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.
if Rent is Rs. 178560/- and service tax is Rs. 22,070 (12.36%)
Total Rs. 200,630.
Is tds applicable as TDS to be deducted before serice tax amount.
we loan taken other than bank (Finanace Co.)for school bus purchased and loan and interest regullarly payment, my problem is tds applicable or not under section tds 194A
Useful of Income tax
Is it applicable TCS on Scrap Sales in Gujarat ?
What id the rate ?
AN AMOUNT OF RS.100000 PAID TO A CONTRACTOR FOR CONTRACT WORKS OF OUR OFFICE DONE BY HIM. HE HAS NO PAN NUMBER WHAT TDS RATE CHARGED?
IS there any notification for non deduction of tds of senior citizens for A.Y. 2012-13
Dear sir,
Tds Ret. fill & short interest so now default status ok so now 11-9-12 fill short interest paid how to fill interest in deductee ? pl help me !
Dear Sir,
I just wanted to know, Is TDS applicable on Freight & Transport, if yes than in what condition? Please let me know, i am lil confuse about that….
With Best Regards
Rohit Gupta
hello sir,
I am working in petrol pump i asked for you what is the rate of diesel commission and how many paid tds?
If partner has given loan to firm then whether TDS on Interest on loan needs to be deducted or not
we have deducted 1% TDS as we were in impression of Proprietary concern.
But in actual it is partnership firm so tds rate applicable is 2% u/s 194C . and yesterday we file the return to NSDL. Now how to solve the problem. Pls Guide.
i am local guide in (junagadh )gujarat. now he is geeting r approx approx rs 50000 to 90000 per year. from different agencis . but one of the agency asking for tds diduction…..so plesae advise is it ok ? as i don`t have other income ….
Construction Service
Service tax on Car parking space or not
Whether TDS is to be deducted on a contractual payments for example a contract with a telephone company for a fix amount for providing telephone or lease line ??? Bill received from a telephone company is base amount + service Tax @ 12.36% on it.
Plz , u hav to more clear about the concept relating to subsection 1& 2 of section 194C
i have to give incentive to marketing executive of Rs. 39000/- so can i deduct TDS on it?
i have not deducted TDS u/s 194c of a particular party because i was not expecting the expenses for that particular party to exceed 75,000/- in the FY 2011-12 , however the limit exceeded in january 2011. Assuming it reached 80,000/- ( Total Amount ) , for which i have paid the tax on 80,000/- on 7th february 2011 , will i be liable to pay interest u/s 201 ?
Hi
i want to know TDS Cerficate to issued to dedctee yearly or quaterly actually i have dedct tds payment on commission under rate of 10% please give me advise as per rules.
how we can revise tds return if TDS wrongly paid in earlier year instead of current year