Tax Deducted at Source (TDS) Rates
|Nature of Payment||Section||Threashold||Individual / HUF||Others|
|Salaries||192||As per Slab||-||-|
|Premature withdrawal of EPF||192A||50,000||10%||-|
|Interest on Securities||193||10,000||10%||10%|
|Interest (Other than Banks)||194A||5,000||10%||10%|
|Winning from Lotteries||194B||10,000||30%||30%|
|Winning from Horse Race||194BB||10,000||30%||30%|
|Contractor - Single Transaction||194C||30,000||1%||2%|
|Contractor - During Financial Year||194C||1,00,000||1%||2%|
|Transporter (Declaration with PAN)||194C||-||-||-|
|Insurance Commission (15G-15H Allowed)||194D||15,000||5%||10%|
|Life Insurance Policy||194DA||100,000||1%||1%|
|Non-Resident Sports Men or Sports Association||194E||20%||20%|
|National Saving Scheme||194EE||2,500||10%||10%|
|Repurchase Units by MFs||194F||20%||20%|
|Commission - Lottery||194G||15,000||5%||5%|
|Commission - Brokerage||194H||15,000||5%||5%|
|Rent of Land and Building -Furniture & Fixtures||194I||1,80,000||10%||10%|
|Rent of Plant / Machinery / Equipment||194I||1,80,000||2%||2%|
|Rent by Individual (HUF) w.e.f 1.6.2017||194IB||50,000 PM||5%||-|
|Transfer of immovable property other than agricultural land||1941A||50,00,000||1%||1%|
|Professional Fees / Technical Fees||194J||30,000||10%||10%|
|Payment to call centre operator||194J||30,000||2%||2%|
|Compensation on transfer of certain immovable property other than agricultural land||194LA||2,50,000||10%||10%|
|Income from Infrastructure Debt Fund||194LB||5%||5%|
Note : TDS Rates without PAN : 20% flat (if TDS rate is lower than 20%)
|Month of Deduction||Due date for Payment|
|TDS forms to be submitted||Type of Deductee|
|Form 24Q||Deductions made from salaried|
|Form 26Q||Deductions made from Non salaried people|
|Form 27Q||Deduction made from payment to NRI|
|Quarter Ending||Due date to file return by all deductors|
|30th June||31st July|
|30th September||31st October|
|31st December||31st January|
|31st March||31st May|
Note regarding TDS on sale of property
The buyer is required to deduct 1% TDS of the total sale consideration on immovable property other than agricultural land if the sale consideration exceeds Rs. 50 lakhs.
TDS will be deducted on the entire amount of sale
There is no need of obtaining TAN by the buyer except for purchase from NRI
If PAN is not available TDS will be deducted at the rate of 20%.
Buyer should also show PAN number.
TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted.
Buyer should issue TDS certificate to the seller. Buyer requires Form 26QB.
TDS is required to be deducted in all cases irrespective of the capital gains arising to seller.
In case of home loan, TDS is to be deducted at the time of making payment to the seller, not at the time of paying EMI to the bank.
In case of two or more buyers, separate Form 26QB is to be filled.
Both buyer and seller are required to file income tax return in the year of purchase.
In case there are two buyers and the share of each individual is less than Rs.
50 lakhs but aggregate value of land is more than Rs. 50 lakh, the same
procedure of deducting the TDS will be followed by buyer.
Penalty for nonpayment or delayed TDS on property
In case TDS is not deducted by the buyer then he is required to pay interest at the rate of 1% per month as penalty on the amount not deducted.
In case TDS is deducted but not paid on time, then the buyer has to pay interest at the rate of 1.5% per month as penalty for delayed TDS payment.
Penalty for late filing of form 26QB
In case buyer gets late in filing TDS return, a penalty of Rs. 200 per day would be levied.
Refund of Extra tax or TDS deducted
If the tax liability of the assessee is less than the TDS amount, the difference amount can be claimed at the time of filing income tax return. The extra amount will be refunded to the bank account of the assessee.
GST CHANGES RECOMMENDED ON 18.1.2018 (w.e.f 25.1.2018)
GST RATE CHANGES 10.11.2017