RATES FOR DEDUCTION OF TAX AT SOURCE for FY 2013-14 (AY 2014-15) IN CERTAIN CASES
In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:-
Important: Please note that the TDS Rates for FY 2013-14 remains same as of FY 2012-13, only few changes were made which you can find after the table
|192||Salary||Normal Rate||As per normal computation of income|
|193||Interest on Specified Securities||10%||Rs. 5,000 [Rs. 2,500 upto 30-6-2012] in case of Listed Debentures payable to resident individual or a Hindu undivided family, by a company in which public are substantially interestedRs. 10,000 in case of 8% Savings (Taxable) Bonds, 2003,|
Rs. 10,000 in case of 6½ per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, where the Bonds are held by an individual not being a non-resident, and the holder thereof makes a declaration in writing before the person responsible for paying the interest that the total nominal value of the 6½ per cent Gold Bonds, 1977, or, as the case may be, the 7 per cent Gold Bonds, 1980
No TDS on certain specified securities – see section 193
|193||Interest other Securities||10%|
|194||Dividend (Deemed)||10%||Rs. 2,500 where shareholder is an individual|
|194A||Interest other than interest on security||10%||(a) Rs. 10,000/- where the payer is a banking company|
(b) Rs. 10,000/- where the payer is a co-operative society engaged in carrying on the business of banking;
(c) Rs. 10,000/- on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and
(d) Rs. 5,000/- in any other case
|194B||Winning from Lotteries||30%||Rs. 10,000|
|194BB||Winning for horse race||30%||Rs. 5,000|
|194C||Payment to Individuals and HUF||1%||Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year|
No TDS on GTA if PAN number of the GTA is available
|194C||Payment to other contractors||2%||Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year|
No TDS on GTA if PAN number of the GTA is available
|194D||Insurance Commission||10%||Rs. 20,000|
|194E||Payment to a non-resident foreign citizen sportsman or nonresident sports association [upto 30.6.2012]||10%||–|
|Payment to a non-resident foreign citizen sportsman / entertainer or non resident sports association [w.e.f. 1.7.2012]||20%||–|
|194EE||Payment for National Saving Scheme, 1987||20%||Rs. 2500|
|194F||Payment for repurchase of units||20%||–|
|194G||Commission on sale of lottery ticket||10%||Rs. 1,000|
|194H||Commission or Brokerage||10%||Rs. 5,000|
|194I||Rent on land, building or furniture||10%||Rs. 1,80,000|
|194IA||TDS on transfer of immovable property other than agriculture land (w.e.f. 01.06.13)||1%||Rs. 50,00,000|
|194I||Rent on plant, machinery or equipment||2%||Rs. 1,80,000|
|194J||Fees for Professional/Technical services||10%||Rs. 30,000|
|Remuneration to a director w.e.f. 1.7.2012||10%|
|194LA||Compensation to a resident on acquisition of certain immovable property||10%||Rs. 2,00,000|
[Rs. 1,00,000 upto 30.6.2012]
Applicable TDS Rates are same as were in force for F.Y. 2013-13 except the changes specified below.
I. Rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries”.
The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2012, for the purposes of deduction of income-tax at source during the financial year 2012-13, except that in case of certain payments made to a non-resident (other than a company) or a foreign company, in the nature of income by way of royalty or fees for technical services, the rate shall be twenty-five percent of such income.
The amount of tax so deducted, in the case of a non-resident person (other than a company), shall be increased by a surcharge at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees .
The amount of tax so deducted, in the case of a company other than a domestic company (i.e. foreign company), shall be increased by a surcharge at the rate of two per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees and it shall be increased by a surcharge at the rate of five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.
No surcharge will be levied on deductions in other cases.
(2) Education Cess—
“Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent. respectively, of income tax including surcharge wherever applicable, in the cases of persons not resident in India including companies other than domestic company.
II. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2013-14.
The rates for deduction of income-tax at source from “Salaries” during the financial year 2013-14 and also for computation of “advance tax” payable during the said year in the case of all categories of assessees have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the financial year 2013-14 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.