Applicable TDS Rates are same as were in force for F.Y. 2013-14 except the changes specified below.
I. Rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries”.
The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2012, for the purposes of deduction of income-tax at source during the financial year 2012-13, except that in case of certain payments made to a non-resident (other than a company ) or a foreign company, in the nature of income by way of royalty or fees for technical services, the rate shall be twenty-five percent of such income.
(1) Surcharge—
The amount of tax so deducted, in the case of a non-resident person (other than a company), shall be increased by a surcharge at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees .
The amount of tax so deducted, in the case of a company other than a domestic company, shall be increased by a surcharge at the rate of two per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees and it shall be increased by a surcharge at the rate of five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.
No surcharge will be levied on deductions in other cases.
(2) Education Cess—
“Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, of income tax including surcharge wherever applicable, in the cases of persons not resident in India including companies other than domestic company.
II. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2013-14.
The rates for deduction of income-tax at source from “Salaries” during the financial year 2013-14 and also for computation of “advance tax” payable during the said year in the case of all categories of assessees have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the financial year 2013-14 on current incomes in cases where accelerated assessments have to be made , for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
The Rate Chart for the Financial Year 2013-14 i.e. Assessment Year 2014-15 is as follows :-
|
Sl. No.
|
Section Of Act
|
Nature of Payment in brief
|
Cut Off Amount
|
Rate %
|
||
|
HUF/IND
|
Others
|
|||||
|
1
|
192
|
Salaries
|
Average Rate
|
|||
|
2
|
193
|
Interest on debentures
|
5000
|
10
|
10
|
|
|
3
|
194
|
Deemed dividend
|
–
|
10
|
10
|
|
|
4
|
194A
|
Interest other than Int on securities (by Bank)
|
10000
|
10
|
10
|
|
|
4A
|
194A
|
Interest other than Int. on securities (By others)
|
5000
|
10
|
10
|
|
|
5
|
194B
|
Lottery / Cross Word Puzzle
|
10000
|
30
|
30
|
|
|
6
|
194BB
|
Winnings from Horse Race
|
5000
|
30
|
30
|
|
|
7
|
194C(1)
|
Contracts
|
30000
|
1
|
2
|
|
|
8
|
194C(2)
|
Sub-contracts/ Advertisements
|
30000
|
1
|
2
|
|
|
9
|
194D
|
Insurance Commission
|
20000
|
10
|
10
|
|
|
10
|
194EE
|
Payments out of deposits under NSS
|
2500
|
20
|
–
|
|
|
11
|
194F
|
Repurchase of units by MF/UTI
|
1000
|
20
|
20
|
|
|
12
|
194G
|
Commission on sale of lottery tickets
|
1000
|
10
|
10
|
|
|
13
|
194H
|
Commission or Brokerage
|
5000
|
10
|
10
|
|
|
14
|
194I
|
Rent (Land & building)
|
180000
|
10
|
10
|
|
|
Rent (P & M , Equipment, furniture & fittings)
|
180000
|
2
|
2
|
|||
|
15
|
194J
|
Professional/Technical charges/Royalty & Non-compete fees
|
30000
|
10
|
10
|
|
|
16
|
194J(1)(ba)
|
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)
|
NIL
|
10
|
10
|
|
|
17
|
194LA
|
Compensation on acquisition of immovable property
|
200000
|
10
|
10
|
|
|
18
|
194IA
|
Payment on transfer of certain immovable property other than agricultural land (applicable only if amount exceeds : (a) Value exceeds INR 50 Lakhs) (Effective from 1 June 2013)
|
1
|
1
|
||
TCS Rates for the FY 2013-14
The Tax Collection at Source Rates for the Financial Year 2013-14 is tabulated below:
| Sl. No. | SectionCode | Nature of Goods | Rates in % | Limit for Tax Collection |
| 1. |
6CA |
Alcoholic liquor for human Consumption | 1 | No Exemption Limit |
| 2. |
6CI |
Tendu leaves | 5 | No Exemption Limit |
| 3. |
6CB |
Timber obtained under forest lease | 2.5 | No Exemption Limit |
| 4. |
6CC |
Timber obtained by any mode other than a forest lease | 2.5 | No Exemption Limit |
| 5. |
6CD |
Any other forest produce not being timber or tendu leaves | 2.5 | No Exemption Limit |
| 6. |
6CE |
Scrap | 1 | No Exemption Limit |
| 7. |
6CF |
Parking lot | 2 | No Exemption Limit |
| 8. |
6CG |
Toll plaza | 2 | No Exemption Limit |
| 9. |
6CH |
Mining & Quarrying | 2 | No Exemption Limit |
| 10 | Minerals, being coal or lignite or iron ore | 1 | No Exemption Limit | |
| 11 | Bullion or jewellery | 1 | Exemption limit 200,000/- in case of Coins/Bullions500,000/- for Jewellery
(effective on or after 1st June, 2013) |
No Education Cess on payment made to resident-Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.
Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
Surcharge on Income-tax – Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
Real Estate transaction above Rs. 50 Lacs?????