“Stay informed about the TDS rates for the Financial Year 2023-24 (Assessment Year 2024-25) in India. Understand the rates applicable to different payments, thresholds, and considerations. Ensure compliance with the TDS Rate Chart for the new financial year.”
New Financial Year is already started from 1st April, 2023, so one should be care full for Tax Deduction and Tax Collection from payment during the year. In case of resident person tax is to be deducted at the following rates on different payments.
TDS Rate Chart for Financial Year 2023-24/Assessment Year 2024-25
Please remember that if the, person whose tax is to be deducted, is not giving their PAN, then tax is to be deducted at 20% or higher, as per TDS Rate Chart for Financial Year 2023-24/Assessment Year 2024-25 given below.
| Nature of Payment | Section | Limit for Payment | Rate |
| Salary | 192 | As per Tax slab | As per slab |
| Payment by P.F. Trust | |||
| Before due time. | 192A | Rs. 50,000 | 10% |
| Interest on securities | 193 | Rs. 10,000 | 10% |
| Interest on Debenture | 193 | Rs. 5,000 | 10% |
| Dividend (except mention u/s 115O) | 194 | Rs. 5,000 | 10% |
| Interest Bank, Post office | 194A | For Senior Citizen Rs.50,000 others Rs. 10,000 | 10% |
| Other than bank Lottery/Cross words | 194A | Rs. 5,000 | 10% |
| Puzzles, Card Games | 194B | Rs. 10,000 | 30% |
| Winning from horse race Payments to contractors/ | 194BB | Rs. 10,000 | 30% |
| Subcontractors | 194C | Rs. 30,000 by one | 1%/ |
| Payment or during | 2% | ||
| The year Rs. One lakh | |||
| Insurance Commission | 194D | Rs. 15,000 | 5/10% |
| Payment in respect of LIC | 194DA | Rs. 1,00,000 | 5% |
| Payment of NSS | 194EE | Rs. 2,500 | 10% |
| Commission on sale of
Lottery Tickets |
194G | Rs.15,000 | 5% |
| Commission and brokerage | 194H | Rs.15,000 | 5% |
| Rent payable by persons Other than Indl/HUF | 194I | Rs.2,40,000 | 10% |
| Rent of Plant/Machinery
And equipment |
194I | Rs.2,40,000 | 2% |
| Payment of consideration
On transfer of land or Building (Other than Agricultural land) |
194IA | Rs.50,00,000 | 1% |
| Rent payable by Indl/HUF
(if Tax Audit is not Applicable) |
194IB | Rs. 50,000 per month | 5% |
| Under Joint Development
Agreement payment to HUF Or Individual |
194IC | ——— | 10% |
| Fees for professional or
Technical or Services |
194J | Rs. 30,000 | 10% |
| Payment of fees to call
Center |
194J | Rs. 30,000 | 2% |
| Payment of dividend by
Mutual Fund |
194K | Rs. 5,000 | 10% |
| Payment of compensation
Enhanced compensation on Acquisition of land (other than agricultural land) building |
194LA | Rs. 2,50,000 | 10% |
| Payment by Indl/HUF to
Contractor, commission agent
|
194LA | Rs. 2,50,000 | 10% |
| Broker or professional (not
Covered u/s 194C,194H or 194J) |
194M | Rs. 50 lakhs | 5% |
| Payment of certain amount
In cash by banks, co op.soc., Post office. |
194N | 2% | |
| Payment of certain sums by
E-commerce operator to e- |
194N | Exceeding Rs. One Crore | 2% |
| Commerce participant Purchase of more than Rs. 50 lakhs( deductor’s turn | 194O | Rs. 10 lakhs | 1% |
| Over is more than 10 crore | 194Q | Rs. 50 lakhs | 0.1% |
Author Bio
