TDS / TCS RATES  FOR F.Y. 2013-14 & 2014-15

 Section  Nature of Payment  Threshold Limit of Payment  FY (2014-15)
192

Income from Salary

 Senior Citizen (60 Years)

 Rs. 2,50,000 Average rate of Tax + edu. Cess Surcharge if Salary > 1 cr

 Super Senior Citizen (80 Years)

 Rs. 5,00,000
 Others  Rs. 2,00,000
193 Interest on Securities Rs. 5000 10%
194A

Interest from a Banking Company

 Rs. 10,000 per annum

10%
194A

Interest other than from a Banking Co.

 Rs. 5,000 per annum

10%
194B

Winning from Lotteries & Cross Word Puzzles

 Rs. 10,000 per annum 30%
194BB

Winning from Horse Races

 Rs. 5,000 per annum 30%
194C

Payment to Contractors; Sub-contractor; Advertising Contractors

 Rs. 30,000 per contract (or)  

Individual/HUF 1%

Others 2%

 Rs. 75,000 per annum

194D

Insurance Commission

 Rs.20,000 per annum

10%
194E

Non-resident Sportsman or Sports Association

  - 20%
194G

Commission on Sale of Lottery Tickets

 Rs.1000

10%
194H

Commission/Brokerage

 Rs. 5,000 per annum

10%
194-I

Rent on Plant / Machinery

 Rs. 1,80,000 per annum 2%
194-I

Rent Other then Plant / Machinery

 Rs. 1,80,000 per annum

10%
194-IA Payment on transfer of Non agricultural immovable property (wef 01.06.13) Rs. 50,00,000 1%
194J

Fees for Professional / Technical Services

 Rs. 30,000 per annum

10%
194J(1)(ba) Any remuneration or commission paid to director of the company (other than salary)   10%
194LA Compulsory Acquisition of Immovable Property Rs. 2,00,000 10%
TCS Rates
206C

Scrap

 -

1%
206C

Tendu Leaves

 -

5%
206C

Timber obtained under a forest lease or other mode

 -

2.50%
206C

Any other forest produce not being a Timber or tendu leave

 -

2.50%
206C

Alcoholic Liquor for Human Consumption

 -

1%
206C

Packing lot, toll plaza, mining & quarrying

 -

2%
206C Purchase of Bullion/ Jewellery in cash

Rs. 2 Lacs per transaction (Bullion)

Rs. 5 Lacs per transaction (Jewellery)

1%
206C Purchase of coal lignite, Iron ore by a trader - 1%
 
Notes
1. Surcharges & Education Cess
 
Type of Payment Surcharge
Rate Education Cess (3.00%)
Salary (Resident & Non-resident) Upto 1cr Nil Yes
> 1 Crore 10%
Other Payments to Residents No Nil No
Other Payments to Non-Residents      
Payment to Non-Residents (other than Cos) Upto 1cr Nil Yes
> 1 Crore 10%
Payments to Foreign Co. Upto 1cr Nil Yes
> 1 Crore 2%
> 10 Crores 5%

2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.
3. Nil Deduction entries of transporters also to be shown in Form 26Q.
4. TDS @ 20% where PAN not furnished.
5. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.

Fees and Penalties
Section Description FY (2014-15)
234E Fee for late filing of  TCS/ TCS return

Rs 200 per day (not exceeding amount of tax)

271H(1)(a)

Penalty for Late filing of  TCS/TCS return beyond 1 year

Minimum  Penalty : Rs. 10,000

Maximum  Penalty : Rs. 1 lac

271H(1)(b) Penalty for providing incorrect information in TDS/TCS Return

Minimum  Penalty : Rs. 10,000

Maximum  Penalty : Rs. 1 lac

 
Other Important Changes
Section Description FY (2014-15)
197A Eligible Age for Form 15H (Payment without TDS) 60 years.
201/206C Interest on non-short deduction of tax where deductee deposits advance/ self assessment tax Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
40(a)(ia) Disallowance of payment made without TDS where deductee deposits advance / self assessment tax Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
200A Appeal, Rectification against Intimation of TDS Return Yes

Interest on delay in deposit of tax after deduction

Stage of deduction

Rate per month or part of the month

From date when deductible till actual deduction

 1%

From date of deduction till payment

 1.5%