TDS / TCS Rates

TDS / TCS Rates

TDS / TCS RATES FOR F.Y. 2013-14 & 2014-15

Section	Nature of Payment	Threshold Limit of Payment		FY (2014-15)
192	Income from Salary	Senior Citizen (60 Years)	Rs. 2,50,000	Average rate of Tax + edu. Cess Surcharge if Salary > 1 cr
		Super Senior Citizen (80 Years)	Rs. 5,00,000
		Others	Rs. 2,00,000
193	Interest on Securities	Rs. 5000		10%
194A	Interest from a Banking Company	Rs. 10,000 per annum		10%
194A	Interest other than from a Banking Co.	Rs. 5,000 per annum		10%
194B	Winning from Lotteries & Cross Word Puzzles	Rs. 10,000 per annum		30%
194BB	Winning from Horse Races	Rs. 5,000 per annum		30%
194C	Payment to Contractors; Sub-contractor; Advertising Contractors	Rs. 30,000 per contract (or)		Individual/HUF 1% Others 2%
194C		Rs. 75,000 per annum		Individual/HUF 1% Others 2%
194D	Insurance Commission	Rs.20,000 per annum		10%
194E	Non-resident Sportsman or Sports Association	-		20%
194G	Commission on Sale of Lottery Tickets	Rs.1000		10%
194H	Commission/Brokerage	Rs. 5,000 per annum		10%
194-I	Rent on Plant / Machinery	Rs. 1,80,000 per annum		2%
194-I	Rent Other then Plant / Machinery	Rs. 1,80,000 per annum		10%
194-IA	Payment on transfer of Non agricultural immovable property (wef 01.06.13)	Rs. 50,00,000		1%
194J	Fees for Professional / Technical Services	Rs. 30,000 per annum		10%
194J(1)(ba)	Any remuneration or commission paid to director of the company (other than salary)			10%
194LA	Compulsory Acquisition of Immovable Property	Rs. 2,00,000		10%
TCS Rates
206C	Scrap	-		1%
206C	Tendu Leaves	-		5%
206C	Timber obtained under a forest lease or other mode	-		2.50%
206C	Any other forest produce not being a Timber or tendu leave	-		2.50%
206C	Alcoholic Liquor for Human Consumption	-		1%
206C	Packing lot, toll plaza, mining & quarrying	-		2%
206C	Purchase of Bullion/ Jewellery in cash	Rs. 2 Lacs per transaction (Bullion) Rs. 5 Lacs per transaction (Jewellery)		1%
206C	Purchase of coal lignite, Iron ore by a trader	-		1%

Notes

1. Surcharges & Education Cess

Type of Payment	Surcharge	Rate	Education Cess (3.00%)
Salary (Resident & Non-resident)	Upto 1cr	Nil	Yes
Salary (Resident & Non-resident)	> 1 Crore	10%	Yes
Other Payments to Residents	No	Nil	No
Other Payments to Non-Residents
Payment to Non-Residents (other than Cos)	Upto 1cr	Nil	Yes
Payment to Non-Residents (other than Cos)	> 1 Crore	10%	Yes
Payments to Foreign Co.	Upto 1cr	Nil	Yes
	> 1 Crore	2%
	> 10 Crores	5%

2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.
3. Nil Deduction entries of transporters also to be shown in Form 26Q.
4. TDS @ 20% where PAN not furnished.
5. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.

Fees and Penalties

Section	Description	FY (2014-15)
234E	Fee for late filing of TCS/ TCS return	Rs 200 per day (not exceeding amount of tax)
271H(1)(a)	Penalty for Late filing of TCS/TCS return beyond 1 year	Minimum Penalty : Rs. 10,000 Maximum Penalty : Rs. 1 lac
271H(1)(b)	Penalty for providing incorrect information in TDS/TCS Return	Minimum Penalty : Rs. 10,000 Maximum Penalty : Rs. 1 lac

Other Important Changes
Section	Description	FY (2014-15)
197A	Eligible Age for Form 15H (Payment without TDS)	60 years.
201/206C	Interest on non-short deduction of tax where deductee deposits advance/ self assessment tax	Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
40(a)(ia)	Disallowance of payment made without TDS where deductee deposits advance / self assessment tax	Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
200A	Appeal, Rectification against Intimation of TDS Return	Yes

Interest on delay in deposit of tax after deduction

Stage of deduction	month or part of the month
From date when deductible till actual deduction	1%
From date of deduction till payment	1.5%

Utilities