Latest and fully updated TDS Rates / TDS Chart for A.Y. 2011-12 / Financial Year 2010-11 with all the amendments till the date of publication of this article is given below. In Budget 2010 TDS rates has not been changed but cut off amount has been proposed to be increased under some sections. The Increased Limits are effective from 01.07.2010. The below given chart is about TDS Rates for F.Y.2010-11 (A.Y. 2011-12) i.e from 1-4-2010 to 31-03-2011. The below give TDS after all amendments done by the CBDT notifications and circulars. The TDS rates chart has mentioned for all payment and about payee status to deduct TDS accordingly.
TDS CHART FOR THE YEAR 1-4-2010 TO 31-3-2011
Sl. No. |
Section OfAct |
Nature of Paymentin brief | Rate for paymentto Non- Company |
Rate for paymentto Company % |
Date within which TDS has to be remitted | Qtrly. State-ment Form No. |
1. | 192 | Salaries | AverageRate | – | Within 1 week from last day of the month in which the deduction is made | 24Q |
2. | 193 | Interest on Securities | 10 | 10 | -do- | 26Q |
3. | 194 | Deemed dividend u/s.2(22)(e) Dividends other than listed companies | 10 | 10 | -do- | 26Q |
4. | 194A | Interest other than Interest on securities > Rs.10,000 | 10 | 10 | -do- | 26Q |
5. | 194B | Lottery / Cross Word Puzzle > Rs.10,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.5,000) |
30 | 30 | -do- | 26Q |
6. | 194BB | Winnings from Horse Race > Rs.5,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.2,500) |
30 | 30 | -do- | 26Q |
7. | 194C(1) | Contracts > Rs.30,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.20,000) |
1(For Indl. & HUF) | 2(other than Indl. & HUF) | -do- | 26Q |
8. | 194C(2) | Sub-contracts/Advertisements > Rs.30,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.20,000) |
1 | 1 | -do- | 26Q |
9. | 194D | Insurance Commission > Rs.20,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.5,000) |
10 | 10 | -do- | 26Q |
10. | 194EE | Payments out of deposits under NSS > Rs.2,500 | 20 | – | On the day of deduction itself | 26Q |
11. | 194F | Repurchase of units by MF/UTI | 20 | – | Within 1 week from last day of the month in which the deduction is made | 26Q |
12. | 194G | Commission on sale of lottery tickets > Rs.1,000 | 10 | 10 | -do- | 26Q |
13. | 194H | Commission or Brokerage > Rs.5,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.2,500) |
10 | 10 | -do- | 26Q |
14. | 194I | Rent paid for
> Rs.1,80,000 w.e.f. 01/07/10 |
102% for machinery/ plant / equipment | 102% for machinery/ plant / equipment | -do- | 26Q |
15. | 194J | Professional/Technical charges/Royalty & Non-compete fees > Rs.30,000 w.e.f. 01/07/10 (Upto 30-6-2010, Rs.20,000) |
10 | 10 | -do- | 26Q |
16 | 194LA | Compensation on acquisition of immovable property > Rs.1,00,000 | 10 | 10 | on the day of deduction itself | 26Q |
17 | 195/196B/196C/196D/ 196E |
Payment to non-residents | Rates in force | Rates in force | -do- | 27Q |
TCS CHART FOR THE YEAR 1-4-2010 TO 31-3-2011
Sl.No. | Nature of Goods | Rates in % |
1. | Alcoholic liquor for human Consumption | 1 |
2. | Tendu leaves | 5 |
3. | Timber obtained under forest lease | 2.5 |
4. | Timber obtained by any mode other than a forest lease | 2.5 |
5. | Any other forest produce not being timber or tendu leaves | 2.5 |
6. | Scrap | 1 |
7. | Parking lot | 2 |
8. | Toll plaza | 2 |
9. | Mining & Quarrying | 2 |
Notes :
For quarter ended | Due Dates |
30/06/2009 | 15/07/2009 |
30/09/2009 | 15/10/2009 |
31/12/2009 | 15/01/2009 |
31/03/2010 | 30/04/2010. |
DUTIES OF TAX DEDUCTOR/COLLECTOR
CONSEQUENCES OF DEFAULT
1. Failure to deduct or remit TDS /TCS(full or part)
2. Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of TAN
• Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
3. Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in time
• For each type of failure, penalty of Rs.100/- per day for the period of default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
GENERAL INFORMATION
tds certificat required
PLEASE GUIDE ME THAT WHAT WILL BE THE TDS RATE FOR F.Y. 2011-12 ON THE INSURANCE COMMISSION U/S 194D