary

Senior Citizen (60 Years)

Rs. 3,00,000

Super Senior Citizen (80 Years)

Rs. 5,00,000

Others

Rs. 2,50,000

Average rate of Tax +  Health & Education Cess (Surcharge if Salary > 50 Lacs)

Average rate of Tax +  Health & Education Cess (Surcharge if Salary > 50 Lacs)

192A

Premature Withdrawal from EPF (wef 01.06.2015) (*If PAN not furnished Rate of TDS at Maximum Mariginal Rate of 34.608%)

Rs. 50,000

10%

10%

193

* Interest on Securities

Rs. 10,000

10%

7.5%

194

Dividend

 

10%

7.5%

194A

Interest from a Banking Company

Rs. 40,000 per annum /Rs. 50,000 per annum for Senior citizen

10%

7.5%

194A

Interest other than from a Banking Company

Rs. 5,000 per annum

10%

7.5%

194B

Winning from Lotteries & Cross Word Puzzles

Rs. 10,000 per annum

30%

30%

194BB

Winnings from horse races

Rs. 10,000 per annum

30%

30%

194C

Payment to contractor/sub-contractor

Rs.30,000 per contract (or)
Rs. 1,00,000 per annum

Individual/HUF 1% ,Others 2%

Individual/HUF 0.75% ,Others 1.5%

194D

Insurance Commision

Rs. 15,000

Resident:5%

Domestic Company:10%

Resident:3.75%

Domestic Company:10%

194DA

Payment under life insurance policy

Rs.1,00,000 per annum

Upto 31-08-2019 : 1 %

w.e.f 01-09-2019 : 5%