TDS and TCS Rates

TDS and TCS Rates for FY 2018-19

TDS Rates for FY 2018-19

Section

 

Nature of Payment

 

 Threshold Rs

 

Indv / HUF TDS Rate (%)

Others TDS Rate (%)

192

Salaries

-

Basis on Slab

-

192A

Premature withdrawal from EPF

50,000

10

-

193

Interest on securities

10,000

10

10

194

Dividends

2,500

10

10

194A

Interest (Banks)

10,000

10

10

194A

Interest (Others)

5,000

10

10

194B

Winning from Lotteries

10,000

30

30

194BB

Winning from Horse Race

10,000

30

30

194C

Contractor – Single Transaction

30,000

1

2

194C

Contractor – During the F.Y.

100,000

1

2

194C

Transporter (44AE) declaration with PAN

 

 

 

194D

Insurance Commission (15G – 15H allowed)

15,000

5

10

194DA

Life insurance Policy

1,00,000

1

1

194E

Non-Resident Sportsmen or Sports Association

 

20

20

194EE

NSS

2,500

10

10

194F

Repurchase Units by MFs

 

20

20

194G

Commission – Lottery

15,000

 

 

194H

Commission / Brokerage

15,000

5

5

194I

Rent of Land and Building – F&F

1,80,000

10

10

194I

Rent of Plant / Machinery / Equipment

1,80,000

2

2

194IB

Rent by Individual / HUF (wef 01.06.2017)

 50000/PM

 

5

-

194IA

Transfer of certain immovable property other than agriculture land

5,000,000

1

1

194J

Professional Fees / Technical Fees / etc.

30,000

10

10

194J

Payment to Call Centre Operator

30,000

2

2

194LA

Compensation on transfer of certain immovable property other than agricultural land

2,50,000

10

10

194LB

Income by way of interest from from infrastructure debt fund

 

5

5

 

TCS Rates for FY 2018-19

Item / Commodity

TCS Rates

Alcoholic  Liquor for Human Consumption

1%

Tendu leaves

5%

Timber obtained under a forest lease or other mode

2.5%

Any other forest produce not being a timber or tendu leave

2.5%

Scrap

1%

Packing lot, toll plaza, mining and quarrying

2%

Bullion: Sale consideration received in cash exceeding Rs. 2,00,000

1%

Jewellery : Sale consideration received in cash exceeding Rs. 5,00,000/-

1%

Other services/goods: Sale consideration received in cash exceeding Rs. 2,00,000

1%

Motor vehicle: Sale consideration received in cash exceeding Rs.10,00,000

1%

Purchase of coal lignite, iron ore by a trader

1%

 

Important Points to Remember

1 .Surcharge & Education Cess will not be considered for the purpose of TDS except in case of TDS on salary payment.

2. Higher rate of TDS for not furnishing correct PAN @ 20%.

3. Higher rate of TCS for not furnishing correct PAN @5% or twice of applicable rate whichever is higher.

4. Form 15G/ 15H received for non deduction of TDS (including Nil return) – Now needs to report online on quaterly basis

5.Quaterly Statement of TDS       31st July;    31st Oct;    31st Jan;   31st May

6.Deposition of TDS / TCS

·         TDS – March month – 30th April

·         Other Month 7th of next month

·         TCS – 7th of next month

7. Issue of TDS / TCS certificate – Within 15 Days from the due date of filing of quarterly TDS return Salary certificate in Form-16 upto 15th June of succeeding financial.

8. Fees of Rs. 200/- per day for late filing of TDS and TCS Return.

9.Fail to file TDS return within one year of due date or furnishing incorrect information penalty Rs.10,000/-.

10. Online generation of TDS certificate is mandatory in case of every person whose accounts are required to be audited u/s 44AB.

11. Declaration needs to be obtained while purchasing a software, from the transferor that TDS has been made u/s 194J or u/s 195 on payment for any previous transfer of such software from a resident or non-resident along with PAN, otherwise TDS u/s 194J is  required to be deducted.

12.While fling quarterly TDS return, information in respect of cases where no TDS is deducted due to obtaining self declaration or no deduction/ lower deduction certificate u/s 197 received from Income tax department is to be mandatory filed in TDS  return.

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