Rates of TDS

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% 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 > 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%