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TDS Rate Chart for the Financial Year (FY) -2019-2020 / TDS Rate Chart for the Assessment Year (AY) -2020-2021. Article Prescribes Nature of Payment on which TDS is deductible, Section under which TDS is deductible, Basic amount per annum on which TDS is not deductible, TDS rate if PAN is not deductible. TDS rates are bifurcated in TDS rate for Individual and HUF and TDS rate for Other than Individual/ HUF.
| Si. No. | Nature of Payment | Section | Basic Cut-off (Rs.) p.a. | TDS rate for | |||
| Individual and HUF |
Other than Individual/ HUF | If PAN is not submitted/ Invalid PAN | |||||
| 1 | Payment of Salaries by Employers |
192 | Slab rate | Slab rate | Not applicable | 30% | |
| 2 | Premature payment by PF Organization from EPF A/c (i.e. before 5 Years). | 192A | 50,000.00 | 10% | Not applicable | 20% | |
| Payment of Interest on Securities by company. | 193 | 10,000.00 | 10% | 10% | 20% | ||
| 4 | Payment of Dividend other than dividend as referred to Section 1150 by company (i.e. Dividend on which Dividend Distribution Tax is notpaid) |
194 | 2,500.00 | 10% | 10% | 20% | |
| 5 | Payment of Interest by bank |
194A | 40,000.00 (Non Sr. Citizen) 50,000.00
(Sr. Citizen) |
10% | 10% | 20% | |
| 6 | Payment of Interest by others |
194A | 5,000.00 | 10% | 10% | 20% | |
| 7 | Payment of prize from Wining from Lotteries by any person. | 194B | 10,000.00 | 30% | 30% | 30% | |
| 8 | Payment of prize from Wining from Horse Race by any person. | 194B | 10,000.00 | 30% | 30% | 30% | |
| 9 | Payment to Contractors by any person. |
194C | 30,000.00 (Single bill) or 1 Lakh aggregate bills during the year. |
1% | 2% | 20% | |
| 10 | Payment to Transporter Covered u/s. 44E and submit declaration in prescribed format. (i.e. owning less than 10 goods carriages) | 194C | – | 0 | 0 | 20% | |
| 11 | Payment to Transporter not covered u/s. 44E(i.e. owning more than 10 goods carriages) |
194C | 30,000.00 (Single bill ) or 75,000.00 aggregate bills during the year. |
1% | 2% | 20% | |
| 12 | Payment of Insurance Commission to agents by Insurance Company. | 194D | 15,000.00 | 5% | 10% | 20% | |
| 13 | Payment in respect of maturity of Life Insurance Policy by Life Insurance Company. |
194DA | 1 Lakh | 1% | 1% | 20% | |
| 14 | Payment to NRI sportsman or association by any person ororganization |
194E | – | 20% | 20% | 20% | |
| 15 | Payment out of deposit under National Saving Scheme (NSS) |
194EE | 2,500.00 | 10% | 10% | 20% | |
| 16 | Payment with respect to repurchase of units by Mutual Fund Companies. | 194F | – | 20% | 20% | 20% | |
| 17 | Payment of Lottery Commission |
194G | 15,000.00 | 5% | 5% | 20% | |
| 18 | Payment of commission or Brokerage |
194H | 15,000.00 | 5% | 5% | 20% | |
| 19 | Payment of rent on land, building, furniture and fittings. | 1941 | 240,000.00 | 10% | 10% | 20% | |
| 20 | Payment of rent on plant, machinery or equipments. | 1941 | 240,000.00 | 2% | 2% | 20% | |
| 21 | Payment made on account of transfer of immovable property other than agriculture land. |
194IA | 50 Lakh | 1% | 1% | 20% | |
| 22 | Rent payable by individual not covered u/s. 1941 for land, building, furniture and fittings |
1941B | 50,000.00 PM | 5% | 5% | 20% | |
| 23 | Payment of Professional Fees other than call centers |
194J | 30,000.00 | 10% | 10% | 20% | |
| 24 | Payment of Professional Fees to call centers. |
194J | 30,000.00 | 2% | 2% | 20% | |
| 25 | Compensation on transfer of certain immoveable property than Agriculture Land |
194LA | 250,000.00 | 10% | 10% | 20% | |
Source- ICMAI
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As per above article TDS on Payments made to transporter not covered under section 44AE is to be deducted if single bill exceed Rs. 30,000/- or Aggregate Bill Amount during the F.Y. exceeds 75,000/-. However, as per section 194C threshold limit for aggregate Bill amount is Rs. 1,00,000/- for all contractors incl transporter. Please provide back up material where this change is notified.
Hi
Your article on TDS is very much clear and look forward for such articles from time to time.