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“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%

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