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RATES OF TDS APPLICABLE FOR FINANCIAL YEAR 2021-22 FOR ASSESSMENT YEAR 2022-23 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period or Basic Cut off (Individual /Company and others New Rate %) Summary Indiv
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FAQ :
For salary, the TDS is applicable as per slab rates, and there were no changes introduced for FY 2021-22. 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 accumulated balance from a Recognised Provident Fund is taxable and exceeds Rs 50,000.00. The TDS rate is 10% for residents and 10.40% for non-residents.
For interest on securities, the threshold limit for deduction is Rs 2,500.00, with a TDS rate of 10% applicable for both individuals and companies. A higher rate of 20% applies if no PAN is provided.
TDS on dividend income under Section 194 is not applicable to dividends credited or paid to a business trust by a special purpose vehicle, or payments to other entities as may be notified. This includes dividend income for AIF Category III.
For interest earned from time deposits, recurring deposits, and deposits in Co-op Banks, the threshold limit for senior citizens is Rs 50,000.00, and for others, it is Rs 40,000.00. The TDS rate is 10%.
Income from winnings from lotteries, crossword puzzles, card games, and other games of any sort has a threshold limit of Rs 10,000.00. The TDS rate is 30% for resident Indians and domestic companies, and 31.2% for non-residents and foreign companies.
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