TDS rate Chart for AY 2023-24

TDS rate Chart for AY 2023-24

According to Income Tax Act 1961 there  are various compliances under the act for assessee. Every assessee need to  comply  with TDS.  There are various sections under which need to deduct TDS at a  prescribed rate of TDS if exceed the annual payment and single payment limits. Every year Budget is presented by Finance Minister in the parliament.  New proposed TDS on payment for transfer of virtual digital asset.

TDS rates under various section and their limit are given below.

Section Nature of Payment Threshold TDS Rate
192 Salary Taxable Income liable to tax Normal Slab rate (or) New Tax Regime Slab Rate as opted by employee
192A Payment of accumulated balance of provident fund which is taxable in the hands of an employee 50,000 10%
193 Interest on Securities 2500 10%
194A Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit (Interest other than Interest on Securities)
a) Senior Citizen 50,000 10%
b) Others 40,000 10%
194A Interest other than Interest on Securities (other Than Bank Deposit/Post office Deposit/Banking Co-Society Deposit) 5,000 10%
194B Winnings from lotteries Crossword Puzzles card Games and other games of any short 10,000 30%
194BB Winnings from horse races 10,000 30%
194C Payment to contractor/subcontractor Single transaction 30,000 & Aggregate of Transactions: 1,00,000
a) HUF/Individuals 1%
b) Others 2%
194D Insurance commission
a) Individuals 15,000 5%
b) companies 15,000 10%
194DA payment in respect of life insurance policy the tax shall be deducted on the amount of income comprised in insurance pay-out 1,00,000 5%
194E payment to non resident sportsmen. sports association 20%
194EE Payment in respect of deposit under national Savings scheme 2,500 10%
194F Payment on account of repurchase of unit by mutual fund or unit trust of India 20%
194G commission on sale of lottery tickets 15,000 5%
194H commission or brokerage 15,000 5%
194-I Rent
194-I (a) Olant & Machinery 2,40,000 2%
19-I (b) Land or building or furniture or fitting 2,40,000 10%
194-IA Payment on transfer of certain immovable property other than agricultural land 50 lakh 1%
194-IB payment of rent by individual or HUF not liable to tax audit 50,000 Per month 5%
194-IC Payment of monetary consideration under Joint Development Agreements 10%
194J Fees for professional or technical services
i) sum paid or payable towards fees for technical services 30,000 2%
ii) sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;
u.in
30,000 2%
iii) Any other sum 30,000 10%
194K Income in respect of units payable to resident person 10%
194LA Payment of compensation on acquisition of certain immovable property 2,50,000 10%
194LB Payment of interest on infrastructure debt fund to Non Resident 5%
194LBA(1) Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders. 10%
194LBB Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] 10%
194LBC Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA)
a) HUF/Individuals 25%
b) Others 30%
194M Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J 50 Lakh 5%
194N Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:
i) in excess of Rs. 1 crore 1 crore 2%
ii) in excess of Rs. 20 lakhs (for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired.) The deduction of tax under this situation shall be at the rate of:
a) On amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year; 20 Lakh 2%
b) On amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year; 1 crore 5%
194-O Payment or credit of amount by the e-commerce operator to e-commerce participant 5 Lakh 1%
194-Q Purchase of goods (applicable w.e.f 01.07.2021) 50 Lakh 0.10%
195 Payment of any other sum to a Non-resident
a) Income in respect of investment made by a Non-resident Indian Citizen 20%
b) Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen 10%
c) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112 10%
d) Income by way of long-term capital gains as referred to in Section 112A 10%
e) Income by way of short-term capital gains referred to in Section 111A 15%
f) Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A 20%
g) Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) 20%
h) Any other Income 30%
194P TDS on Senior Citizen Above 75 Years Taxable Income Liable to tax tax rates in Force
206AB TDS on non-filers of ITR at higher rates Refer Note 3 Higher of the followings rates – twice the rate specified in the relevant provision of the Act; or twice the rate or rates in force; or the rate of 5%
206AA TDS rate in case of non availability of PAN As per respective Section Tax shall be deducted at the higher of the following rates, namely:— (i) at the rate specified in the relevant provision of this Act; or (ii) at the rate or rates in force; or (iii) at the rate of 20%
194R TDS on benefit or perquisite of a business or profession 20,000 10%
194S TDS on Payment for Virtual Digital Assets Specified Person Payer– 50,000   Other Payers – 10,000 1%
194 Interest on securities 2,500 10%

 

INR rate on different World currency today 26-2-2022

https://sunstarup.com/notification-leving-igst-on-importer-on-occan-freight-is-unconstitutional/

 

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