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 ActNature of Payment in briefCut Off AmountRate %
30.06.201001.07.2010HUF/INDOthers
1192SalariesSalary income must be more then exemption limit after deductions.Average Rate
2193Interest on Securities1010
3194Deemed dividend1010
4194AInterest other than Int on securities (by Bank)10000100001010
4A194AInterest other than Int. on securities (By others)500050001010
5194BLottery / Cross Word Puzzle5000100003030
6194BBWinnings from Horse Race250050003030
7194C(1)ContractsRs. 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/-12
8194C(2)Sub-contracts/ AdvertisementsRs. 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/-12
9194DInsurance Commission5000200001010
10194EEPayments out of deposits under NSS2500250020
11194FRepurchase of units by MF/UTI100010002020
12194GCommission on sale of lottery tickets100010001010
13194HCommission or Brokerage250050001010
14194IRent (Land & building)1200001800001010
Rent (P & M , Equipment, furniture & fittings)12000018000022
15194JProfessional/Technical charges/Royalty & Non-compete fees20000300001010
16194LACompensation on acquisition of immovable property1000001000001010

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 Consumption1
2.Tendu leaves5
3.Timber obtained under forest lease2.5
4.Timber obtained by any mode other than a forest lease2.5
5.Any other forest produce not being timber or tendu leaves2.5
6.Scrap1
7.Parking lot2
8.Toll plaza2
9.Mining & Quarrying2

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 yearDue date
1.30th June15th July of the financial year
2.30th September15th October of the financial year
3.31st December15th January of the financial year
4.31st March15th 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.CategoryPeriodicity of furnishing TDS certificateDue date
1.Salary       (Form No.16)AnnualBy 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)QuarterlyWithin 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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