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TDS Rates Chart for Financial year 2012-13

Section Nature of payment Person responsible to deduct TDS Type of payee Rate of TDS Exemption Limit
192 Salary All employers Employee As applicable to the individual Basic exemption applicable to individuals (Rs. 2,00,000/ Rs2,50,000)
193 Interest on debentures All persons Any resident in India Domestic Companies and resident Non – Corporate Assessees – 10% Up to 30.06.2012 – Rs.2,500/- From 01/7/2012 -Rs. 5,000/-
194 Deemed dividend Any company Shareholder (Resident in India) 10% Rs. 1,000/-(paid by account payee cheque) – only for individuals
194A Interest other than interest on securities All Assessees (except individuals and HUF who are not subject to audit u/s 44AB during preceding previous year) Any resident in India 10% Rs. 10,000/- if payment made by Banking Co.,Co-operative Society, Post Office


Rs. 5,000 – others

194B Lottery / Cross Word Puzzle Any persons All persons 30% Rs. 10,000/-
194BB Winnings from Horse Race Any person being a licensed book maker Any person 30% 5,000
194C Payment to contractor / sub contractor All Assessees including Foreign enterprises & Govt. (except individuals HUF, AOP, BOI who are not subject to audit u/s 44AB during preceding previous year) Any resident Contractor / Sub-Contractor for any work including supply of labour If payee is individual/HUF – 1%


Others – 2%

Rs. 30,000/- per contract value


Rs. 75,000/-p.a. in aggregate

194D Insurance Commission Insurance Companies Any resident in India (Eg. Insurance agents) 10% Rs. 20,000/-p.a.
194E Payment to Non-resident sportsman, sports association or institution or to an entertainer Any Person Non-resident sportsman, sports association or institution or an entertainer Up to 30/06/2012 – 10%


From 01/07/2012 – 20%

Nil


194EE Payments in respect of deposits under National Savings scheme, etc. Any Person Any Person 20% Rs. 2,500/-
194F Payments on account of repurchase of units of MF/UTI. Any Person Any Person 20% Rs. 1,000/-
194G Commission on sale of lottery tickets Stockist, Distributor etc. of lottery ticket Person stocking, purchasing or selling lottery tickets 10% Rs. 1,000/-
194H Commission or Brokerage All Assessees (except individuals and HUF who are not subject to audit u/s 44AB during preceding previous year) Any resident in India 10% Rs. 5,000/-
194I Rent All Assessees (except individuals and HUF who are not subject to audit u/s 44AB during preceding previous year) Any person(exempt for Govt./ Local authorities) Plant & Machinery, Equipment – 2%


Land & Building, Furniture/ Fitting – 10%

Rs. 1,80,000/-
194J Professional or technical fees All Assessees (except individuals and HUF who are not subject to audit u/s 44AB during preceding previous year) Any resident in India 10% Rs. 30,000/-
194J(1) (ba) Any remuneration or commission paid to director of the company – Not in the nature of salary(Effective from 1 July 2012) company Director of company From 01/07/2012 – 10%


Up to 30/06/2012 – NA

Nil
194LA Compensation on acquisition of immovable property Any person Resident 10% Up to 30/06/2012 – Rs.1,00,000/- p.a.


From 01/07/2012 – Rs. 2,00,000/- p.a.

194LC Payment of interest to a non-resident by an Indian Company specified company Non-resident or a foreign company 5% Nil

TCS Rates for Financial year 2012-13

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
10 Minerals, being coal or lignite or iron ore 1 wef 01/07/2012
11 jewellery (if the sale consideration is paid in cash exceeding INR 5 lakhs, 2 lakhs in case of Bullion) 1 wef 01/07/2012

Important notes :

TDS at higher rate i.e., 20% is to be made if the deductee does not provide PAN to the deductor.

No TDS on Goods Transport:No deduction shall be made from any sum credited/ 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.

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.

In the case of Company other than Domestic Company, the rate of surcharge is @ 2% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000/-.

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.

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