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Excel for
Chartered Accountants

Section	Nature of Payment	Rate-HUF/Ind %	Rate-Others %
192	Salaries	Average rate	-
193	Interest on Securities > Rs.10,000 Interest on Debentures >Rs. 5000/-	10	10
194	Deemed dividend u/s.2(22)(e) Dividends other than listed companies	10	10
194A	Interest other than Interest on Securities : Bank/Post office >Rs.10000/- Others > Rs.5000/-	10	10
194B	Lottery / Cross Word Puzzle > Rs. 10000/-	30	30
194BB	Winnings from Horse Race > Rs. 5,000/-	30	30
194C	Contracts: Single > Rs. 30,000 Aggregate > Rs. 75,000	1	2
194D	Insurance Commission > Rs. 20,000	10	10
194DA	(w.e.f. 01/10/2014) Payment in respect of Life Insurance Policy > Rs. 99,999/-	2	-
194E	Payments to non-resident sportsmen or sports associations	20	20
194EE	Refund of NSS > Rs.2,500/-	20	-
194F	Repurchase of units by MF/UTI	20	20
194G	Commission on sale of lottery tickets > Rs.1,000	10	10
194H	Commission or Brokerage > Rs. 5,000	10	10
194I	Rent of Machinery, Plant or Equipment > Rs. 1,80,000	2%	2%
194I	Land, building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings > Rs. 1,80,000	10%	10%
194IA	Transfer of immovable property other then agricultural Land >50 Lakhs	1%	1%
194J	Professional/ Technical charges/Royalty & Non-compete fees /payments to directors > Rs. 30,000	10%	10%
194LA	Compensation on acquisition of immovable property > Rs.2,00,000	10	10
194LB	Interest from an Infrastructure Bond	5	5
194LBA	(w.e.f. 01/10/2014) Income in the nature of interest received or receivable from a special purpose vehicle, distributed by a business trust to its unit holders. Resident Payee Non Resident Payee	10 5	10 5
194LC	Interest to Non Resident from Indian company/business trusts engaged in certain business.	5	5
195/196B/196C/196D/ 196E	Payment to non-residents	Rates in force	Rates in force

Notes:

1. Due dates for deposit of TDS (Rule 30) are as under:

Government Deductors:
Payment of tax without production of Income tax challan	On the same day
Payment with challan or for tax on perquisites opted to be deposited by employer	On or before 7 days from the end of the month, in which tax deducted.
Non-Government Deductors:
Deductions made in the month of March	On or before 30^th April
Deductions made other than month of March and tax on perquisites opted to be deposited by employer	On or before seven days from the close of the month

2. Where income referred in Sections 193, 194A, 194C, 194D, 194G, 194H,194I & 194J is credited to account of payee as on date up to which accounts are made, TDS has to be deposited in Government Account onor before 30^th April of the next FY.

3. An Individual or a Hindu Undivided Family whose total sales,gross receipts or turnover from business or profession carried on by himexceeds the monetary limits under Clause (a) or (b) of Sec.44AB during the preceding financial year shall also be liable to deduct tax u/s.194A,194C,194H, 194I & 194J.

4. No education/higher education cess is to be added on tax deducted on non-salary payments made to resident taxpayers.

5. Surcharge is applicable to deductions under section 193, 194, 194A, 194B, 194BB, 194C, 194D ,194DA, 194E, 194EE, 194F,194G, 194H, 194-I,194-IA, 194J, 194LA, 194LB,194LBA, 194LC, 194LD, 195, 196B, 196C and 196D

(a) in the case of every company, other than a domestic company:

(i) at the rate of 2% where incomes paid or likely to be paid exceeds one crore rupees but does not exceed ten crore rupees;

(ii) at the rate of 5% where the income paid or likely to be paid exceeds ten crore rupees.

(b) in the case of every person other than company at the rate of 10%, where the aggregate incomes paid or likely to be paid
exceeds one crore rupees;

6. w.e.f. 01-10-2009 No deduction u/s194C are required on payments to a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his PAN u/s194C. Nil rate is applicable if the transporter quotes his PAN.

7. As per section 206AA, the Rate of TDS will be 20% in all cases,if PAN is not quoted by the deductee (including transporter) w.e.f. 01-04-2010

8. Deduction at lower or nil rate requires certificate u/s.197,which will take effect from the day it is issued. It cannot be usedretrospectively.

9. If TDS certificate is lost, duplicate may be issued on aplain paper giving necessary details marking it as duplicate.

10. Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor who has failed todeduct tax will be liable to pay interest and penalty.

11. Consequences of Default

• Interest @ 1.00% p.m. from the date on which tax was deductible to the date of deduction. (Section 201)

• Interest@ 1.50% p.m. from the date on which tax is deducted to the date of its paid. (Section201)

• Penalty equal to the tax that was failed to be deducted or remitted. (Section 271C)

• In case offailure to remit the tax deducted, rigorous imprisonment ranging from 3 monthsto 7 years and fine can be levied.
(Section276B)

• Failure to file quarterly TDS Returns in time- late fee @ Rs. 200/- per day (maximum of TDS amount) Section 234E

12. The due dates for filing TDS quarterly Returnsare as per the following table:

Quarter	Period	Government Deductor	Non-Govt. Deductor
Q1	1 Apr - 30 June	31st July	15th July
Q2	1 July - 30 Sept	31st Oct	15th Oct
Q3	1 Oct - 31 Dec	31st Jan	15th Jan
Q4	1 Jan - 31 Mar	15th May	15th May