With effect from 1-4-2010, the deductee shall furnish his PAN (Permanent Account Number) to deductor, failing which tax at the below rates of TDS or at the rate of 20% whichever is higher shall be deducted at source. Where PAN provided to the deductor is invalid or does not belong to the deductee, it shall be deemed that deductee has not furnish his PAN to the deductor and higher rate of TDS as mentioned below shall be applicable.
No surcharge, education cess and secondary and higher education cess is leviable for the financial year 2010-11 onwards for TDS purposes in case of payment to resident. But inrespect of TDS on salary, cess will be leviable.
TDS Rates Chart assessment year 2012-13 or financial year 2011-12 (ay 12-13 / fy 11-12)
|
Relevant Section |
Nature of Payment (to resident) |
ThresholdLimit |
Individual HUF (Resident in India) |
Company Firm/Co-op Sec. Local Authority (Domestic Company) |
|
192 |
Payment of salary to a resident/non-resident |
Normal Income Tax Rates: SeeIncome Tax Slab |
||
|
193 |
Interest on securities |
10 |
10 |
|
|
194 |
Deemed dividends u/s 2(22)(e) |
10 |
10 |
|
|
194A |
Interest other than Interest on securities |
5000 |
10 |
10 |
|
194B |
Lottery or crossword puzzle or card game or other game of any sort. |
10000 |
30 |
30 |
|
194BB |
Horse races |
5000 |
30 |
30 |
|
194C |
Contracts/sub-contracts |
30000 |
1 |
2 |
|
194D |
Insurance Commission |
20000 |
10 |
10 |
|
194EE |
Payment in respect of deposits under NSS |
2500 |
20 |
- |
|
194F |
Payment on account of repurchase of units of MF or UTI |
1000 |
20 |
10 |
|
194G |
Commission on sale of lottery tickets |
1000 |
10 |
10 |
|
194H |
Commission or brokerage |
5000 |
10 |
10 |
|
194-I |
Rent of Plant and Machinery |
180000 |
2 |
2 |
|
Rent of Land or Building or Furniture and Fitting |
180000 |
10 |
10 |
|
|
194J |
Fees for professional or technical services |
30000 |
10 |
10 |
|
194LA |
Payment of compensation to a resident on acquisition of certain immovable property |
100000 |
10 |
10 |
Notes: we.f. 1.10.2009, no TDS is to be deducted on payment to a contractor/sub-contractor, during the course of business of plying, hiring or leasing goods carriages, if the payee furnishes his PAN to the deductor [sec. 194C(6)] -
- Etaxindia
CAclubindia
