Tds rates summary

CA Gaurav Ajit Potdar (Chartered Accountant) (846 Points)

04 January 2013  

TDS Rates for AY 13 - 14 (FY 12 - 13)

TDS Rate on Payment of Salary and Wages
   
Section 192 Payment of Salary and Wages 
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.
TDS Rate As per Income Tax and Education Cess at the applicable rate on the estimated income of employee for the year.
                                         
                                                   
TDS Rates on Payments other than Salary and Wages                                          
                                                   
Section No. For Payment of Criterion Payment to                                          
Total Payment During the Year  Individual or HUF Others                                           
193 Interest on Debentures  From 01.04.2012 to 30.06.2012 10% 10%                                          
More than Rs. 2500/-                                          
                                           
From 01.07.2012                                          
More than Rs. 5000/-                                          
194 Deemed Dividend  -  10% 10%                                          
194 A  Interest by banks or others  More than Rs. 10000/-  10% 10%                                          
194 B  Winnings from Lotteries / Puzzle / Game  More than Rs. 10000/-  30% 30%                                          
194 BB  Winnings from Horse Race  More than Rs. 5000/-  30% 30%                                          
194 C (1)  Payment to Contractors  More than Rs. 30000/-  1% 2%                                          
194 C (2)  Payment to Sub-Contractors / for Advertisements  More than Rs. 30000/-  1% 2%                                          
194 D  Payment of Insurance Commission  More than Rs. 20000/-  10% 10%                                          
194 EE  Out of deposits under NSS  More than Rs. 2500/-  20% NA                                           
194 F  Repurchase of units by Mutual Funds / UTI  More than Rs. 1000/-  20% 20%                                          
194 G  Commission ons Sale of Lottery tickets  More than Rs. 1000/-  10% 10%                                          
194 H  Commission or Brokerage  More than Rs. 5000/-  10% 10%                                          
194 I  Rent of Land, Building or Furniture  More than Rs. 180000/-  10% 10%                                          
194 I  Rent of Plant & Machinery  More than Rs. 180000/-  2% 2%                                          
194 J  Professional / technical services, royalty  More than Rs. 30000/-  10% 10%                                          
194 J (1)  Remuneration / commission to director of the company  -  10% 10%                                          
194 J (ba)  w.e.f. 01.07.2012 -  10% 10%                                          
Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.                                           
194 L  Compensation on acquisition of Capital Asset  More than Rs. 100000/-  10% 10%                                          
194 LA  Compensation on acquisition of certain immovable property  From 01.04.2012 to 30.06.2012 10% 10%                                          
More than Rs. 100000/-                                          
From 01.07.2012                                          
More than Rs. 200000/-                                           
                                                   
Notes:                                                   
                                                   
1. No 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. Education cess @ 3% is deductible when such payments are made to non residents and foreign companies. 
2. TDS at higher rate of 20% has to be deducted if the deductee does not provide PAN to the deductor.(section 206AA)                                     
3. Surcharge is not deductible if payment is made to a dowmwstic company. However, surcharge is deductible @ 2%, if payment is made to a company other than a domestic company and the total of payment made / to be made during the year exceeds Rs. 1 Crore.