Tds and TCS Rates for financial year 2011-12 and assessment year 2012-13

TDS Rates for financial year 2011-12 and assessment year 2012-13

The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.

TDS RATE CHART FINANCIAL YEAR 2011-12 (ASSESSMENT YEAR 12-13)

Sl. No. Section Of Act Nature of Payment in brief Cut Off Amount Rate %
30.06.2010 01.07.2010 HUF/IND Others
1 192 Salaries Salary income must be more then exemption limit after deductions. Average Rate
2 193 Interest on Securities 10 10
3 194 Deemed dividend 10 10
4 194A Interest other than Int on securities (by Bank) 10000 10000 10 10
4A 194A Interest other than Int. on securities (By others) 5000 5000 10 10
5 194B Lottery / Cross Word Puzzle 5000 10000 30 30
6 194BB Winnings from Horse Race 2500 5000 30 30
7 194C(1) Contracts Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- 1 2
8 194C(2) Sub-contracts/ Advertisements Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- 1 2
9 194D Insurance Commission 5000 20000 10 10
10 194EE Payments out of deposits under NSS 2500 2500 20
11 194F Repurchase of units by MF/UTI 1000 1000 20 20
12 194G Commission on sale of lottery tickets 1000 1000 10 10
13 194H Commission or Brokerage 2500 5000 10 10
14 194I Rent (Land & building) 120000 180000 10 10
Rent (P & M , Equipment, furniture & fittings) 120000 180000 2 2
15 194J Professional/Technical charges/Royalty & Non-compete fees 20000 30000 10 10
16 194LA Compensation on acquisition of immovable property 100000 100000 10 10

TCS Rates for the FY 2011-12

The Tax Collection at Source Rates for the Financial Year 2011-12 is tabulated below:

Sl.No. Nature of Goods Rates in %
1. Alcoholic liquor for human Consumption 1
2. Tendu leaves 5
3. Timber obtained under forest lease 2.5
4. Timber obtained by any mode other than a forest lease 2.5
5. Any other forest produce not being timber or tendu leaves 2.5
6. Scrap 1
7. Parking lot 2
8. Toll plaza 2
9. Mining & Quarrying 2

No Education Cess on payment made to resident-Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

Surcharge on Income-tax – Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

Sl. No. Date of ending of the quarter of the financial year Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :

Sl. No. Category Periodicity of furnishing TDS certificate Due date
1. Salary       (Form No.16) Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2. Non-Salary(Form No.16A) Quarterly Within fifteen days from the due date for furnishing the ‘statement of TDS’

Due Date for Payment of March 2011 –The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

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