TDS Rates
and Returns for Assessment Year 2014-15 (Financial Year 2013-14)
TDS Rate on Payment of Salary and
Wages
Section 192
|
Payment of Salary and Wages
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Criterion of Deduction
|
TDS is deducted if the estimated income of the
employee is taxable.
Employer must not deduct tax on non-taxable
allowances like conveyance allowance, rent allowance, medical allowance and
deductible investments under sections like 80C, 80CC, 80D, 80DD, 80DDB, 80E,
80GG and 80U.
No tax is required to be deducted at source if the
estimated total income of the employee is less than the minimum taxable
income (Rs. 2,20,000/- in case of Individual, HUF, AOP, BOD and AJP. Nil for
others.)
|
TDS Rate
|
As per Income
Tax, Surcharge and Education Cess rates applicable on the
estimated income of employee for the year.
|
TDS Rates on Payments other than
Salary and Wages to Residents (including domestic companies)
Section
|
For Payment of
|
On Payments Exceeding
|
Individual/HUF
|
Others
|
193
|
Interest on Debentures
|
Rs. 5000/-
|
10%
|
10%
|
194
|
Deemed Dividend
|
No minimum
|
10%
|
10%
|
194 A
|
Interest other than on securities by banks
|
Rs. 10000/-
|
10%
|
10%
|
194 A
|
Interest other than on securities by others
|
Rs. 5000/-
|
10%
|
10%
|
194 B
|
Winnings from Lotteries / Puzzle / Game
|
Rs. 10000/-
|
30%
|
30%
|
194 BB
|
Winnings from Horse Race
|
Rs. 5000/-
|
30%
|
30%
|
194 C (1)
|
Payment to Contractors
|
Rs. 30000/- for single payment
Rs. 75000/- for aggregate
payment during Financial Year |
1%
|
2%
|
194 C (2)
|
Payment to Sub-Contractors / for Advertisements
|
|||
194 D
|
Payment of Insurance Commission
|
Rs. 20000/-
|
10%
|
10%
|
194 EE
|
Payment of NSS Deposits
|
Rs. 2500/-
|
20%
|
NA
|
194 F
|
Repurchase of units by Mutual Funds / UTI
|
Rs. 1000/-
|
20%
|
20%
|
194 G
|
Commission ons Sale of Lottery tickets
|
Rs. 1000/-
|
10%
|
10%
|
194 H
|
Commission or Brokerage
|
Rs. 5000/-
|
10%
|
10%
|
194 I
|
Rent of Land, Building or Furniture
|
Rs. 180000/-
|
10%
|
10%
|
Rent of Plant & Machinery
|
Rs. 180000/-
|
2%
|
2%
|
|
194 IA
|
Transfer of Immovable Property (w.e.f. 01.06.2013)
|
Rs. 50 lacs
|
1%
|
1%
|
194 J
|
Professional / technical services, royalty
|
Rs. 30000/-
|
10%
|
10%
|
194 J (1)
|
Remuneration / commission to director of the
company
|
-
|
10%
|
10%
|
194 J (ba)
|
Any remuneration / fees / commission paid to a
director of a company, other than those on which tax is deductible u/s 192.
|
-
|
10%
|
10%
|
194 L
|
Compensation on acquisition of Capital Asset
|
Rs. 100000/-
|
10%
|
10%
|
194 LA
|
Compensation on acquisition of certain immovable
property
|
Rs. 200000/-
|
10%
|
10%
|
Notes:
- No
surcharge or education cess is deductible / collectible at source on payments
made to residents {Individuals / HUF / Society / AOP / Firm / Domestic
Company) on payment of incomes other than salary or wages.
- TDS
at higher rate of 20% has to be deducted if the deductee does not provide
PAN to the deductor.(section 206AA)
All
persons who are required to deduct tax at source or collect tax at source on
behalf of Income Tax Department are required to apply for and obtain Tax
Deduction or Tax Collection Account Number (TAN).
Issue of TDS Certificate
1. Section 192 (TDS on Salary) :
The
certificate on Form No. 16 should be issued by the deductor by 31st day of May
of the financial year immediately following the financial year in which the
income was paid and tax deducted.
2. In all other cases :
The
certificate on Form No. 16A should be issued within fifteen days from the due
date for furnishing the "statement of TDS" under rule 31A.
Forms for submitting Quarterly
Statements of Tax Deducted at Source (Rule 31A)
(a)
Statement of deduction of tax under section 192 in Form No. 24Q
(b)
Statement of deduction of tax under sections 193 to 196D in :
- Form
No. 27Q in respect of the deductee who is a non-resident not being a
company or a foreign company or resident but not ordinarily resident; and
- Form
No. 26Q in respect of all other deductees.
Due Dates for submitting
Quarterly Statements of Tax Deducted at Source (Rule 31A)
Date of ending of the quarter
of the financial year
|
Due date,if deductor is an
office of the Government
|
Due Date for others
|
30th June
|
31st July of the financial year
|
15th July of the financial year
|
30th September
|
31st October of the financial year
|
15th October of the financial year
|
31st December
|
31st January of the financial year
|
15th January of the financial year
|
31st March
|
15th May of the financial year immediately following
the financial year in which deduction is made
|
15th May of the financial year immediately
following the financial year in which deduction is made.
|
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