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Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosecution, and applicable rates for various transactions. Stay informed to ensure seamless compliance.
Article explains provisions related to TDS Payment & Return Due Date, TDS Late Fees under section 234E,TDS Interest under Section 201, TDS Penalty under Section 271H, TDS Prosecution under Section 276B and TDS Rate (As Applicable from 01-04-2023 onwards).
TDS Payment & Return Due Date
Liability for the M/o | TDS Payment Due Date | TDS Return Due Date |
April | 7th May | 31st July |
May | 7th June | |
June | 7th July | |
July | 7th August | 31st October |
August | 7th September | |
September | 7th October | |
October | 7th November | 31st January |
November | 7th December | |
December | 7th January | |
January | 7th February | 31st May |
February | 7th March | |
March | 7th March (Govt case) | |
March | 30th April (Others) |
TDS Late Fees
Section: 234E | Late Fees: Rs. 200 Per day |
Provision: The deductor of TDS shall be liable to pay this for every day of delay | |
But maximum amount of TDS ((Date of filing of return – Due Date of return)*200) |
TDS Interest
Section: 201(1A)(i) | Interest: @1% | |
Provision: If TDS is not fully/partly deducted, then Interest is to be paid | ||
From “Date on which tax is deductible to the date on which tax is actually deducted.” | ||
Section: 201(1A)(ii) | Interest: @1.5% | |
Provision: If TDS is fully/partly deducted, but not paid to GoI, then Interest shall be paid From the “Date on which tax is deducted to the date on which tax is deposited.” |
TDS Penalty
Section: 271H | Penalty: Rs 10000/- to Rs 100000/- |
Provision: AO may direct a person who fails to file the TDS/TCS return within the due date or file the incorrect return. |
TDS Prosecution
Section: 276B | Rigorous imprisonment: 3 Months to 7 Years + Fine |
If a person fails to pay TDS to GoI as required under the provisions of Chapter XVII-B. |
TDS Rate (As Applicable from 01-04-2023 onwards)
Section | Nature of transaction | Threshold Limit (Rs) | TDS Rate |
192 | Payment of salary | Basic exemption limit for employee | Normal Slab Rates |
192A | Premature withdrawal from EPF | 50,000 | 10% or 20%, if doesn’t have a PAN |
193 | Interest on securities | Debentures- 5,000 | 10% |
8% Savings (Taxable) Bonds 2003 or 7.75% Savings (Taxable) Bonds 2018- 10,000 | |||
Other securities- No limit | |||
194 | Payment of any dividend | 5000 | 10% |
194A | Interest from other than interest from securities (from deposits with banks/post office/co-operative society) | Senior Citizens- 50,000 | 10% |
Others- 40,000 | |||
Interest from other than interest on securities u/s 193 and interest from banks/post office/co-operative society. For e.g., interest from friends and relatives | 5000 | ||
194B | Income from lottery winnings, card games, crossword puzzles, and other games of any type | 10000 (Aggregate winnings during a financial year) | 30% |
194BA | Income from online games | Nil | 30% |
194BB | Income from horse race winnings | 10000 (Aggregate winnings during a financial year) | 30% |
194C | Payment to contractor/sub-contractor:- | Single transaction- 30,000, Aggregate transactions- 1,00,000 | |
a) Individuals/HUF | 1% | ||
b) Other than Individuals/HU | 2% | ||
194D | Insurance commission to: | ||
a) Domestic Companies | 15000 | 10% | |
b) Other than companies | 15000 | 5% | |
194DA | Income for the insurance pay-out, while payment of any sum in respect of a life insurance policy. | 1,00,000 | 5% |
194E | Payment to non-resident sportsmen/sports association | No limit | 20%, *This rate shall be increased by applicable surcharge and 4% cess |
194EE | Payment of amount standing to the credit of a person under the National Savings Scheme (NSS) | 2500 | 10% |
194F | Payment for the repurchase of the unit by Unit Trust of India (UTI) or a Mutual Fund | No limit | 20% |
194G | Payments, commission, etc., on the sale of lottery tickets | 15000 | 5% |
194H | Commission or brokerage | 15000 | 5% |
194-I | Rent by Individual/HUF liable to Tax Audit | ||
194-I(a) Rent on plant and machinery | 2,40,000 | 2% | |
194-I(b) Rent on land/building/furniture/fitting | 10% | ||
