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TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below.

Posts Related to Below Given Amended Chart:-

Threshold for TDS on payment of interest on debentures

Section 194J of the Act – Tax deduction at source from payment to director

Section 194LA of the Act- Exemption on enhanced compensation

Section 194LAA- Tax deduction at source from payment for immovable property in certain cases

Budget 2012 – TCS on sale of Coal, Lignite, Iron ore

Budget 2012 – TCS on cash sale of bullion and jewellery

TDS RATE CHART FINANCIAL YEAR 2012-13 (ASSESSMENT YEAR 13-14)

Sl. No.Section Of ActNature of Payment in briefCut Off AmountRate %
01.04.201201.07.2012HUF/INDOthers
1192SalariesSalary income must be more then exemption limit after deductions.Average Rate
2193Interest on debentures250050001010
3194Deemed dividend1010
4194AInterest other than Int on securities (by Bank)10000100001010
4A194AInterest other than Int. on securities (By others)500050001010
5194BLottery / Cross Word Puzzle10000100003030
6194BBWinnings from Horse Race500050003030
7194C(1)Contracts300003000012
8194C(2)Sub-contracts/ Advertisements300003000012
9194DInsurance Commission20000200001010
10194EEPaymentsout of deposits under NSS2500250020
11194FRepurchase of units by MF/UTI100010002020
12194GCommission on sale of lottery tickets100010001010
13194HCommission or Brokerage500050001010
14194IRent (Land & building)1800001800001010
Rent (P & M , Equipment, furniture & fittings)18000018000022
15194JProfessional/Technical charges/Royalty & Non-compete fees30000300001010
16194J(1)(ba) Any remuneration or commission paid to director of the company(Effective from 1 July 2012)NANIL1010
17194LACompensation on acquisition of immovable property1000002000001010
18194LLAPayment on transfer of certain immovable property other than agricultural land (applicable only if amount exceeds : (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012)NA (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012)11

TCS Rates for the FY 2012-13

The Tax Collection at Source Rates for the Financial Year 2013-13 is tabulated below:

Sl.No.Nature of Goods Rates in %
01.04.201201.07.2012
1.Alcoholic liquor for human Consumption11
2.Tendu leaves55
3.Timber obtained under forest lease2.52.5
4.Timber obtained by any mode other than a forest lease2.52.5
5.Any other forest produce not being timber or tendu leaves2.52.5
6.Scrap11
7.Parking lot22
8.Toll plaza22
9.Mining & Quarrying22
10Minerals, being coal or lignite or iron ore NA 1
11Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs) NA 1

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 2013 –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.

(Republished with Amendments)

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