TDS Rate Chart for FY 2021-2022 Pdf (1)

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TDS Rate Chart for FY 2021-2022Pdf Details
TDS Rate Chart for FY 2021-2022 Pdf (1)
No. of Pages: 7
PDF Size:  975kb
Language: English
Category: Goverment
Source :  Official website
TDS Rate Chart for FY 2021-2022Pdf Download

TDS Rate Chart for FY 2021-2022 Pdf

TDS (Tax Deduction at Source) is an essential enforcement condition for Income Tax Assessees. If the payment crosses the threshold limit stated in a specific clause, any deductor is needed to deduct TDS at the specified amount. The different TDS rates, type of payment, and TDS threshold limits are defined in various parts of the Income Tax Law, which have been outlined in this report. Various amendments in support of TDS/TCS are made every year as the FM presents the Budget under Direct Tax Proposals. Significant reforms were introduced in Budget 2021 as well, including the introduction of a new section of TDS and TCS for non-filers of income tax returns (ITR) and TDS on the purchase of goods, which will take effect on July 1, 2021. Various TDS thresholds for FY 2021-2022 (AY 2022-2023), i.e. for the period from 01.04.2021 to 31.03.2022, have been provided in Tabular Form in this report, along with an overview of Budget 2021 TDS Adjustments.

Following the occurrence of the COVID-19 pandemic, the government enacted the “Taxation and Other Laws (Relaxation and Amendment of Some Provisions) Act, 2020,” which stipulates lower TDS prices. Parts 193, 194, 194A, 194C, 194D, 194DA,194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194K,194LA, sub-section (1) of section 194LBA, clause I of section 194LBB, sub-section (1) of section 194LBC, sections 194M and 194O

These reduced TDS thresholds were only in effect until March 31, 2021. As a result, old TDS prices (prior to 14/05/2020) will apply as of 01.04.2021. This article summarises the various TDS rates that apply for FY 2021-2022 (AY 2022-2023).

TDS Rate Chart for FY 2021-2022 (AY 2022-2023) including Budget 2021 Amendments

SectionNature of Payment ThresholdTDS RateRemarks
192Salary Taxable Income liable to TaxNormal Slab Rate(or)New Tax Regime Slab Rate as opted by employeeRefer Note 4 & 5 for Old & New Regime Slab RatesOPTION TO CHOOSE BETWEEN NEW AND OLD TAX SLAB REGIME FOR SALARIED EMPLOYEES
192APayment of accumulated balance of provident fund which is taxable in the hands of an employee. 50,00010% –
193Interest on securities 2,50010% –
194Dividend 5,00010%Budget 2021 UpdateThis 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.
194AInterest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit(Interest other than “Interest on securities” )
a) Senior Citizen 50,00010% –
b) Others 40,00010% –
194AInterest other than “Interest on securities”(Other Than Bank Deposit/Post Office Deposit/Banking Co-Society Deposit) 5,00010% –
194BWinnings from lotteries, crossword puzzles, card games and other games of any sort10,00030% –
194BBWinnings from horse races10,00030% –
194CPayment to contractor/sub-contractor: Single Transaction: 30,000 & Aggregate of Transactions: 1,00,000 –
a) HUF/ Individuals1% –
b) Others2% –
194DInsurance commission
a) Individuals 15,0005% –
b) Companies 15,00010% –
194DAPayment in respect of life insurance policy, the tax shall be deducted on the amount of income comprised in insurance pay-out1,00,0005% –
194EPayment to non-resident sportsmen/sports association –20%The rate of TDS shall be increased by applicable surcharge and Health & Education cess.
194EEPayment in respect of deposit under National Savings scheme2,50010% –
194FPayment on account of repurchase of unit by Mutual Fund or Unit Trust of India –20% –
194GCommission on sale of lottery tickets 15,0005% –
194HCommission or brokerage 15,0005% –
194-I(a) Plant & Machinery2,40,0002% –
194-I(b) Land or building or furniture or fitting2,40,00010% –
194-IAPayment on transfer of certain immovable property other than agricultural land50 Lakh1% –
194-IBPayment of rent by individual or HUF not liable to tax audit 50,000 per month5% –
194-ICPayment of monetary consideration under Joint Development Agreements –10% –
194JFees for professional or technical services:
i) sum paid or payable towards fees for technical services 30,0002% –
ii) sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films; 30,0002% –
iii) Any other sum 30,00010% –
194KIncome in respect of units payable to resident person –10% –
194LAPayment of compensation on acquisition of certain immovable property2,50,00010% –
194LBPayment 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% –
194LBBInvestment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] –10% –
194LBCIncome in respect of investment made in a securitisation trust (specified in Explanation of section115TCA)
a) HUF/Individuals –25% –
b) Others –30% –
194MPayment 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 Lakh5% –
194NCash 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 Crore2% –
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 Lakh2% –
b) On amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year; 1 Crore5% –
194-OPayment or credit of amount by the e-commerce operator to e-commerce participant 5 Lakh1% –
194QPurchase of goods (applicable w.e.f 01.07.2021)50 Lakh0.10%Budget 2021 UpdateA 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
195Payment of any other sum to a Non-residentThe 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% –
206ABTDS on non-filers of ITR at higher rates(applicable w.e.f 01.07.2021)Refer Note 2Refer Note 2Budget 2021 Update Refer Note 2
194PTDS on Senior Citizen above 75 YearsRefer Note 3Refer Note 3Budget 2021 Update Refer Note 3

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What is TDS limit?

TDS on Wages (Section 192): TDS on salaries is deducted at the rate of the specified income tax slab for the year. The exemption cap for an applicant for the assessment year 2020-2021 is Rs 2,50,000.

How is TDS calculated?

Calculate the deductions available under Section 10 of the Income Tax Act (ITA) Subtract the deductions from the total monthly salary measured in phase (2). (1) Since TDS is based on yearly wages, multiply the amount obtained from the above equation by 12. This is the taxable wage revenue.

Who is eligible for TDS?

If the person making the payment is an employee or a HUF whose accounts are not expected to be audited, no TDS must be deducted. Individuals and HUFs that pay rent in excess of Rs 50,000 a month are allowed to subtract TDS at the rate of 5%, even though the individual or HUF is not subject to a tax audit.

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