TDS (Tax Deducted at source) Rate chart for Financial Year 2013-14. Now add a latest Nature of payment called "TDS on Transfer immovable property other than agriculture land" w.e.f. 1st June 2013. Payment of this TDS (Tax Deducted at source) made by Form 26QB. Following the Latest TDS Rate Chart
|Sl. No.||Section||Nature of Payment||CUT OFF||Rate %|
|2||193||Interest on Debentures||5000||10||10|
|4||194A||Interest other than Interest on Securities (By Bank)||10000||10||10|
|4A||194A||Interest other than Interest on Securities (By Others)||5000||10||10|
|5||194B||Lottery / Cross Word Puzzle||10000||30||30|
|6||194BB||Winning form horse race||5000||30||30|
|8||194C(2)||Sub-Contractors / Advertisements||30000||1||2|
|10||194EE||Payments out od Deposit under NSS||2500||20||-|
|11||194F||Repurchase of units by MF / UTI||1000||20||20|
|12||194G||Commission on sale of lotter tickets||1000||10||10|
|13||194H||Commission or Brokerage||5000||10||10|
|14||194I||Rent (Land & Building) Furniture & Fittings||180000||10||10|
|Rent (P & M, Equipment)||180000||2||2|
|15||194 IA||TDS on transfer of Immovable property other than agriculture land (w.e.f. 01.06.2013)||50 Lacs||1||1|
|16||194J||Professional/Technical charges/ Royalty & Non compete fees||30000||10||10|
|17||194J(1)(ba)||Any remuneration or commission paid to director of the company (w.e.f. 01.07.2012)||Nil||10||10|
|18||194LA||Compensation on acquisition of immovable property||200000||10||10|
1. Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be deducted u/s 194C.
2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
3. No TDS on Goods Transport :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
4. Surcharge on tax is not deductible/collectible at source in case of resident individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
5. Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(10 %)
6. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 10 %
7. In the case of Company other than Domestic Company,
o (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees;
o (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees.
8. No Cess on payment made to resident: Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
9. TDS by Individual and HUF (Non Audit) case not deductible :An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J. So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 100/25 Lakh.