TDS and TCS Rates
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.
