TDS / TCS RATE CHART APPLICABLE FROM 01.10.2009

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Assistant manager for accounts
1096 Points Joined February 2009

 

Sr No

Section

HEAD

Threshold Limit

Individual /HUF

Any Other Entity

  
             
1 192 Income from Salary 0 Average Tax rate N.A.  
2 194A Interest from a Banking Company Rs. 10,000/- p.a 10% 20%  
3 194A Interest other than from a Banking Co. Rs. 5,000/- p.a 10% 20%  
4 194C Payment to Contractors Rs.20,000/- per contract or Rs. 50,000/- p.a 1% 2%  
5 194C Contractor / Sub-contractor in transport business ( If PAN Quoted) - Nil Nil  
 
6 194C Contractor / Sub-contractor in transport business ( If PAN not Quoted) - 1% 2%  
 
7 194C Payment to Sub-Contract/Adv Contract Rs.20,000/- per contract or Rs. 50,000/- p.a 1% 2%  
 
8 194I Rent on Plant / Machinery Rs. 1,20,000/- p.a 2% 2%  
9 194I Rent Other then Plant / Machinery Rs. 1,20,000/- p.a 10% 10%  
10 194J Fees for Professional / Technical Services Rs.20,000/-p.a 10% 10%  
11 194B Winning from Lotteries & Puzzles   30% 30%  
12 194B Winning from Horse Races   30% 30%  
13 194E Non-resident Sportsman or Sports Association   10% 10%  
14 194G Commission on Sale of Lottery Tickets   10% 10%  
15 194H Commission/Brokerage Rs. 2,500/- p.a 10% 10%  
 

 

    

 

 

  
TAX TO BE COLLECTED AT SOURCE (TCS)  
 

 

    

 

 

  
16

 

 Scrap  

1%

1%

  
17

 

 Tendu Leaves  

5%

5%

  
18

 

 Timber obtained under a forest lease or other mode  

2.50%

2.50%

  
19

 

 Any other forest produce not being a Timber or tendu leave  

 

 

  
20

 

 Alcoholic Liquor for Human Consumption  

1%

1%

Note:-

  
  • TDS rates Proposed in Budget’09 Presented on July 6th, 2009  are effective from  1.10.2009
  • · No surcharge or Cess is applicable for TDS. Only the specified TDS rates should be considered for deduction.
  • The nil rate will be applicable if the transporter quotes his PAN.
  • TDS Rate when PAN not available: Section 206AA: If deductee fails to furnish PAN to deductor, the deductor shall apply highest of the following rates for deducting TDS:-
  • at the rate specified in the relevant provision of this Act; or
  • at the rate or rates in force;
  • or at the rate of 20%.
3 Reply Share Follow
On 21 August 2009 at 10:29 Report
Replies (20)
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ACCOUNTANT
2644 Points Joined December 2008

THANKS FOR INFORMATION

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On 21 August 2009 at 10:47
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Internal Auditor
511 Points Joined May 2008

thank you

 

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On 21 August 2009 at 11:03
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Chief Accountant
2828 Points Joined December 2007

Thanx for sharing...

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On 21 August 2009 at 11:28
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CA in Practice
35867 Points Joined June 2009

Is the source confirmed as i had read yesterday in the Finance Act (No. 2), 2009 which reads as under:

(5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein.

(6) In cases in which tax has to be deducted under sections 194C, 194E, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for purposes of the Union, in the case of every company, other than a domestic company, calculated at the rate of two and one-half per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees.
(7) In cases in which tax has to be collected under the proviso to section 194B of the Income-tax Act, the collection shall be made at the rates specified in Part II of the First Schedule, and shall be increased by a surcharge, for purposes of the Union, calculated, in cases wherever prescribed, in the manner provided therein.

(8) In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for purposes of the Union, in the case of every company, other than a domestic company, calculated at the rate of two and one-half per cent of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees.

So kindly confirm..

Thanks

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On 21 August 2009 at 11:52
Guest

Thanks for the information

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On 21 August 2009 at 12:38
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articled assistant
22 Points Joined October 2008

thanks

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On 21 August 2009 at 13:04
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service
462 Points Joined February 2008

Thanks, Naveena, correct presentation. Now i have a question you know the transporter who will submit their PAN, the duductor is now to inform the details in prescibed form to the IT Authority of respective jurisdiction. Income Tax Rule had already published but i am not getting the prescribed form, do you have any idea?

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On 21 August 2009 at 16:54
Guest

thank u for your information.....................

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On 21 August 2009 at 22:39
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BCom CA DISA Forensic Auditor
288 Points Joined August 2007

 same question on 194C regarding furnishing of PAN and deductor reporting to IT Authorities.

One of senior CA friend advised me that the deductee (transporter) should furnish the copy of the PAN as in a simple photo copy and the deductor is required to report the same to IT Authority by submitting quarterly TDS returns but i'm not sure about this. Anyone has any idea on this?

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On 24 August 2009 at 10:48
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INDIVIDUAL
47 Points Joined February 2009

thank u

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On 29 August 2009 at 17:21
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CA in Practice
35867 Points Joined June 2009

As per the Finance Act 2009 the rate of TDs on companies is 10% whereas the rates chart mentiones at 20%. So what is the actual rate.

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On 29 August 2009 at 17:45
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Manager-Accounts
46 Points Joined April 2009

Thank you Sir for your Chart and clarifications.

 

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On 02 September 2009 at 14:30
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Audit Consultant
41 Points Joined April 2009

Thanks What is the rate of Penalty in default for payment of TDS or TCS

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On 02 September 2009 at 14:40
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Manager
22 Points Joined September 2009

thanks for the information

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On 02 September 2009 at 22:32


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