TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below.

Posts Related to Below Given Amended Chart:-

Threshold for TDS on payment of interest on debentures

Section 194J of the Act – Tax deduction at source from payment to director

Section 194LA of the Act- Exemption on enhanced compensation

Section 194LAA- Tax deduction at source from payment for immovable property in certain cases

Budget 2012 – TCS on sale of Coal, Lignite, Iron ore

Budget 2012 – TCS on cash sale of bullion and jewellery

TDS RATE CHART FINANCIAL YEAR 2012-13 (ASSESSMENT YEAR 13-14)

Sl. No. Section Of Act Nature of Payment in brief Cut Off Amount Rate %
01.04.2012 01.07.2012 HUF/IND Others
1 192 Salaries Salary income must be more then exemption limit after deductions. Average Rate
2 193 Interest on debentures 2500 5000 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 10000 10000 30 30
6 194BB Winnings from Horse Race 5000 5000 30 30
7 194C(1) Contracts 30000 30000 1 2
8 194C(2) Sub-contracts/ Advertisements 30000 30000 1 2
9 194D Insurance Commission 20000 20000 10 10
10 194EE Paymentsout 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 5000 5000 10 10
14 194I Rent (Land & building) 180000 180000 10 10
Rent (P & M , Equipment, furniture & fittings) 180000 180000 2 2
15 194J Professional/Technical charges/Royalty & Non-compete fees 30000 30000 10 10
16 194J(1)(ba)  Any remuneration or commission paid to director of the company(Effective from 1 July 2012) NA NIL 10 10
17 194LA Compensation on acquisition of immovable property 100000 200000 10 10
18 194LLA Payment on transfer of certain immovable property other than agricultural land (applicable only if amount exceeds : (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012) NA  (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012) 1 1

TCS Rates for the FY 2012-13

The Tax Collection at Source Rates for the Financial Year 2013-13 is tabulated below:

Sl.No. Nature of Goods Rates in %
01.04.2012 01.07.2012
1. Alcoholic liquor for human Consumption 1 1
2. Tendu leaves 5 5
3. Timber obtained under forest lease 2.5 2.5
4. Timber obtained by any mode other than a forest lease 2.5 2.5
5. Any other forest produce not being timber or tendu leaves 2.5 2.5
6. Scrap 1 1
7. Parking lot 2 2
8. Toll plaza 2 2
9. Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore  NA  1
11 Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)  NA  1

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 2013 –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.

(Republished with Amendments)

More Under Income Tax

2 Comments

  1. prosad says:

    One person has taken a joint house Property loan with his wife, now he is working at outside of india.Wife is working, Can his wife taken deduction u/s 80c full amount of principal i.e 1.5 lac max paid as well as interest of House Loan i.e rs. 2.00 max paid

  2. k.Srinivasa says:

    Dear Sir,

    We were not collecting TCS for 2011-2012 on some of the scrap items and now for the year 2012-2013 we want to collect.Please can u give me the clarification when this should be collected and whether interest is payable on the same.

    Thanks & Regards
    K.Srinivasa.

  3. Prasanta says:

    sir
    i very need full tds rate and tcs rate of assessment year 2014-15
    ple provide mev

    thanks with regards

    Prasanta Kumar malik
    (PK Giripade)

  4. Pavankumar Kabra says:

    Dear sir,
    I am confused, i just want to know that under section 194I – for Furniture & Fittings – What rate is applicable?
    Because you have given 2% in above chart, but according to other Authors its 10%
    Please confirm.

    Thanking you
    Pavankumar Kabra

  5. janak c. shah says:

    For Section 194 C (1) & (2) the cut off amount given are for single transactions. You can Cut off amount for multiple transactions which is Rs. 75000/-.

  6. Manoj says:

    HI
    Can i claim section 10 exemption in current company, if not claimed in last company, if yes, where it is mentioned in income tax act.

    please reply…….

  7. sunil mittal says:

    i want to know about tcs imposed on trading of coal. the billing method/proforma and the value on which tcs is deducted

  8. P Sasidhar Mohan says:

    Can a professional consultant ( age 63 years ) be exempted from deduction of TDS by a private co , under 194J if he submits Form 15 H, if his income is less than rs.2,50,000/- during AY 2013-14

  9. Chandu says:

    The newly introduced section 194J(1)(ba) states that TDS to be deducted @ 10% on remuneration or commission paid to director of the company, but 192 states that TDS to deducted @ average rate on his salary. Now my question is that upto date TDS on manegerial remuneration paid to director is deducted as per Sec 192, but now under which section deduction is to be made. If it is to be made under Sec 192 rate is average rate but if it is under 194J it flat rate @ 10%…..

    please reply…

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