Rates of TDS

TDS / TCS RATES FOR F.Y. 2012-13

Section Nature of Payment Threshold Limit of Payment 01-04-2012 to 30-06-2012 01-07-2012 onwards
192 Income from Salary
Senior Citizen Rs. 2,50,000
Super Senior Citizen Rs. 5,00,000
Other Rs. 2,00,000
Average rate of Tax + edu. Cess (no surcharge) Average rate of Tax + edu. Cess (no surcharge) Super Senior Citizen Rs. 5,00,000 Others Rs. 2,00,000
193 Interest on Securities
upto 30-06-2012 Rs. 2500
from 01-07-2012 Rs. 5000
10% 10%
194A Interest from a Banking Company Rs. 10,000 per annum 10% 10%
194A Interest other than from a Banking Co. Rs. 5,000 per annum 10% 10%
194B Winning from Lotteries & Puzzles Rs. 10,000 per annum 30% 30%
194BB Winning from Horse Races Rs. 5,000 per annum 30% 30%
194C Payment to Contractors; Sub-contractor; Advertising Contractors
Rs. 30,000 per contract (or)
Rs. 75,000 per annum
Rs.20,000 per annum
10% 10%
194E Non-resident Sportsman or Sports Association - 10% 20%
194G Commission on Sale of Lottery Tickets Rs.1000 10% 10%
194H Commission/Brokerage Rs. 5,000 per annum 10% 10%
194-I Rent on Plant / Machinery Rs. 1,80,000 per annum 2% 2%
194-I Rent Other then Plant / Machinery Rs. 1,80,000 per annum 10% 10%
194J Fees for Professional / Technical Services Rs. 30,000 per annum 10% 10%
194LA Compulsory Acquisition of Property
upto 30-06-2012 Rs. 1Lac
from 01-07-2012 Rs. 2 Lacs
10% 10%
206C Scrap - 1% 1%
206C Tendu Leaves - 5% 5%
206C Timber obtained under a forest lease or other mode - 2.50% 2.50%
206C Any other forest produce not being a Timber or tendu leave - 2.50% 2.50%
206C Alcoholic Liquor for Human Consumption - 1% 1%
206C Packing lot, toll plaza, mining & quarrying - 2% 2%
206C Purchase of Bullion/ Jewellery in cash
Rs. 2 Lacs per transaction (Bullion)
Rs. 5 Lacs per transaction (Jewellery)
- 1%
206C Purchase of coal lignite, Iron ore by a trader - - 1%

notes

1. surcharges & education cess
type of payment surcharge (2%) education cess (3.00%)
salary no yes
other payments to residents no no
other payments to foreign co. (payment exceeds 1 cr.) yes yes
other payments to foreign co. (payment upto 1 cr.) no yes
payments to other non-residents (irrespective of amount) no yes
2. nil rate will be applicable to transporter of goods if he provides his pan to the deductor.
3. nil deduction entries of transporters also to be shown in form 26q.
4. tds @ 20% where pan not furnished.

fees and penalties

section description upto 30-06-212 01-07-2012 onwards
234e fee for late filing of tcs/ tcs return rs. 100 per day (not exceeding amount of tax) rs 200 per day (not exceeding amount of tax)
271h(1)(a) penalty for late filing of tcs/tcs return beyond 1 year -
minimum penalty : rs. 10,000
maximum penalty : rs. 1 lac
271h(1)(b) penalty for providing incorrect information in tds/tcs return -
minimum penalty : rs. 10,000
maximum penalty : rs. 1 lac

other important changes

section description upto 30-06-212 01-07-2012 onwards
197a eligible age for form 15h (payment without tds) 65 years. 60 years.
201/206c interest on non-short deduction of tax where deductee deposits advance/ self assessment tax till tds deposited till date of filing of itr by deductee wherein full tax has been deposited. ca certificate needed.
40(a)(ia) disallowance of payment made without tds where deductee deposits advance / self assessment tax till tds deposited till date of filing of itr by deductee wherein full tax has been deposited. ca certificate needed.
200a appeal, rectification against intimation of tds return no yes

interest on delay in deposit of tax after deduction

stage of deduction rate per month or part of the month
from date when deductible till actual deduction 1%
from date of deduction till payment 1.5%

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