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