Find the table below for the TDS (Tax Deduction at source) rates and threshold limit for financial year 2013-14 or assessment year 2014-15. In this table there is complete list of the payment on which TDS is deducted, threshold limit, assessee type (tax payer) and rate of TDS.
Also note; Threshold limit mentioned in the table below is the limit upto which no TDS will be deducted.
Section of Act
Nature of Payment in brief
|1||192||-||Salaries||Average rates as applicable|
|2||193||5000||Interest on debentures||10||10|
|4||194A||10000||Interest other than Int. on securities (by Bank)||10||10|
|4A||194A||5000||Interest other than Int. on securities (By others)||10||10|
|5||194B||10000||Lottery / Cross Word Puzzle||30||30|
|6||194BB||5000||Winnings from Horse Race||30||30|
|7||194C(1)||30000||Payment to Contractors||1||2|
|8||194C(2)||30000||Payment to Sub-contracts/ Advertisements||1||2|
|10||194EE||2500||Payments out of deposits under NSS||20||-|
|11||194F||1000||Repurchase of units by MF/UTI||20||20|
|12||194G||1000||Commission on sale of lottery tickets||10||10|
|13||194H||5000||Commission or Brokerage||10||10|
|14||194I||180000||Rent (Land & building) furniture & fittings)||10||10|
|180000||Rent (P & M , Equipment)||2||2|
|15||194 IA||5000000||TDS on transfer of immovable property other than agriculture land (Effective from 1 June 2013)||1||1|
|16||194J||30000||Professional/Technical charges/ Royalty & Non-compete fees||10||10|
|17||194J(1)(ba)||-||Any remuneration or commission paid to director of the company (Effective from 1 July 2012)||10||10|
|18||194LA||200000||Compensation on acquisition of immovable property||10||10|
Other Important Points:
- During the Budget FY 2013-14 a new section 194IA has been added w.e.f. June 1, 2013 to deduct tax on transfer of property (other than agriculture land) at 1%.
- As per the provision under section 206AA relating to tax deduction at source (TDS) under the Income Tax Act 1961 which is applicable since 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. Thus, it is now necessary for persons who are submitting Form 15H and 15G and does not have a PAN ,they must have PAN and should mention the PAN on form 15H/15G to avoid higher TDS.