TDS

TDS / TCS RATES FOR F.Y.2023-24

           
Section Nature of Payment Threshold Limit of Payment   Rates
      Basic Exemption Limit  
      For Old regime For New regime  
192 Income from Salary Super Senior Citizen (80 Years or more) Rs. 5,00,000 Rs. 3,00,000 Average rate of Tax + Health & Education Cess (Surcharge if Salary > 50 Lacs)                                                        TDS as per Tax Regime selected by employee. If not selected, TDS deduction as per New Regime.
Senior Citizen (60 Years or more) Rs. 3,00,000 Rs. 3,00,000
Others Rs. 2,50,000 Rs. 3,00,000
192A Premature Withdrawal from EPF  Rs. 50,000   PAN available : 10%
PAN Not available : 20% 
193 Interest on Securities (including Listed Debentures) Rs. 5,000
(Rs. 10,000 on 8% Savings (Taxable) Bonds, 2003) 
  10%
194 Dividend Rs. 5,000   10%
194A *Interest (Other than on Securities) by a Banking Company/ Post Office   Senior citizen : Rs. 50,000 p.a.                    Others : Rs. 40,000 p.a.   10%
194A Interest (Other than on Securities) by others Rs. 5,000 p.a.   10%
194B Winning from Lotteries & Cross Word Puzzles, Card games and other games on any sort (Other than winning from online Games) Rs. 10,000 p.a.   30%
194BA Winning From Online Games  No Limit   30%
194BB Winnings from horse races Rs. 10,000 p.a.   30%
194C *Payment to contractor/sub-contractor Rs.30,000 Single Transaction (or)   Individual/HUF : 1%
Others : 2% 
Rs. 1,00,000 Aggregate of transactions  
194D Insurance Commision  Rs. 15,000   Other than Company :5%
Domestic Company:10%
194DA Payment under life insurance policy (The tax shall be deducted on the amount of income comprised in insurance pay-out) Rs.1,00,000 p.a.   5%
194EE Payment under National Savings Scheme Rs.2,500   10%  
194F Payment on account of repurchase of units by Mutual Fund or Unit Trust of India No Limit   20%
194G Commission on Sale of Lottery Tickets Rs. 15,000   5%
194H *Commission/Brokerage Rs. 15,000 p.a.   5%
194-I(a) *Rent of Plant / Machinery Rs. 2,40,000 p.a.   2%
194-I(b) *Rent of Land or building or furniture or fitting Rs. 2,40,000 p.a.   10%
194-IA Payment or transfer of immovable property (other than rural agriculture land) Rs. 50,00,000 & above   1%
(on the higher of amount of consideration or the stamp duty value)
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 to Resident individual/HUF No Limit   10%
194J *Fees for Professional / Technical Services / Royalty / Remuneration to director Rs. 30,000 p.a. (Rs. 0 in case of Directors)   2% (For Call Centre, Fees for Technical Services & Royalty in case of cinematograh films)
  10% (For Professional Services, Director remuneration and other royelty)
194K Income in respect of units of Mutual funds or specified company Rs. 5,000   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 resident unit holders. No Limit   10%
194LBB Payment in respect of units of Investment funds u/s 115UB  [other than income which is exempt under Section 10(23FBB)] No Limit   10%
194LBC(1) Income in respect of investment made in a securitisation trust No Limit   Individual or HUF: 25%
Other : 30%
194M 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 Aggregate Cash withdrawal from Bank / Co-operative bank / Post office etc.  (* by persons who have not filed ITR for 3 previous years immediately preceding the previous year and the due date for filing ITR under section 139(1) has expired)  Rs. 20 lakhs    Cash withdrawal  between Rs. 20 lakhs to Rs. 1 crore : 2%
  Cash withdrawal above Rs. 1 crore : 5%
194N Aggregate Cash withdrawal from Bank, Post office etc. in case of others. Rs. 1 crore   2%
194-O Payment by E-commerce operator to e-commerce participants Individual /HUF : Rs. 5 Lakh
Others : No limit.
  1%
194P TDS deduction by bank in case of specified Senior Citizen above 75 Years drawing pension
(NOTE-1)
Rs. 3,00,000   As per Rates in force
194Q Payment for purchase of goods  50 Lakhs    0.1% (on the value above Rs. 50 lakhs)
194R Benefits or perquisites arising from business or profession Rs. 20, 000   10%
194S Payment of Consideration for Transfer of Virtual Digital Assets of crypto currency  By Specified Persons(Not having income PGBP or less than 1Cr/50 lakh) : Rs. 50,000
By Others : Rs. 10,000
  1%
206AA TDS rate in case of Non availability of PAN -   Higher of-
Rates in force
20%
206AB TDS on non-filers of ITR at higher rates -   Higher of -
  – 5%
  – Twice the rate or rates in force

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


NOTE-1

No ITR filing by senior citizen if all the following conditions are satisfied:

1. The senior citizen is resident in India.

2. He is of the age of 75 years or more during the previous year.

3. He has only pension income and may also have interest income from the same bank (specified bank) in which he is receiving his pension income;

4. He has furnished a declaration in Form 12BBA to the specified bank.

5. 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 rates in force.

