Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which includes TDS on Dividend, Change in Rate of TDS Deduction on Technical Professional Fees under Section 194J, Changes in TDS under Section 194K and 194O.
TDS Rates For Financial Year 2020-21 i.e. Assessment Year 2021-22
| Section | Particulars | TDS Rate Individual/ HUF (Indian Resident)(in %) | TDS Rate for (NRI) in India (in %) | Domestic Company (in %) | Other than domestic Company (in %) |
| 192 | Payment of salary | Normal Slab Rate | Normal Slab Rate | – | – |
| 194 | Dividend
(monetary limit- Rs 5000) |
– | – | 10
(W.e.f. 01.04. 2020) |
– |
| 194A | Income by way of interest other than “Interest on securities”
(Monetary Limit – Rs 40,000) |
10 | – | 10 | – |
| 194B | Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort
(Monetary Limit – Rs 10,000) |
30 | – | 31.20 | – |
| 194BB | Income by way of winnings from horse races
(Monetary Limit – Rs 10,000) |
30 | – | 31.20 | – |
| 194C | A Payment to contractor/ subcontractor
(Monetary Limit – Rs 30,000 per contract or Rs 1,00,000 for aggregate amount during the year) |
||||
| a. HUF/ Individuals | 1 | – | 1 | – | |
| b. Others | 2 | – | 2 | – | |
| 194D | Insurance commission
(Monetary Limit – Rs 15,000) |
5 | – | 10 | – |
| 194DA | Payment in respect of life insurance policy w.e.f. 1/9/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out
(Monetary Limit – Rs 1,00,000) |
5 | – | – | – |
| 194H | Commission or brokerage
(Monetary Limit – Rs 15,000) |
5 | – | 5 | – |
| 194-I | Rent
(Monetary Limit – Rs 2,40,000) |
||||
| a. Plant & Machinery | 2 | – | 2 | – | |
| b. Land or building or furniture or fitting | 10 | – | 10 | – | |
| 194-IA | Payment on transfer of certain immovable property other than agricultural land (Monetary Limit –Consideration exceeding Rs 50,00,000) | 1 | – | 1 | – |
| 194-IB | A Payment of rent by individual or HUF not liable to tax audit
(Monetary Limit – Rent for the month or part of the month exceeds Rs 50,000) |
5 | – | – | – |
| 194J | A Payment for fees for Technical services, Professional services or royalty etc. (Monetary Limit –Rs 30,000 p.a) | ||||
| a. Fee for technical services | 2
(w.e.f. 01.04.2020) |
– | 2
(w.e.f. 01.04. 2020) |
– | |
| b. Fee in other all cases as per Section 194J
Note: With effect from June 1, 2017 the rate of TDS would be 2% in case of payee engaged in business of operation of call center. |
10 | – | 10 | – | |
| 194K | Payment of any income in respect of:
a) Units of a Mutual Fund as per Section 10(23D) b)The Units from the administrator c) Units from |
10
(w.e.f. 01.04.2020) |
– | 10
(w.e.f. 01.04. 2020) |
– |
| 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. | 5 | – | 5 | – |
| 194N | Cash withdrawal in excess of Rs. 1 crore 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 | 2 | – | 2 | – |
| 194-O
|
Applicable for E- Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. | 1
(w.e.f. 01.04.2020) |
– | 1
(w.e.f. 01.04.2020)
|
– |
| 195 | Payment of any other sum to a Non-resident | ||||
| a)Any other income | – | 31.20 | – | 41.60 | |
| b)Income by way of fees for technical services | – | 10.40 | – | – | |
| c) Income in respect of investment made by a Non-resident Indian Citizen | – | 20.80 | – | – | |
| d) Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern | – | 20.80 | – | – | |
| e) Income by way of long-term capital gains as referred to in Section 112A | – | 10.40 | – | – | |
| f) Income by way of short -term capital gains referred to in Section 111A | – | 15.60 | – | – |
Due Dates for TDS Payment and Return filing:
| Month of Deduction | Quarter ending | Due dates for TDS payment through challan | Due Date for filing of Return for All Deductors | |
| For Govt. Deductor | For Other Deductor | |||
| April May June |
30th June |
7th May |
31st July | |
| July August September | 30th September |
7th August |
31st October | |
| October November December | 31st December |
7th November |
31st January | |
| January February March | 31st March |
7th Feb 7th March 7th April |
30th April | 31st May |
Some other important factor:
- Payment can be made Online/Offline
- Payment Challan: Challan No.281
- TDS on property to be paid along with Return in Form 26QB (within 30 days from the end of the month in which deduction is made).
- TDS on rent of property exceeding Rs 50000 per month to be paid along with Return in Form 26QC (within 30 days from the end of the month in which deduction is made)
Author Bio
Whether New Regime tax structure for FY 2020-21 (Ass. Year 2021-22 ) is applicable under section 192 for TDS from salary.
Whether entire dividend recd on equity shares and mutual fund amount is taxable ( i.e less than Rs 5000/- & more than Rs 5000/-) is to be offered for tax in computation of income wef 01/04/20 by Individual
In case if dividend on equity shares and mutual fund amount is exceeding Rs 5000/- then the company is liable to deduct tds 10% such tds credit can be taken in computation of income
please also send reply to deepakkathuria2003@yahoo.co.in
If audit UNDER 44AD , THEN TDS DEDUCTION LIMIT would BE ???
Is 15G/15H applicable for TDS on dividend