TDS/TCS Rates Chart for F.Y. 2015-16

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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-SalariesNAAvg rates30
192A-Premature withdrawal from EPF ( wef 01.06.2015)30000NA1020
193-Interest on securities101020
194-Dividends2500101020
194A-Interest other than interest on securities-Others5000101020
194A-Banks(Time deposits)10000101020
194A-Banks (Recurring deposit)(01.06.15)10000101020
194A-Deposit in Co-op Banks (01.06.15)10000101020
194B-Winning from Lotteries10000303030
194BB-Winnings from Horse Race5000303030
194 C-Payment to Contractors
194C- Payment to Contractor-Single Transaction300002120
194C-Payment to Contractor-Aggregate During the F.Y.750002120
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 / 750002120
194C- Contract-Transporter covered under 44AE & submit declaration on prescribed form with PAN (wef 01.06.2015)20
194D-Insurance Commission20000101020
194DA Payment in respect of life insurance policy(applicable from 01.1.2014)1000002220
194E-Payment to Non-Resident Sportsmen or Sports Association202020
194EE-Payments out of deposits under NSS25002020
194F-Repurchase Units by MFs202020
194G-Commission-Lottery1000101020
194H-Commission / Brokerage5000101020
194I-Rent-Land and Building-furniture-fittings180000101020
194I-Rent-Plant / Machinery / equipment1800002220
194IA -Transfer of certain immovable property other than agriculture land (w.e.f 1-6-2013)50000001120
194J-Professional Fees30000101020
194LA-Immovable Property200000101020
194LB-Income by way of interest from infrastructure debt fund (non-resident)5520
194LB-Income by way of interest from infrastructure debt fund (non-resident)5520
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)5520
194LD-Interest on certain bonds and govt. Securities(from 01-06-2013)5520
196B-Income from units101020
196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)101020
196D-Income of FIIs from securities202020

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

206CScrap11
206CTendu Leaves55
206CTimber obtained under a forest lease or other mode2.52.5
206CAny other forest produce not being a timber or tendu leave2.52.5
206CAlcoholic Liquor for human consumption11
206CParking Lot, toll plaza, mining and quarrying22
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)

11

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

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