TDS and TCS Rates

TDS and TCS Rates

 

TDS and TCS Rates

(Tax Deducted at Source, Tax Collected at Source)

Financial Year 2016-17, Assessment Year 2017-18.


TDS RATES

 

Nature of Payment

Section

Exemption Limit

Individuals/ HUF/ BoI/ AoP

Others

   

upto 30-Jun-2010

01-Jul-2010 onwards

with PAN

without PAN

with PAN

without PAN

Salary

192

Slab Rate

Slab Rate

Slab Rate

Slab Rate

30

30

Premature withdrawal from Employee Provident fund

192A

30,000

50,000

N.A

20

10

20

Interest on securities

193

-

10,000

10

20

10

20

Dividend other than the dividend as referred to in Section 115-0

194

-

2500

10

20

10

20

Interest other than interest on securities-others

194A

-

5000

10

20

10

20

Bank (Time deposits)

194A

-

10,000

10

20

10

20

Bank (Recurring deposits)

194A

-

10,000

10

20

10

20

deposits in co-op bank

194A

-

10,000

10

20

10

20

Winning from lotteries

194B

-

10,000

30

30

30

30

Winnings from Horse Races

194BB

-

10,000

30

30

30

30

Payment to contractor-Single transaction

194C

-

30,000

1

20

2

20

Payment to Contractor-Aggregate during the financial year

194C

75,000

1,00,000

1

20

2

20

Contract-Transporter not covered under44AE

194C

-

30,000 / 75,000

1

20

2

20

Contract-Transporter covered under44AE & submit declaration on prescribed form with PAN

194C

-

-

-

20

-

20

Insurance commission

194D

-

15,000

5

20

5

20

Payment in respect of life insurance policy

194DA

-

1,00,000

1

20

1

20

Payment to Non-Resident Sportsman or sports Association

194E

-

-

20

20

20

20

Payments out of deposits under NSS

194EE

-

-

10

20

10

20

Repurchase units by MFs

194F

-

-

20

20

20

20

Commission-Lottery

194G

-

15,000

5

20

5

20

Commission/Brokerage

194H

-

15,000

5

20

5

20

Rent-Land and Building-Furniture-fittings

194I

-

1,80,000

10

20

10

20

Rent-Plant/Machinery/equipment

194I

-

1,80,000

2

20

2

20

Transfer of certain immovable property other than agriculture land

194IA

-

50,00,000

1

20

1

20

Professional fees

194J

-

30,000

10

20

10

20

Immovable property

194LA

-

2,50,000

10

20

10

20

Income by way of interest from infrastructure debt fund (Non-Resident)

194LB

-

-

5

20

5

20

Income in respect of investment in securitization trust

194LLB

-

-

25

20

30

20

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

Interest on certain bonds and govt. Securities

194LD

-

-

5

20

5

20

Income from units

196B

-

-

10

20

10

20

Income from foreign currency bonds or GDR

196C

-

-

10

20

10

20

Income of FIIs from Securities

196D

-

-

20

20

20

20

 

 


 Notes


  • AnchorTDS should be deducted if a single transaction is more than Rs. 20000 (Rs.30000 from 01-Jul-2010). Also if all expected payments to a single person/ company in a financial year (01-Apr to 31-Mar) is likely to be more than Rs.50000 (Rs.75000 from 01-July-2010) then TDS should be deducted even if a particular transaction is less than Rs20000 (Rs.30000 from 01-Jul-2010).
  • AnchorIf PAN details are not provided by the recipient, then TDS should be deducted at 20% or specified rates above, whichever is higher.
  • AnchorFor Salary payments, the taxes are to be calculated based on overall earning after giving effect for allowed exemption limit and various tax savings made by the employee.
  • AnchorApplicable in case of Residents only. For NRIs, the exemption limit is 0.

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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