6. As per Notification no. S.O. 3595(E) dated 2nd Sep, 2021, specified banks means a banking company which is a scheduled bank and has been appointed as agents of RBI u/s 45 of the RBI act. Most of the major public sector banks, Private sector banks &foreign banks are covered.

 

TCS Rates
Section Goods/Services Nature Threshold Limit of Payment Rates
206C (1) Alcoholic Liquor for Human Consumption Sale   1.00%
206C (1) Indian made for foreign liquor Sale   1.00%
206C (1) Minerals,coal lignite, Iron ore by a trader Sale    1.00%
206C (1F) Motor vehicle Sale Sale value Exceeding Rs. 10 Lakhs per transaction 1.00%
206C (1C) Parking lot, toll plaza, mining & quarrying Lease or license   2.00%
206C (1) Scrap Sale   1%
206C (1) Tendu Leaves Sale   5%
206C (1) Timber obtained under a forest lease or other mode Sale   2.50%
206C (1) Any other forest produce not being a Timber or tendu leaves Sale   2.50%
206 (1H) Goods other those specified separately in excess of Rs.50 Lakh in a year by seller Sale Whose turnover is more than Rs. 10 Crore 0.10%
206 (1G) Overseas Tour Package Sale No Limit Upto 30 Sep  2023 : 5%

From 1 Oct 2023 : 
Upto 7 Lacs : 5%
Above 7 Lacs: 20%
206 (1G) Remittance under LRS of RBIis a loan for education obtained from any financial institutiondefined in section 80E Foreign Remittance Rs. 7 lacs 0.50%
206 (1G) Remittance under LRS of RBIforeducation in other cases or for medical treatment Foreign Remittance Rs. 7 lacs 5%
  Any other Remittance Foreign Remittance 7 lacs


Upto 30 Sep 2023: 5%
From 1 OCT 2023 : 20%
206CC TCS rate in case of Non availability of PAN - Higher of-
Twice the rate
5%
206CCA TCS on non-filers of ITR at higher rates - Higher of -
Twice the rate or rates in force
5%

 

Notes-

Surcharges & Education Cess

Type of Payment Surcharge Rate Health and Education Cess (4.00%)
Salary (Residents) Upto 50 Lacs Nil Yes
  50 Lacs to  1 Crore 10% Yes
  > 1 Crore but upto 2 Crore 15% Yes
  > 2 crore but upto 5 crore 25% Yes
  > 5 crore 37% (Old Regime)
25% (New Regime)
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.2022-23

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 30%) 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/ Post Office (Other than on Securities) 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, Card games and other games on any sort 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 Single Transaction (or)
Rs. 1,00,000 Aggregate of transactions
Individual/HUF 1%
Others 2% 
194D Insurance Commision  Rs. 15,000
Individual:5%
Domestic Company:10%
194DA Payment under life insurance policy (The tax shall be deducted on the amount of income comprised in insurance pay-out) Rs.1,00,000 per annum 5%
194E Payment to non-resident sportsmen/sports association Rs. 0 20% (The rate of TDS shall be increased by applicable surcharge and Health & Education cess.)
194EE Payment of NSS Deposit 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 (Rs. 0 in case of Directors)
2% (For Call Centre & Fees for Technical Services & Royalty)
10% (For Professional Services)
194K Income in respect of units of Mutual funds or specified company Rs. 5,000 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%
194R Benefits or perquisites arising from business or profession Rs. 20, 000 10%
194S TDS on payment for virtual Digital Assets of crypto currency (w.e.f 01.07.2022) - 1%
206AA TDS rate in case of Non availability of PAN - Higher of-

As per act twice the rate of rate in force 

20%

206AB TDS on non-filers of ITR at higher rates - Higher of
– 5%
– Twice the rate or rate in force
* Only for Debenture in which the public are substantially interested
** Other than Individual or HUF except those covered u/s 44AB

***TDS is to be deducted on the amount of consideration paid by the transferee to the transferor This section does not take into account the stamp duty value of the immovable property, whereas, as the provisions of section per 43CA and 50C of the Act, for the computation of income under the head “Profits and gains from business or profession” and “capital gains” respectively, the stamp duty value is also to be considered. Thus there is inconsistency in the provisions of section 194-IA and sections 43CA and 50C of the Act.

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%
206C (1) Sale of Tendu Leaves   5%
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.%
206C (1) Sale of Indian made for foreign liquor   1.%
206C (1) Sale of Minerals,coal lignite, Iron ore by a trader   1.00%
206C (1C) Lease or license of Parking lot, toll plaza, mining & quarrying   2.%
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%
206 (1G) Remittance under liberalised Remittance Scheme of Reserve Bank Of India Exceding Rs. 7 Lakh

(a) if the remittance is a loan obtained from any financial instituted as defined in section 80E, for the purpose of Persuing any education,

(b) id the remittance is other than mentioned in (a) above.

  (a) 0.5% (applicable from 01.10.2020)

(b) 5% (applicable from 01.10.2020)

 

206 (1G) Sale of Overseas Tour Package   5% (applicable from 01.10.2020)
206 (1H) Sale of goods in excess of Rs.50 Lakh in a year by seller Whose turnover is more than Rs. 10 Crore 0.1%
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)

 

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