CA Jainish R. Parikh
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Rates of TDS Applicable for Financial Year 2021-22 or Assessment Year 2022-23 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period (Individual /Company and others New Rate%)
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FAQ :
For salary, the TDS rates applicable for FY 2021-22 are based on the income slab rates, and there were no changes introduced to these slab rates for this period. Employees have the option to choose between the new and old tax slab regimes.
TDS provisions under Section 192A are applicable when the withdrawal of the accumulated balance from a recognised Provident Fund is to be included in the employee's total income, and the amount exceeds Rs. 50,000.
The TDS rate for interest on securities is 10% for individuals and companies. There is a threshold limit of Rs. 5,000 for interest paid on debentures and Rs. 10,000 for interest on 7.75% GOI Savings (Taxable) Bonds 2018.
Yes, TDS on dividend payments under Section 194 does not apply to dividend income credited or paid to a business trust by a special purpose vehicle, or to any other person as may be notified. This also means no TDS needs to be deducted for AIF Category III.
For senior citizens, the threshold limit for TDS deduction on interest from time deposits, recurring deposits, and deposits in co-operative banks is Rs. 50,000. For others, the threshold limit is Rs. 40,000.
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