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TDS/TCS Rates Chart for F.Y. 2014-15

TDS Rates for F.Y. 2014-15

Nature of Payment

Made To Residents

Threshold(Rs.)

Company / Firm / Co-operative Society / Local Authority

Individual / HUF

If No / Invalid PAN

Section – Description

Rate (%)

Rate (%)

Rate (%)

192 – Salaries

-

NA

Average rates

30

193 – Interest on securities

-

10

10

20

194 – Dividends

-

10

10

20

194A – Interest other than interest on securities – Others

5000

10

10

20

194A – Banks

10000

10

10

20

194B – Winning from Lotteries

10000

30

30

30

194BB – Winnings from Horse Race

5000

30

30

30

194 C – Payment to Contractors  
- Payment to Contractor – Single Transaction

30000

2

1

20

- Payment to Contractor – Aggregate During the F.Y.

75000

2

1

20

- Contract – Transporter who has provided valid PAN

-

-

-

20

194D – Insurance Commission

20000

10

10

20

194DA-Pament of Taxable Life Insurance Policy wef 01.10.2014

100000

2

2

20

194E – Payment to Non-Resident Sportsmen or Sports Association  
- Applicable up to June 30, 2012

-

10

10

20

- Applicable from July 1, 2012

-

20

20

20

194EE – Payments out of deposits under NSS

2500

20

-

20

194F – Repurchase Units by MFs

1000

20

20

20

194G – Commission – Lottery

1000

10

10

20

194H – Commission / Brokerage

5000

10

10

20

194I – Rent – Land and Building

180000

10

10

20

194I – Rent – Plant / Machinery

180000

2

2

20

194J – Professional Fees

30000

10

10

20

194LA – Immovable Property

100000

10

10

20

194LB – Income by way of interest from infrastructure debt fund (non-resident)

-

5

5

20

194LBA Income paid Under section 115UA we f 01.10.2014  
Resident

-

10

10

20

Non resident

-

5

5

20

Sec 194 LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (applicable from July 1, 2012)

-

5

5

20

195 – Other Sums

-

Average rates

-

30

196B – Income from units  

10

10

20

196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)

-

10

10

20

196D – Income of FIIs from securities

20

20

20

20

 

 Note: 

   1. No TDS on service Tax :As per circular 01/2014 dated 13.01.2014 TDS is not applicable on service tax part if service tax is shown separately.

   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, 

        (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;

       (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.

TCS Rates for F. Y. 2014-15

Section  Nature of Payment F. Y. 2014-15
Individual / HUF Other
206C Alcoholic Liquor for human consumption (A) 1 1
206C Timber obtained under a forest lease  (B) or other mode (C) 2.5 2.5
206C Any other forest produce not being a timber or tendu leave (D) 2.5 2.5
206C Scrap (E) 1 1
206C Parking Lot (F), toll plaza (G), mining and quarrying (H) 2 2
206C Tendu Leaves (I) 5 5
206C Minerals, being coal or lignite or iron ore (applicable from July 1, 2012) (J) 1 1
206C Bullion if consideration (excluding any coin / article weighting 10 grams or less) exceeds Rs. 2 Lakhs or jewellery if consideration exceeds Rs. 5 Lakhs (and any amount is received in cash) (applicable from July 1, 2012) (K) 1 1


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TDS/TCS Compliances May 2014

1. Last date for payment of tax deductions/collections for April – 7th May 2014
2. Last date of filing of TDS/TCS returns for Q4 of F.Y. 2013-14  – 15th May, 2014
3. Last date for issuance of the TDS/TCS certificates for Q4 – 30th May, 2014
* The above is applicable for deductors other than the Office of the Government.

 

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TDS/TCS Rates Chart for A.Y. 2014-15 or F.Y. 2013-14

A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages

 Section
No.

Nature of Payment

Threshold
Total Payment
During the Year

Payment to

Individual
or HUF

Others

193

Interest on Debentures

Rs. 5000/-

10%

10%

194

Deemed Dividend

-

10%

10%

194 A

Interest by banks (Other than interest on securities)

Rs. 10000/-

10%

10%

194 A

Interest by Others (Other than interest on securities)

Rs. 5000/-

10%

10%

194 B

Winnings from Lotteries / Puzzle / Game

Rs. 10000/-

30%

30%

194 BB

Winnings from Horse Race

Rs. 5000/-

30%

30%

194 C (1)

Payment to Contractors

Rs. 30000/-

1%

2%

194 C (2)

Payment to Sub-Contractors / for Advertisements

Rs. 30000/-

1%

2%

194 D

Payment of Insurance Commission

Rs. 20000/-

10%

10%

194 EE

Out of deposits under NSS

Rs. 2500/-

20%

NA

194 G

Commission on Sale of Lottery tickets

Rs. 1000/-

10%

10%

194 H

Commission or Brokerage

Rs. 5000/-

10%

10%

194 I

Rent of Land, Building or Furniture

Rs. 180000/-

10%

10%

194 I

Rent of Plant & Machinery

Rs. 180000/-

2%

2%

194 J

Professional / technical services, royalty

Rs. 30000/-

10%

10%

194 J
(1)

Remuneration / commission to director of the company

-

10%

10%

194 J (ba) w.e.f. 01 .07.2012, Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.

-

10%

10%

194 LA

Compensation on acquisition of certain immovable property

Rs. 2,00,000/-

10%

10%

194 IA

Compensation on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013)

Consideration is
Rs. 50 lakh or
more.

1%

1%

194LD

Interest on certain bonds & Govt. securities (w.e.f. 01 .06.2013)  

5%

5%

 B. The Tax Collection at Source Rates for the Financial Year 2013-14 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

10

Minerals, being coal or lignite or iron ore

1

11

Bullion or jewellery (if the sale consideration is paid in cash  exceeding INR 2 lakhs)

1

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