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%
 Rs. 75,000 per annum
194D Insurance Commission  Rs.20,000 per annum 10%
194E Non-resident Sportsman or Sports Association   – 20%
194EE Out of depoist under NSS Rs.2500 Individual or HUF 20%

Other NA

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%
194 IA Compensation on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013) Consideration is Rs. 50 lakh or more. 1%
194LD Interest on certain bonds & Govt. securities (w.e.f. 01 .06.2013)  – 5%
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
> 1 Crore 10%
Other Payments to Residents No Nil No
Other Payments to Non-Residents
Payment to Non-Residents (other than Cos) Upto 1cr Nil Yes
> 1 Crore 10%
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. 10,000Maximum  Penalty : Rs. 1 lac
271H(1)(b) Penalty for providing incorrect information in TDS/TCS Return Minimum  Penalty : Rs. 10,000Maximum  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 Rate per month or part of the month
From date when deductible till actual deduction  1%
From date of deduction till payment  1.5%

 

TDS Rates for Non-Residents u/s 195 of Income Tax Act, 1961

 

Nature of Payment Co. Others
1. Long Term Capital Gains u/s 115E NA 10%
2. Other Long Term Capital Gains (excluding u/s 10(33), 10(36) & 10 (38)) 20% 20%
3. Short Term Capital Gains u/s. 111A 15% 15%
4. Investment income from Foreign Exchange Assets NA 20%
5. Interest payable on moneys borrowed or debt incurred in Foreign Currency 20% 20%
6. Royalty & Fees for technical services u/s. 115A
– Agreement 1st June, 1997 to 31st May, 2005
– Agreement on or after 1st June 2005
20%
25%
20%
25%
7. Winnings from Lotteries, Crossword Puzzles and Horse Races 30% 30%
8. Any Other Income 40% 30%

Notes :

    1. Surcharge @ 2% is applicable only in case of Non-Domestic Companies where payments exceed Rs. 1 cr.
    2. Education cess @ 3% is applicable in all cases.


Interest on delay in deposit of tax after deduction

Stage of deduction

 Upto 30th June 2010 (Rate per month or part of the month)

From 1st July 2010 (Rate per month or part of the month)

From date when deductible till actual deduction

1% 1%

From date of deduction till payment

1% 1.5%