Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished.

TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24

Nature of Payment Made To Residents
Threshold (Rs.)
Company / Firm /Co-operative Society /Local Authority
Individual / HUF
If No / Invalid PAN
Non residents other than company (if income between Rs. 50 lakh and Rs. 1 Crore)
Non residents other than company (if income exceeds Rs. 1 Crore and Rs 2 crore)
Non residents other than company (if income exceeds Rs. 2 Crore and Rs 5 crore)
Non residents other than company (if income exceeds Rs. 5 Crore)
Non resident companies (if income is between Rs.1 Crore and 10 Crore)
Non resident companies if income is greater than Rs.10 Crore
Surcharge on Co-perative Society & Firms in case of Non-Residents (if income exceeds Rs. 1 crore)
Section – Description
IT Rate (%)
Surcharge Rate (%)
192A – Payment of accumulated balance due to an employee.(applicable from 01.06.2015)
50,000
10
30
10
15
25
37
193 – Interest on securities
10,000
10
10
20
194 – Dividends
5,000
10
10
20
194A – Interest other than interest on securities – in any Others Case
5,000
10
10
20
194A -Banks / Co-operative society engaged in business of banking / Post Office
40,000
10
10
20
194A – Senior citizen
50,000
10
20
194B – Winning from Lotteries
10,000
30
30
30
10
15
25
37
2
5
12
194B proviso – Winnings from lotteries and crossword puzzles where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such winnings are released (Applicable From 01-July-2021)
10,000
30
30
30
10
15
25
37
2
5
12
194BB – Winnings from Horse Race
10,000
30
30
30
10
15
25
37
2
5
12
194C – Payment to Contractors
1,00,000
2
1
20
194IC- Payment under Specified agreement
10
10
20
194D – Insurance Commission
15,000
10
5
20
194DA – Payment in respect of life insurance policy (applicable from 01.10.2014)
1,00,000
5
5
20
194E – Payment to Non-Resident Sportsmen or Sports Association
20
20
20
10
15
25
37
2
5
12
194EE – Payments out of deposits under NSS
2,500
10
10
20
10
15
25
37
2
5
12
194F – Repurchase Units by MFs
20
20
20
10
15
25
37
2
5
12
194G – Commission – Lottery
15,000
5
5
20
10
15
25
37
2
5
12
194H – Commission / Brokerage
15,000
5
5
20
194I – Rent
194I(b)-Land and Building/ Furniture/ Fittings
2,40,000
10
10
20
194I(a) – Plant/ Machinery/ Equipment
2,40,000
2
2
20
194IA – Transfer of certain immovable property other than agriculture land (w.e.f. 1-6-2013)
50,00,000
1
1
20
194J – Fees for Professional/ Technical Services
30,000
10 – Others
2 – Fees for Technical Services (not being professional services), royalty for sale, distribution or exhibition of cinemato-graphic films and call centre
10 – Others
2 – Fees for Technical Services (not being professional services), royalty for sale, distribution or exhibition of cinemato-graphic films and call centre
20
194K – Payment of Dividend by Mutual Funds (Applicable From 01-Apr-2020)
5,000
10
10
20
194LA – Immovable Property
2,50,000
10
10
20
194LB – Income by way of interest from infrastructure debt fund (non-resident)
5
5
20
10
15
25
37
2
5
12
194LBA – Certain income from units of a business trust to Residents
194LBA (a) – Certain Income in the form of interest from units of a business trust to a residential unit holder
10
10
20
194LBA (b) – Certain Income in the form of dividend from units of a business trust to a resident unit holder
10
10
20
194LBA – Certain income from units of a business trust to Non Resident :-
194LBA(1) – Payment of the nature referred to in Section 10(23FC)(a)
5
5
20
10
15
25
37
2
5
12
194LBA (2) – Payment of the nature referred to in Section 10(23FC)(b)
10
10
20
10
15
25
37
2
5
12
194LBA (3) – Payment of the nature referred to in section 10(23FCA) by business trust to unit holders
40% – For Non Residents Company
30% – For Non Residents other than companies
30
30/40
10
15
25
37
2
5
12
194LBB – Income in respect of units of investment fund.
10% – For Residents
40% – For Non Residents Company
30% – For Non Residents other than companies
10% – For Residents
30% – For Non Resident
20/30/40
10
15
25
37
2
5
12
Sec 194LBC – Income in respect of investment in securitisation trust.
30% – For Residents
40% – For Non Residents Company
30% – For Non Residents other than companies
25% – For Residents
30% – For Non Resident
25/30/40
10
15
25
37
2
5
12
Sec 194LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan /long-term infrastructure bonds from outside India (applicable from July 1, 2012)
