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tds-rate-FINANCIAL YEAR 2013-2014-fin.yr.2012-2013


TDS FOR FINANCIAL YEAR 2013-14

Sl. No.SectionNature of PaymentCUT OFFRate %
HUF/INDOthers
1192SalariesAverage Rate
2193Interest on Debentures50001010
3194Deemed Dividend-1010
4194AInterest other than Interest on Securities (By Bank)100001010
4A194AInterest other than Interest on Securities (By Others)50001010
5194BLottery / Cross Word Puzzle100003030
6194BBWinning form horse race50003030
7194C(1)Contractors3000012
8194C(2)Sub-Contractors / Advertisements3000012
9194DInsurance Commission200001010
10194EEPayments out od Deposit under NSS250020-
11194FRepurchase of units by MF / UTI10002020
12194GCommission on sale of lotter tickets10001010
13194HCommission or Brokerage50001010
14194IRent (Land & Building) Furniture & Fittings1800001010
Rent (P & M, Equipment)18000022
15194 IATDS on transfer of Immovable property other than agriculture land (w.e.f. 01.06.2013)50 Lacs11
16194JProfessional/Technical charges/ Royalty & Non compete fees300001010
17194J(1)(ba)Any remuneration or commission paid to director of the company (w.e.f. 01.07.2012)Nil1010
18194LACompensation on acquisition of immovable property2000001010



Note: 
1. Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be deducted u/s 194C. 
2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the deductor.(read detail u/s 206AA) 
3. No TDS on Goods Transport :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport ) 
4. Surcharge on tax 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. 
5. Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(10 %) 
6. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 10 % 
7. In the case of Company other than Domestic Company, 
o (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; 
o (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees. 
8. No 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. 
9. TDS by Individual and HUF (Non Audit) case not deductible :An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J. So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 100/25 Lakh.

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

Sl. No.Section Of ActNature of Payment in briefCut Off AmountRate %
01.04.201201.07.2012HUF/INDOthers
1192SalariesSalary income must be more then exemption limit after deductions.Average Rate
2193Interest on debentures250050001010
3194Deemed dividend--1010
4194AInterest other than Int on securities (by Bank)10000100001010
4A194AInterest other than Int. on securities (By others)500050001010
5194BLottery / Cross Word Puzzle10000100003030
6194BBWinnings from Horse Race500050003030
7194C(1)Contracts300003000012
8194C(2)Sub-contracts/Advertisements300003000012
9194DInsurance Commission20000200001010
10194EEPaymentsout of deposits under NSS2500250020-
11194FRepurchase of units by MF/UTI100010002020
12194GCommission on sale oflottery tickets100010001010
13194HCommission or Brokerage500050001010
14194IRent (Land & building)1800001800001010
Rent (P & M , Equipment, furniture & fittings)18000018000022
15194JProfessional/Technical charges/Royalty & Non-compete fees30000300001010
16194J(1)(ba) Any remuneration or commission paid to director of the company(Effective from 1 July 2012)NANIL1010
17194LACompensation on acquisition of immovable property1000002000001010
18194LLAPayment 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)11

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 GoodsRates in %
01.04.201201.07.2012
1.Alcoholic liquor for human Consumption11
2.Tendu leaves55
3.Timber obtained under forest lease2.52.5
4.Timber obtained by any mode other than a forest lease2.52.5
5.Any other forest produce not being timber or tendu leaves2.52.5
6.Scrap11
7.Parking lot22
8.Toll plaza22
9.Mining & Quarrying22
10Minerals, being coal or lignite or iron ore NA 1
11Bullion 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 yearDue date
1.30th June15th July of the financial year
2.30th September15th October of the financial year
3.31st December15th January of the financial year
4.31st March15th 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.CategoryPeriodicity of furnishing TDS certificateDue date
1.Salary       (Form No.16)AnnualBy 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)QuarterlyWithin fifteen days from the due date for furnishing the ‘statement of TDS’

Due Date for Payment of March 2012 -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.

 

Subpages (1): TDS-16B-CERTIFICATE
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