Rates of TDS for F.Y. 2012-13 or A.Y. 2013-14 are given below. TDS is to be deducted on specified payment as prescribed by Income Tax Act by persons who are liable to deduct TDS. (Deducter/Payer) at prescribed rates by Income Tax Act. So It is the duty of the deductor to deduct TDS as given in Income Tax Act. Each payment has its own rate of percentage to deduct TDS.
Every deductor need to deduct TDS as prescribed in Income Tax Act (not more than that and not lower than that). No doubt, there is no penalty to deduct more or wrongly deduction of TDS. However, deductor will issue TDS certificate (Form 16/Form 16A) as per actual deduction. The payee should claim the refund as per TDS certificate whether is wrongly deduction or higher deduction as the case may be.
However, TDS can be adjusted against any other payment made or credited if TDS has been wrongly deducted from a payment on which there is no liability to deduct TDS. However, the penalty for non-deposit of TDS will be imposed by Income Tax Department.
So TDS rates plays very important part for payer and payee to get easily and timely income tax refund.
Important Notes on TDS Rates Chart for F.Y. 2012-13
Payee should give his PAN to Payer so that payer can put in TDS certificate and in TDS returns. It will help indirectly to payee for gettin refund easily and fastly.
But Now w.e.f 1.4.2010 payee must tell his PAN to the payer or deductor otherwise TDS will be deducted @ 20% or the applicable rate, whiever is higher. It is the duty of payer to ensure that PAN of payee should be correct by asking PAN copy.
Check the following notes before going to Chart of TDS Rates for F.Y. 2012-13.
- In transport business’s contracts, TDS liability will not arise if payee furnish his PAN.
- w.e.f. 1-7-2012 TDS exemption limit on compensation on acquisition of immovable property is Rs. 2,00,000 as given in table give below earlier it was Rs. 1 Lakh.
- Due date of TDS payment is up to 7th day from the closing date of month in which Tax has deducted and 30th April if paid or credit in the month of march otherwise Interest of late deposit will be liable @ 1.5% for each month of delay.
TDS Rates Chart for F.Y.2012-13 or A.Y.2013-14 (if you want to download this chart in excel or PDF, Please subscribe our email and reply for download with Subject line of “TDS chart required” or like our Facebook page and send message on it.
| Section | Nature of Payment | Amount Limit | TDS Rates for Individuals or HUF | TDS Rates Company, Co-operative Society, Firm |
|---|---|---|---|---|
| 194A | Interest from a Banking Company | Rs. 10,000/- p.a | 10 | 10 |
| 194A | Interest other than from a Banking Co. | Rs.5,000/- p.a. | 10 | 10 |
| 194C | Contractor | Rs. 30000/- per contract or Rs. 75000/- p.a. | 2 | 1 |
| 194H | Commission or Brokerage | Rs. 5,000/- | 10 | 10 |
| 194I | Rent other Than Plant, Mach. & Eqp. | Rs. 1,80,000/- p.a. | 10 | 10 |
| 194I | Rent of Plant, Machinery & Equipments | Rs. 1,80,000/- p.a. | 2 | 2 |
| 194J | Professional charges | Rs.30,000/- | 10 | 10 |
| 94 LA | Compensation on acquisition of Immovable property | Rs.2,00,000/- | 10 | 10 |
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