TDS Rate Applicable for FY 2021-22 or AY 2022-23

Section Nature of Payment Threshold TDS Rate Remarks
192 Salary  Taxable Income liable to Tax Normal Slab Rate

(or)

New Tax Regime Slab Rate as opted by employee

Refer Note 4 & 5 for Old & New Regime Slab Rates

OPTION TO CHOOSE BETWEEN NEW AND OLD TAX SLAB REGIME FOR SALARIED EMPLOYEES

192A Payment of accumulated balance of provident fund which is taxable in the hands of an employee.  50,000 10%  –
193 Interest on securities  2,500 10%  –
194 Dividend  5,000 10% Budget 2021 Update

This amendment proposes to amend second proviso to section 194 of the Act to further provide that the provisions of section 194 i.e. TDS on dividend shall also not apply to dividend income credited or paid to a business trust by a special purpose vehicle or payment of dividend to any other person as may be notified.

This means that no TDS needs to be deducted to AIF Category III also.

194A Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit

(Interest other than “Interest on securities” )

a) Senior Citizen  50,000 10%  –
b) Others  40,000 10%  –
194A Interest other than “Interest on securities”

(Other Than Bank Deposit/Post Office Deposit/Banking Co-Society Deposit)

 5,000 10%  –
194B Winnings from lotteries, crossword puzzles, card games and other games of any sort 10,000 30%  –
194BB Winnings from horse races 10,000 30%  –
194C Payment to contractor/sub-contractor:  Single Transaction: 30,000 & Aggregate of Transactions: 1,00,000  –
a) HUF/ Individuals 1%  –
b) Others 2%  –
194D Insurance commission
a) Individuals  15,000 5%  –
b) Companies  15,000 10%  –
194DA Payment in respect of life insurance policy, the tax shall be deducted on the amount of income comprised in insurance pay-out 1,00,000 5%  –
194E Payment to non-resident sportsmen/sports association  – 20% The rate of TDS shall be increased by applicable surcharge and Health & Education cess.
194EE Payment in respect of deposit under National Savings scheme 2,500 10%  –
194F Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India  – 20%  –
194G Commission on sale of lottery tickets  15,000 5%  –
194H Commission or brokerage  15,000 5%  –
194-I Rent:
194-I(a) Plant & Machinery 2,40,000 2%  –
194-I(b) Land or building or furniture or fitting 2,40,000 10%  –
194-IA Payment on transfer of certain immovable property other than agricultural land 50 Lakh 1%  –
194-IB Payment of rent by individual or HUF not liable to tax audit  50,000 per month 5%  –
194-IC Payment of monetary consideration under Joint Development Agreements  – 10%  –
194J Fees for professional or technical services:
i) sum paid or payable towards fees for technical services  30,000 2%  –
ii) sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;  30,000 2%  –
iii) Any other sum  30,000 10%  –
194K Income in respect of units payable to resident person  – 10%  –
194LA Payment of compensation on acquisition of certain immovable property 2,50,000 10%  –
194LB Payment of interest on infrastructure debt fund to Non Resident  – 5% The rate of TDS shall be increased by applicable surcharge and Health & Education cess.
194LBA(1) Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.  – 10%  –
194LBB Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]  – 10%  –
194LBC Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA)
a) HUF/Individuals  – 25%  –
b) Others  – 30%  –
194M Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.  50 Lakh 5%  –
194N Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:
i) in excess of Rs. 1 crore  1 Crore 2%  –
ii) in excess of Rs. 20 lakhs (for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired.) The deduction of tax under this situation shall be at the rate of:
a) On amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year;  20 Lakh 2%  –
b) On amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year;  1 Crore 5%  –
194-O Payment or credit of amount by the e-commerce operator to e-commerce participant  5 Lakh 1%  –
194Q Purchase of goods (applicable w.e.f 01.07.2021) 50 Lakh 0.10% Budget 2021 Update

A new section 194Q is proposed to be inserted to provide for deduction of TDS by person responsible for paying any sum to any resident for purchase of goods @ 0.1%.

