Tds and TCS Rates for financial year 2011-12 and assessment year 2012-13
TDS Rates for financial year 2011-12 and assessment year 2012-13
The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.
TDS RATE CHART FINANCIAL YEAR 2011-12 (ASSESSMENT YEAR 12-13)
| Sl. No. | Section Of Act | Nature of Payment in brief | Cut Off Amount | Rate % | ||
| 30.06.2010 | 01.07.2010 | HUF/IND | Others | |||
| 1 | 192 | Salaries | Salary income must be more then exemption limit after deductions. | Average Rate | ||
| 2 | 193 | Interest on Securities | – | – | 10 | 10 |
| 3 | 194 | Deemed dividend | – | – | 10 | 10 |
| 4 | 194A | Interest other than Int on securities (by Bank) | 10000 | 10000 | 10 | 10 |
| 4A | 194A | Interest other than Int. on securities (By others) | 5000 | 5000 | 10 | 10 |
| 5 | 194B | Lottery / Cross Word Puzzle | 5000 | 10000 | 30 | 30 |
| 6 | 194BB | Winnings from Horse Race | 2500 | 5000 | 30 | 30 |
| 7 | 194C(1) | Contracts | Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- | Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- | 1 | 2 |
| 8 | 194C(2) | Sub-contracts/ Advertisements | Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- | Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- | 1 | 2 |
| 9 | 194D | Insurance Commission | 5000 | 20000 | 10 | 10 |
| 10 | 194EE | Payments out of deposits under NSS | 2500 | 2500 | 20 | – |
| 11 | 194F | Repurchase of units by MF/UTI | 1000 | 1000 | 20 | 20 |
| 12 | 194G | Commission on sale of lottery tickets | 1000 | 1000 | 10 | 10 |
| 13 | 194H | Commission or Brokerage | 2500 | 5000 | 10 | 10 |
| 14 | 194I | Rent (Land & building) | 120000 | 180000 | 10 | 10 |
| Rent (P & M , Equipment, furniture & fittings) | 120000 | 180000 | 2 | 2 | ||
| 15 | 194J | Professional/Technical charges/Royalty & Non-compete fees | 20000 | 30000 | 10 | 10 |
| 16 | 194LA | Compensation on acquisition of immovable property | 100000 | 100000 | 10 | 10 |
TCS Rates for the FY 2011-12
The Tax Collection at Source Rates for the Financial Year 2011-12 is tabulated below:
| 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 |
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.
Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are
| Sl. No. | Date of ending of the quarter of the financial year | Due date |
| 1. | 30th June | 15th July of the financial year |
| 2. | 30th September | 15th October of the financial year |
| 3. | 31st December | 15th January of the financial year |
| 4. | 31st March | 15th May of the financial year immediately following the financial year in which deduction is made |
Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :
| Sl. No. | Category | Periodicity of furnishing TDS certificate | Due date |
| 1. | Salary (Form No.16) | Annual | By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted |
| 2. | Non-Salary(Form No.16A) | Quarterly | Within fifteen days from the due date for furnishing the ‘statement of TDS’ |
Due Date for Payment of March 2011 –The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.
If i have done tds on provision for 31st Mar and the same amount of paid on 30th april and if the bill is received for the service rendered for May whether we can adjust the provision booked for Mar
We are doing Mining of Dolomite Mineral and TCS is deducted from our Royalty, We are not cunsuming Dolomite not selling in open market, Does TCS is Should be deducted from our Royalty.
If no tds on other than salary is recovered in a quarter , then whether filing of Quarterly report in Form 26Q by DDO has to be made.
Sir
What is the limit of TDS under 194c .? If i take service from service provider in a year Rs. 2 lacs and more . how much tds deducted from him. Please clear the calculation.
Can TDS Levied on Interest Paid on Loan from Indiabulls & Kotak Mahindra Prime Ltd. ?
While making online payment of tds their was a mistake in nature of payment & also in amt.
by mistake entire amt.is paid under one section i.e 194I. it should go partly in 94I & partly in 94C.
how to make correction ?
For Fy 2011-12 Income Tax was assessed under the head Salary Income.Subsequently retired from service in Jan 2012(Slab rate 30%)). Joined as Consultant in March 2012 &received professional fees in April 12 although TDS was deducted & deposited in March 12 @ 10%.Under the circumstance please advise whether
1).I have to show the said income in the Fy 2011-12 & pay the balance amount as Tax @ of 30%
2).I can show the income of consultant in the F.Y 2012-13,since payment received in April 12(i.e on cash basis) and pay Tax @ of 10% thereby ignoring TDS in March12.
3) Alternative option so that Tax is reduced to bear minimum if i have to show in my IT return for the FY 2011-12 under the head Salary Income or under any other head since March.
I am a Cost Accountant & have have obtained CP since May 2012.
Regards
S.GANGULI
I want to know that when i am paying the TDS for the month of April in the month of may at that time i have paid TDS for some bills for the month of may also. is there any problem arise. if yes than what type of problem
Hi,
great
sir, service tax portion include in gross amount .can we deducted TDs in gross amount
sir can u please explain all TDS retes clearly.
Regards,
venkat….
dear sir
i would like to ask question for which i need an urgent soluntion
whether TDS be deducted on gross bill or discounted bill?
Can TDS be deducted on gross bill which includes service tax or do we need to deduct tds on actual service rendered without taking service tax ?
Dear Sir,
I have read on your website on link https://taxguru.in/income-tax/tds-tcs-rates-financial-year-201112-assessment-year-201213.html about last date of TDS deposit as per detail given below but i think you have wrongly mentioned 31 May for TDS as of 31 March instead of 30 April, So Please confirm me.
Due Date for Payment of March 2011 -The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.