5 or 4*
* In case where interest is payable in respect of Long-term Bond or Rupee Denominated Bond listed on recognised stock exchange located in IFSC
5 or 4*
* In case where interest is payable in respect of Long-term Bond or Rupee Deno-minated Bond listed on recognised stock exchange located in IFSC
20
10
15
25
37
2
5
12
194LD – Interest on certain bonds and govt. Securities (from 01-06-2013)
5
5
20
10
15
25
37
2
5
12
194N – Payment of certain amounts in cash.
Withdrawal in Excess of Rs. 1 Cr.
2
2
20
194NF – Payment of certain amounts in cash to non-filers
1. Withdrawl Exceed 20 Lacs but does not exceed 1 Cr.
2. Withdrawl Excess 1 Cr.
2% – Exceed 20 Lacs but does not exceed 1 cr.
5%-Withdrawl in Excess of Rs. 1 cr.
2% – Exceed 20 Lacs but does not exceed 1 cr.
5%-Withdrawl in Excess of Rs. 1 cr.
20
194O – TDS on e-commerce participants (Applicable From 01-Oct-2020)
500000 (Individual /HUF)
1
1
5
194P – TDS in case of Specified Senior Citizen
Not Applicable
Rates in Force
194Q – TDS on Purchase of Goods exceeding Rs. 50 Lakhs (Applicable From 01-July-2021)
In Excess of Rs. 50 Lakhs
0.1
0.1
5
194R – TDS in case any benefit or perquisite (arising from business or the exercise of a profession) is provided (Applicable From 01-July-2021)
20000
10
10
20
First Proviso to sub-section (1) of section 194R- TDS in case any Benefits or perquisites of business or profession where such benefit is provided in kind or where part in cash is not sufficient to meet tax liability and tax required to be deducted is paid before such benefit is released ( Applicable From 01-July-2021)
20000
10
10
20
194S- TDS on payment on transfer of Virtual Digital Asset ( Applicable From 01-July-2021)
10000
1
1
20
Proviso to sub-section(1) of section 194S- TDS on Payment for transfer of virtual digital asset where payment is in kind or in exchange of another virtual digital asset and tax required to be deducted is paid before such payment is released ( Applicable From 01-July-2021)
10000
1
1
20
Sec 195 – Other Sums
Average rates as applicable
20/30/40
10
15
25
37
2
5
12
Sec 196A – Foreign comp unit holder of MF
* 20
* Not Applicable for company
20
20
10
15
25
37
2
5
12
Sec 196B – Income from units
10
10
20
10
15
25
37
2
5
12
Sec 196C – Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)
10
10
20
10
15
25
37
2
5
12
Sec 196D – Income of Foreign Institutional Investors/ Specified Fund :-
Sec 196D – Income of foreign institutional investors from securities under sub-section (1)
20
20
20
10
15
25
37
2
5
12
Sec 196DA – Income of specified fund from securities referred to in clause (a) of sub-section (1) of section 115AD (other than interest income referred to in section 194LD)
10
10
20
10
15
25
37
2
5
12

Education cess is applicable @ 4%

Notes

1 Section – 206AA Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (i.e. deductor), failing which tax shall be deducted at the higher of the following rates, namely:-

(i) at the rate specified in the relevant provision of this Act; or

(ii) at the rate or rates in force; or

(iii) at the rate of twenty per cent:

Provided that where the tax is required to be deducted under section 194-O, the provisions of clause (iii) shall apply as if for the words “twenty per cent”, the words “five per cent” had been substituted.

Provided further that where the tax is required to be deducted under section 194Q, the provisions of clause (iii) shall apply as if for the words “twenty per cent”, the words “five per cent” had been substituted.

2 Section – 206AB Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person to a specified person, the tax shall be deducted at the higher of the following rates, namely:––

(i) at twice the rate specified in the relevant provision of the Act; or

(ii) at twice the rate or rates in force; or

(iii) at the rate of five per cent.

If the provisions of section 206AA is applicable to a specified person, in addition to the provision of this section, the tax shall be deducted at higher of the two rates provided in this section and in section 206AA.

For the purposes of this section “specified person” means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years Provided that the specified person shall not include a non-resident who does not have a permanent establishment in India.

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