Refer Note 1 for details about this amendment

195 Payment of any other sum to a Non-resident The rate of TDS shall be increased by applicable surcharge and Health & Education cess.
a) Income in respect of investment made by a Non-resident Indian Citizen  – 20%  –
b) Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen  – 10%  –
c) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112  – 10%  –
d) Income by way of long-term capital gains as referred to in Section 112A  – 10%  –
e) Income by way of short-term capital gains referred to in Section 111A  – 15%  –
f) Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A  – 20%  –
g) Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC)  – 20%  –
h) Any other Income  – 30%  –
206AB TDS on non-filers of ITR at higher rates

(applicable w.e.f 01.07.2021)

Refer Note 2 Refer Note 2 Budget 2021 Update Refer Note 2
194P TDS on Senior Citizen above 75 Years Refer Note 3 Refer Note 3 Budget 2021 Update Refer Note 3

News Section

News

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
20 May 22 Summary Return cum Payment of Tax for April by Monthly filers. (other than QRMP).
20 May 22 Monthly Return by Non-resident taxable person for April.
25 May 22 Deposit of GST of April under QRMP scheme.
28 May 22 Return for April by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
30 May 22 Annual Return of LLP for FY 21-22.
30 May 22 Submission of a statement by Non-resident having a liaison office in India for FY 21-22.
30 May 22 Deposit of TDS u/s 194-IA on payment made for purchase of property in April.
30 May 22 Deposit of TDS on certain payments made by individual/HUF u/s 194M for April.
30 May 22 Issue of TCS certificates for January-March.
30 May 22 Half yearly Audit Report from October to March of Reconciliation of Share Capital by Unlisted Public Companies.
30 May 22 Annual Return of Foreign Company (Branch / Liaison /Project Office)
31 May 22 Annual Statement of financial transactions in respect of Dividend and Interest of FY 21-22.
31 May 22 Statement of reportable accounts for Calendar year 2021 by reporting financial institutions. File NIL statement if no transactions to report.
31 May 22 Application for allotment of PAN in case of non-individual resident person, which enters into financial transaction aggregating to Rs. 2,50,000 or more during last financial year and has not been allotted PAN.
31 May 22 Application for allotment of PAN in case of managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of non-individual resident person, which enters into financial transaction aggre
31 May 22 Annual Report on Corporate Social Responsibility by Companies to whom CSR is applicable (as an addendum to applicable Form AOC-4 )
31 May 22 E-filing of Annual Statement of Donors & Donations received by charitable organisations u/s 80G/35. (Applicable wef FY 21-22)
31 May 22 E-filing of Annual Return for FY 21-22 by licensed Manufacturers [including Repackers and Relabellers] and Importers. Manufacturer exporters also to file annual return for food business instead of quarterly returns earlier.
31 May 22 Quarterly statements of TDS for January- March.
Readmore...

Blog News

  • 10 Aug 2020 - Dear Entrepreneurs, Government of India has modified Udyog Adhaar Registration p...
  • 24 Feb 2020 INSTANT PAN - Instant PAN allotment in near to real time is available at free of cost. Individ...
  • 14 Feb 2020 TDS BULLETINE -
  • 28 Jan 2020 Surcharge Applicability -
  • 13 Jan 2020 Input Tax Credit Set off Rules -
  • 06 Jan 2020 New ITR-4 for AY 2021 notified by CBDT - CBDT released New ITR-4 (Sugam) for the AY 2020-21   Following are the key chang...
  • 28 Dec 2019 E-Assessment -
  • 19 Dec 2019 Key Decisions Taken at GST 38th Council Meeting: - 1) Due Date to file GST Annual Return and Audit (GSTR-9 & 9C) extended to 31...
  • 25 Nov 2019 RCM on Rent a Cab Service -
  • 09 Sep 2019 Section 194N of the Income Tax Act, 1961 - As you all aware from 1st September 2019  every i)Banking Company ii) Co-operati...
  • Enquiry Form

    Please send us your query and we'll be happy to assist you