Hi,
I am getting salary from section 194J.On that i 10% TDS.Is it possible to get return on 10% TDS.
and one more Is required to submit proof while filling return.
I am waiting reply from experts.Plz help me
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TCS CALCULATION FOR DEPOSIT
what are the revised rates of TDS under section 194I? what are the rules regarding deduction of it. in both situation with PAN and without PAN with deductee and income below taxable income. Is it compulsorily deduct the TDS or not
TCS rate on Scrap is 1% if PAN is provided by buyer. What will be the rate if PAN is not provided by buyer?
Thanks
I AM A PROPRITOR WITH 85 LACS BUSSINESS. MY ACCOUNTS WAS AUDITED,
I WAS PAID INTEREST ON UNSECURED LOAN WHICH IS GIVEN TO ME BY MY RELATIVE AS A AMOUNT OF 25000/- AGAINST FORM 15 G ISSUED BY HIM, SO I HAD NO DUDCTED TDS, NOW I WANT TO KNOW THAT WHAT TO DO THIS FORM 15 H, IS THIS FORM FILE WITH I. T. DEPARTMENT OR KEEP WITH ME
I have not received a March bill till April 30th. In may I have booked the expense in 2011-12. Can I make the tds entry in 2012-13 and make payment that year
1.what would be the rate of tax for commission of brokerage paid by company
2.if there is no pan no of the person to whom the payment is made what would be rate of tax on commission on brokerage
reply me on praveens350@gmail.com
Anyone knows What will be the expense Head for puchasing TDS Software for Rs. 2500/- How to treat it in accounts books? Can’t we count this expense under Books & Periodicals head?
Hi I am taking Mailbox Service for Official Mail courier and they are charging me Rs. 3490/- plus Service Tax per Month. Is this amount taxable ? what will be the rate of Deduction for TDS. 10% or normal 2% as annual amount wil not higher then Rs. 75000 annual limit for tax
i have not deducted TDS u/s 194c of a particular party because i was not expecting the expenses for that particular party to exceed 75,000/- in the FY 2010-11 , however the limit exceeded in january 2011. Assuming it reached 76,000/- ( Total Amount ) , for which i have paid the tax on 76,000/- on 7th february 2011 , will i be liable to pay interest u/s 201 ?
Following details might help me explain my question in a better way
the expenses have been booked in the following ways :
09-04-2010 – Rs 13,000/-
16-08-2010 – Rs 12,000/-
24-09-2010 – Rs 18,000/-
05-10-2010 – Rs 14,000/-
08-12-2010 – Rs 17,000/-
Total till now is Rs 74,000/-
and in
21-01-2011 – Rs 4,000/-
so total comes to Rs 78,000/- now i have deducted TDS u/s 194c @ 2% (assuming it to be a company) on Rs 78,000/- i.e Rs 1560 in january 2011 and deposited the same by 5th february 2011 .. will i be liable to pay interest u/s 201 ?
Sir,
Other websites shows exemption limit as “30000 per contract and 75000 p.a. in section 194C but your above table indicate only 30000” please reply me with description.
Regards
Hi,
i want to inquire about service tax applicability on Sub contractors for hiring drilling rigs in tube well and bore well drilling for water in this financial year 2012-2013
sir i want to know the procedure for submission of form no.27c to the department. Please guide me about the submission of form 27c whether it should be submitted monthly or yearly or billwise and where to submit it
what is taxes and tax
Yearly Limit for tds of rent for financial year 2011-12
what is depreciation,and what is service tax10% pls give the answer.
Dear Sir, tds on bank interest is 10%. Is it either on 10,000/- or above the 10,000/- ?
Sir, We are working in corporate firm and doing construction works, where as one agency doing Route Survey for water line from public canal. whether we can recover TDS u/s 194 J? Pls advise if it or he will comes under 194C only as he is a sub-contractor to us.
Pl. confirm due date of salry TDS (other than Govt employee) payment & TDS return (24Q)for the M/o March-2012 & TCS payment for the M/o March-2012
Hi,
We are paying to contractor 72000 in a FY, Monthly 5500*9,7500*3. As per last year exemption limit 75000(in a FY) 30000(Single Amount). But i did’t find exemption limit for a FY in FY 2011-2012. Is it same for this year or not.
Hi,
We are purchased Software licence from vendor,but we are paid to vendor full amount, my Customers is TDS @10% deducting and paying for us. How i can get it that TDS amount from my vendor, Suppose he is paying i need to pay again to the Govt. What is actual Processs.
In case of TDS on Contractors cutoff limit is 30000/- for single bill , but what about limit of total bills of a single party during the year whole financial year
i want to know the amount of maximum deduction in deposit
It is helpful to me
I want any notification, changes in rate of tds,tcs and any clearification than please be confirm on my mail id
I have received a contractor inv. dt.01-12-2011 for the month of Nov.2011 which tds is applicable- here I want to clarify whether shall I book the bill 30-11-2011 and tds amount remit on or before 07-12-11 (or) option 2 – the same inv. shall I book 01-12-2011 and remit the tds on or beofore 07-12-11. please clarify the same.
regards
ramachandran.m
Nice & Understandable
how much percentage of TDS applicable on Bar coding of products
how much TDS applicable on Bar coding of products
TDS rate Under Sec 194 C (2) Advertisement must be 1% for both huf/ind and Others.
Kindly clarify.
SIR, THIS IS VERY USEFUL TO ALL ACCOUNTANTS AND FINANCIAL EXCE.
TKS A LOT
Can some boby help me for the TDS % of Maintance…
REALLY VERY NICE AND UNDERSTASNDABLE
rebate and deduction on housing loan : it not clear where the property is in name of wife and house loan is taken with husband as co borrower. the instalments are paid by husband. whether husband is entitled for interest rebate and principal deduction or not. where wife has no income.