TDS and TCS Rates

TDS and TCS Rates

 

TDS and TCS Rates

(Tax Deducted at Source, Tax Collected at Source)

Financial Year 2017-18, Assessment Year 2017-18.


TDS RATES

 

SR.NO NATURE OF PAYMENT SECTION EXEMPTION LIMIT INDIVIDUALS/HUF/AOP/BOI OTHERS
               
1 Salary 192 Slab Rate With PAN Without PAN With PAN Without PAN
2 Premature withdrawal from Employee Provident fund 192A 50000 NA Slab Rate 30 30
3 Interest on securities 193 10000 N.A 20 10 20
4 Dividend other than the dividend as referred to in Section 115-0 194 2500 10 20 10 20
5 Interest other than interest on securities-others 194A 5000 10 20 10 20
6 Bank (Time deposits) 194A 10000 10 20 10 20
7 Bank (Recurring deposits) 194A 10000 10 20 10 20
8 Deposits in co-op bank 194A 10000 10 20 10 20
9 Winning from lotteries 194B 10000 10 20 10 20
10 Winnings from Horse Races 194BB 10000 30 30 30 30
11 Payment to contractor-Single transaction 194C 30000 30 30 30 30
12 Payment to Contractor-Aggregate during the financial year 194C 1,00,000 1 20 2 20
13 Contract-Transporter not covered under44AE 194C 30,000 / 75,000 for each month & year respectively 1 20 2 20
14 Contract-Transporter covered under44AE & submit declaration on prescribed form with PAN 194C - 1 20 2 20
15 Insurance commission 194D 15000 - 20 - 20
16 Payment in respect of life insurance policy 194DA 1,00,000 1 20 1 20
17 Payment to Non-Resident Sportsman or sports Association 194E - 20 20 20 20
18 Payments out of deposits under NSS 194EE 2500 10 20 10 20
19 Repurchase units by MFs 194F - 20 20 20 20
20 Commission-Lottery 194G 15000 5 20 5 20
21 Commission/Brokerage 194H 5000 5 20 5 20
22 Rent-Land and Building-Furniture-fittings 194I 1,80,000 10 20 10 20
23 Rent-Plant/Machinery/equipment 194I 1,80,000 2 20 2 20
24 Transfer of certain immovable property other than agriculture land 194IA 50,00,000 1 20 1 20
25 Professional fees 194J 30000 10 20 10 20
26 Immovable property 194LA 2,50,000 10 20 10 20
27 Income by way of interest from infrastructure debt fund (Non-Resident) 194LB - 5 20 5 20
28 Income in respect of investment in securitization trust 194LLB - 25 20 30 20
29 Income of way of interest by an Indian specified company to a Non-Resident/foreign company on foreign currency approved loan/Long-term infrastructure bonds from outside India Sec194LC - 5 20 5 20
30 Interest on certain bonds and govt. Securities 194LD - 5 20 5 20
31 Income from units 196B - 10 20 10 20
32 Income from foreign currency bonds or GDR 196C - 10 20 10 20
33 Income of FIIs from Securities 196D - 20 20 20 20

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TCS RATES


At the time of selling certain specified goods (as listed below), the seller should also collect tax from the buyer (TCS). Few scenarios where TCS is exempted are:

  • Goods are bought for personal consumption (retail sales only)
  • If the buyer is a Public Sector Undertaking, State/ Central Government undertaking, Embassy/ High commission/ Consulate or trade representation of a Foreign State, Club
  • If the buyer gives Form 27C in duplicate, a copy which is then submitted to Income tax department by the seller

The seller should issue a certificate (Form 27D) on monthly basis (and a consolidated certificate on half yearly basis on request from buyer).

 

Specified Goods

Section

Exemption Limit

TCS Rate

Alcoholic liquor for human consumption and Indian made foreign liquor

206CA

NIL

1

Tendu Leaves

206CI

NIL

5

Any forest produce not being Tendu leaves

206CB/ CC/ CD

NIL

2.5

Scrap

206CE

NIL

1

Parking lot / toll plaza / mining and quarrying

 

206CF/ CG/ CH

NIL

2

Bullion or Jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)

-

NIL

1

Minerals ,being coal or lignite or iron ore

-

NIL

1

Motor Car ( if the sale consideration is paid in cash exceeding INR 10 lakhs)

-

NIL

1

 

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