194-IA | Payment in consideration of transfer of certain immovable property other than agricultural land. | 50,00,000 | 1% |
194-IB | Rent payment by an individual or HUF is not liable to tax audit | 50,000 per month | 5% |
194-IC | Payment under Joint Development Agreements (JDA) to Individual/HUF | No limit | 10% |
194J | Any sum paid by way of fee for professional services | 30000 | 10% |
Any sum paid by way of remuneration/fee/commission to a director | 30000 | 10% | |
Any sum paid for not carrying out any activity concerning any business; | 30000 | 10% | |
Any sum paid for not sharing any know-how, patent, copyright, etc. | 30000 | 10% | |
Any sum paid as a fee for technical services | 30000 | 2% | |
Any sum paid by way of royalty towards the sale or distribution, or exhibition of cinematographic films | 30000 | 2% | |
Any sum is paid as fees for technical services, but the payee is engaged in the business of operation of the call centre. | 30000 | 2% | |
194K | Payment of any income for units of a mutual fund, for example, dividend | No limit | 10% |
194LA | Payment in respect of compensation on acquiring certain immovable property | 2,50,000 | 10% |
194LB | Payment of interest on infrastructure debt fund to Non-Resident | No limit | 5%, *This rate shall be increased by applicable surcharge and 4% cess |
194LB(1) | Distribution by business trust to its units holders income like Interest, rental income, received from SPV | No limit | 10% |
194LBA(2) | Interest income of a business trust from SPV distribution to its unitholders | No limit | 5% |
194LBA(2) | Dividend income of a business trust from SPV, in which it holds the entire share capital exempt the capital held by the government, and distribution to its unitholders | No limit | 10% |
194LBA(3) | Rental income payment of assets owned by the business trust to the unitholders of such business trust | No limit | 30% |
194LBA(3) | Rental income payment of assets owned by the business trust to the unitholders of such business trust | No limit | 40% |
194LBB | Certain income paid to a unitholder in respect of units of an investment fund | No limit | 10% |
194LBB | Certain income paid to a unitholder in respect of units of an investment fund | No limit | 40% |
194LBC | Income from investment in securitisation fund received to an individual and HUF | No limit | 25% |
Income from investment in a securitisation fund received from a domestic company | 10% | ||
Income from investment in securitisation fund received to a foreign company | 40% | ||
Income from investment in securitisation fund received to NRI | 10% | ||
194LC | Payment of interest for the loan borrowed in foreign currency by an Indian company or business trust against a loan agreement or the issue of long-term bonds | No limit | 5% |
194LC | Payment of interest for the loan borrowed in foreign currency by an Indian company or business trust against the issue of long-term bonds listed in IFSC | No limit | 4% |
194LD | Payment of interest on bond (rupee-denominated) to FII or a QFI | No limit | 5% |
194M | Certain payments by Individuals/HUF are not liable to deduct TDS under Sections 194C, 194H, and 194J | 50,00,000 | 5% |
194N | Cash withdrawal from accounts with Bank, Cooperative society, or post office engaged in the banking business | Co-operative society: 3 Crore | 2% |
Others: 1 crore | 2% | ||
Cash withdrawal in case the person not filing ITR for the last three years and the original ITR filing due date expired | Co-operative society: 3 Crore | 5% | |
Others: 1 crore | 5% | ||
Others: 20 Lakh | 2% | ||
194O | Payment for the sale of goods or provision of services by the e-commerce operator through its digital or electronic facility or platform. | 5,00,000 | 1% or 5% in case PAN is not furnished |
194P | Payment of pension or interest to specified senior citizens of age 75 years or more | Basic exemption limit of senior citizens or super senior citizens | Normal tax slab rates |
194Q | Payments for the purchase of goods | 50,00,000 | 0.10% |
194R | Perquisite or benefit to a business or profession | 20000 | 10% |
194S | TDS on the transfer of virtual digital assets | Specified Persons- 50,000 | 1% |
Others- 10,000 |
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