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TDS/TCS Rate Chart from 14.05.2020 to 31.03.2021

Ashwin Jain 
on 14 May 2020

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In the press conference held on May 13, 2020 the Finance Minister, Smt. Nirmala Sitharaman, announced that the rates of TDS/TCS in respect of specified payments/receipts shall be reduced by 25%. This concession in the rate shall be available for the tax deducted or collected between 14-05-2020 till 31-03-2021. This relief shall not be available to a salaried and non-resident taxpayer. For you ease understanding we have prepared the TDS/TCS rate chart for better clarity. 

Revised TDS/TCS Rate Chart from 14.05.2020 to 31.03.2021

TDS Rate Chart

 

 Section

Nature of Income

Rate of TDS applicable for the period

   

01.04.2020 to 13.05.2020

14.05.2020 to 31.03.2021

193

Interest on Securities

10%

7.50%

194

Dividend

10%

7.50%

194A

Interest other than interest on Securities

10%

7.50%

194C

Payment to Contractors

1%: If deductee is an individual or HUF

 2%: In any other case

0.75%: If deductee is an individual or HUF

 1.50%: In any other case

194D

Insurance Commission

5%

3.75%

194DA

Payment in respect of Life Insurance Policy

5%

3.75%

194EE

Payments in respect of deposits under National Savings Scheme

10%

7.5%

194G

Commission and other payments on sale of lottery tickets

5%

3.75%

194H

Commission and Brokerage

5%

3.75%

194-I

Rent

10%: If rent pertains to hiring of immovable property

2%: If rent pertains to hiring of plant and machinery

7.50%: If rent pertains to hiring of immovable property

1.50%: If rent pertains to hiring of plant and machinery

194-IA

Payment for acquisition of immovable property`

1%

0.75%

194-IB

Payment of Rent by Certain Individuals or HUF

5%

3.75%

194-IC

Payment for Joint Development Property

10%

7.5%

194J

Royalty and Fees for Professional or Technical Services

2%: If royalty is payable towards sale, distribution or exhibition of cinematographic films

2%: If recipient is engaged in business of operation of call Centre

2%: If sum is payable towards fees for technical services (other than professional services)

10%: In all other cases

1.50%: If royalty is payable towards sale, distribution or exhibition of cinematographic films

1.50%: If recipient is engaged in business of operation of call Centre

1.50%: If sum is payable towards fees for technical services (other than professional services)

7.50%: In all other cases

194M

Payment to contractor, commission agent, broker or professional by certain Individuals or HUF

5%

3.75%

194O

TDS on E-Commerce Participants

1% (w.e.f. 01.10.2020)

0.75%

           

TCS Rate Chart

    

Section

Goods & Services liable to TCS

Rate of TDS applicable for the period

   

01.04.2020 to

13.05.2020

14.05.2020 to 31.03.2020

Section 206C(1)

Alcoholic liquor for human consumption

1%

0.75%

Section 206C(1)

- Timber obtained under Forest lease

- Timber obtained by any mode other than under a forest lease

- Any other forest produce not being timber or tendu leaves

2.50%

1.875%

Section 206C(1)

Tendu leaves

5%

3.75%

Section 206C(1)

Minerals, being coal or ignite or iron ore

1%

0.75%

Section 206C(1)

Scrap

1%

0.75%

Section 206C(1C)

Parking Lot

2%

1.50%

Section 206C(1C)

Toll Plaza

2%

1.50%

Section 206C(1C)

Mining & quarrying

2%

1.50%

Section 206C(1F)

Sale of Motor Vehicle above 10 lakhs

1%

0.75%

Section 206C(1H)

Sale of goods in excess of Rs. 50 lakh

0.10%

0.075%

 
 

Note: It should be noted the rate of TDS/TCS shall be the same in the following situations:

a) Where tax is deductible from salary or provident fund under Section 192 or Section 192A respectively

b) Where the sum is paid or payable to a non-resident person.

d) Where a resident person does not furnish his PAN or Aadhaar and the tax is deductible at a higher rate under Section 206AA or Section 206CC, as the case may be.

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