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Article explains Popular TDS/ TCS Sections and Rates as applicable for Financial Year (FY) 2021-22. From 01st April 2021 TDS/TCS Rates will be normal and Concessional rate will not be applicable.
TDS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22
| Section |
Section Name |
Applicable To |
Limit |
TDS Rate |
| 194 |
Dividend |
All Companies |
5000 |
10% |
| 194A |
Interest on Deposits/ Loans (Other than Bank) |
ALL Co,/LLP/FIRM and INDI/HUF TO > 1 CR |
5000 |
10% |
| 194C |
Payment to contractor/sub-contractor: |
ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR |
Single Transaction: 30,000 & Aggregate of Transactions: 1,00,000 |
|
|
a) HUF/ Individuals |
1% |
|
b) Others |
2% |
| 194H |
Commission or brokerage |
ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR |
15000 |
5% |
| 194-I |
Rent: |
ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR |
|
|
|
194-I(a) Plant & Machinery |
240000 |
2% |
|
194-I(b) Land or building or furniture or fitting |
240000 |
10% |
| 194-IA |
Payment on transfer of certain immovable property other than agricultural land |
If Value is higher than 50 lacs |
50 Lakh |
1% |
| 194J |
Fees for professional or technical services: |
ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR |
|
|
|
i) sum paid or payable towards fees for technical services |
30,000 |
2.00% |
|
ii) sum paid or payable towards Professional Fees |
30,000 |
10.00% |
| 194Q |
purchase of goods ( Applicable from 1-7-2021 |
All Assessee having TO > 10 cr and if the purchase of goods by him from the seller is of the value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year. |
0.1% |
| 194A |
Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit to senior Citizen |
Banks / Post-office |
50000 |
10% |
|
Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit to Other than Senior Citizen |
40000 |
10% |
| 192 |
Salary |
ALL |
If Taxable Income more than 2.5 lacs |
|
TCS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22
| Section |
Section Name |
Applicable To |
Limit |
TCS Rate |
| 206C(1H) |
Sale of Goods |
All Assessee having TO > 10 cr and if the Sale of goods by him to any buyer is of the value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year. |
0.1% |
| 206C(1) |
Sale of Any Scrap |
ALL Co,/LLP/FIRM and INDI/HUF TO > 1 CR |
no limit.. All scrap sale |
1% |
| 206C(1F) |
Motor Vehicle (any mode of payment) |
Seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding Rs. 10 lacs |
1% |
TDS for AY 2021-22, deducted on 31-03-2021, paid on 30-04-2021. concessaional rate applicable ? Thanks