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Any person making below specified payments mentioned under the Income Tax Act is required to deduct TDS at the time of making such specified payment. The applicable rates and threshold limit of deduction of TDS are as below:
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TDS Rates from 1-April-2021 to 31-March-2022 (FY 2021-22 AY 2022-2023)
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Section
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For Payment of
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On Payments Exceeding
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Rate of TDS
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192
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Salary Income
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Income Tax Slab
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Slab rates
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192 A
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EPF - Premature withdrawal
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Rs50,000
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10%
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193
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Interest on Debentures
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Rs5,000
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10%
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194 A
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Interest other than on securities by banks/post office
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Rs.40,000
(Rs 50,000 for Senior Citizens)
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10%
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194 A
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Interest other than on securities by others
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Rs.5,000
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10%
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194B
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Winnings from Lotteries/ Puzzle /Game
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Rs.10,000
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30%
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194BB
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Winnings from Horse Race
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Rs.10,000
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30%
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194C
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Payment to Contractors
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Rs.30,000 for Single Transaction (Rs 1,00,000 per annum)
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1% (for Individual and Huf) 2% for others
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194J
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Payment for Professional and Technical Fees
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Rs.30,000
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10%
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194D
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Payment of Insurance Commission
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Rs.15,000
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5%
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194DA
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Payment in respect of life Insurance Policy
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Rs 1,00,000
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5%
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194EE
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Payment of NSS Deposits
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Rs 2,500
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10%
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194 G
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Commission on Sale of lottery tickets
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Rs 15,000
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5%
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194H
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Commission or Brokerage
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Rs 15,000
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5%
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1941
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Rent of Land, Building, or Furniture
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Rs.2,40,000
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10%
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194I
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Rent of Plant & Machinery
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Rs.2,40,000
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2%
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1941B
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Rent (individuals who are not liable to Tax Audit)
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Rs 50,000 (PM)
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5%
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1941A
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Transfer of Immovable Property
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Rs.50 lakh
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1%
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194l B
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Interest from Infrastructure Bond
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NA
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5%
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194K
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Payments of Dividends by Mutual Funds
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5000
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10%
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194LD
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Interest in certain bonds and govt. Securities
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NA
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5%
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194N
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Cash withdrawal exceeding 1 crore
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1cr
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2%
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194O
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TDS on e-commerce participants
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5 Lakhs
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1%
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194Q
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Purchase of Goods
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50 Lakhs
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0.1%
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Note: TDS has to be deposited using Challan ITNS-281 on the Income Tax portal at the below link:
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
DUE DATE FOR PAYMENT OF TDS
- 7th of Every Month and 30th April for the month of March.
DUE DATE OF FILING OF RETURN
- 30th of following Quarter and 31st May for Quarter Ending March
PENALTY FOR LATE COMPLIANCE
- FOR LATE- DEDUCTION OF TDS- 1% Interest per Month
- FOR NON-DEPOSIT OF TDS - 1.5% Interest per Month
- FOR NON- DEDUCTION OF TDS 30% DISALLOWANCE OF EXPENSES
- FOR NON-FILLING OF RETURN - 200 per Day
Disclaimer: This is only a knowledge-sharing initiative. In no event, I shall be liable for any direct, indirect, special, or incidental damage resulting from, arising out of, or in connection with the use of the information.
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