The TDS and TCS rates chart for the financial year 2015-16 has been given below:
TDS rates for F.Y. 2015-16 | ||||
Nature of Payment Made To Residents | Cutoff (Rs.) | Company / Firm / Co-operative Society / Local Authority | Individual / HUF | If No / Invalid PAN |
Section-Description | Rate (%) | |||
| 192-Salaries | – | NA | Avg rates | 30 |
| 192A-Premature withdrawal from EPF ( wef 01.06.2015) | 30000 | NA | 10 | 20 |
| 193-Interest on securities | – | 10 | 10 | 20 |
| 194-Dividends | 2500 | 10 | 10 | 20 |
| 194A-Interest other than interest on securities-Others | 5000 | 10 | 10 | 20 |
| 194A-Banks(Time deposits) | 10000 | 10 | 10 | 20 |
| 194A-Banks (Recurring deposit)(01.06.15) | 10000 | 10 | 10 | 20 |
| 194A-Deposit in Co-op Banks (01.06.15) | 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 | – | – | – | – |
| 194C- Payment to Contractor-Single Transaction | 30000 | 2 | 1 | 20 |
| 194C-Payment to Contractor-Aggregate During the F.Y. | 75000 | 2 | 1 | 20 |
| 194C- Contract-Transporter who has provided valid PAN (up to 31.05.2015) | – | – | – | 20 |
| 194C- Contract-Transporter not covered under 44AE (wef 01.06.2015) | 30000 / 75000 | 2 | 1 | 20 |
| 194C- Contract-Transporter covered under 44AE & submit declaration on prescribed form with PAN (wef 01.06.2015) | – | – | – | 20 |
| 194D-Insurance Commission | 20000 | 10 | 10 | 20 |
| 194DA Payment in respect of life insurance policy(applicable from 01.1.2014) | 100000 | 2 | 2 | 20 |
| 194E-Payment to Non-Resident Sportsmen or Sports Association | – | 20 | 20 | 20 |
| 194EE-Payments out of deposits under NSS | 2500 | 20 | – | 20 |
| 194F-Repurchase Units by MFs | – | 20 | 20 | 20 |
| 194G-Commission-Lottery | 1000 | 10 | 10 | 20 |
| 194H-Commission / Brokerage | 5000 | 10 | 10 | 20 |
| 194I-Rent-Land and Building-furniture-fittings | 180000 | 10 | 10 | 20 |
| 194I-Rent-Plant / Machinery / equipment | 180000 | 2 | 2 | 20 |
| 194IA -Transfer of certain immovable property other than agriculture land (w.e.f 1-6-2013) | 5000000 | 1 | 1 | 20 |
| 194J-Professional Fees | 30000 | 10 | 10 | 20 |
| 194LA-Immovable Property | 200000 | 10 | 10 | 20 |
| 194LB-Income by way of interest from infrastructure debt fund (non-resident) | – | 5 | 5 | 20 |
| 194LB-Income by way of interest from infrastructure debt fund (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 |
| 194LD-Interest on certain bonds and govt. Securities(from 01-06-2013) | – | 5 | 5 | 20 |
| 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 |
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 )up to 31.05.2015.
4. TDS on Good Transport wef 01.06.2015 : TDS shall be applicable on payment to transporter wef 01.06.2015 .However tds exemption will be available only to those transporters
- who own ten or less goods carriages at any time during the previous year.
- such a transporter would also need to furnish a declaration to that effect to the payer along with the PAN.
5. 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.
6. Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(12 %)
7. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 12 %
8. 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.
9. 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. 2015-16 | |||
Section | Nature of Payment | ||
F. Y. 2015-16 | |||
Individual / HUF | Other | ||
| 206C | Scrap | 1 | 1 |
| 206C | Tendu Leaves | 5 | 5 |
| 206C | Timber obtained under a forest lease or other mode | 2.5 | 2.5 |
| 206C | Any other forest produce not being a timber or tendu leave | 2.5 | 2.5 |
| 206C | Alcoholic Liquor for human consumption | 1 | 1 |
| 206C | Parking Lot, toll plaza, mining and quarrying | 2 | 2 |
| 206C | Minerals, being coal or lignite or iron ore (applicable from July 1, 2012) | 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) | 1 | 1 |
To view the TDS rates of FY: 2013-14, Click here
To view the TDS rates of FY: 2014-15, Click here
To view the TDS rates of FY: 2016-17, Click here