A Tax Deducted at Source (TDS) Rate Chart for the Financial Year (FY) 2023-24 provides a comprehensive overview of the applicable TDS rates for various types of payments made by individuals or entities. This chart serves as a reference guide for taxpayers to ensure compliance with tax regulations. Below is a typical structure for such a chart:
- Nature of Payment: This column lists different types of payments subject to TDS, such as salary, interest, rent, commission, etc.
- Section of the Income Tax Act: This column specifies the relevant section under the Income Tax Act, 1961, which governs the TDS deduction for each type of payment.
- Threshold Limit (if any): Some payments may have a threshold limit below which TDS is not applicable. This column indicates such limits, if applicable.
- TDS Rate: This column outlines the applicable TDS rate as per the Income Tax Act for each type of payment. The rates may vary based on the nature of the payment, the status of the recipient (individual, HUF, firm, company, etc.), and other factors.
- Education Cess and Surcharge (if applicable): Certain payments may attract education cess or surcharge in addition to the basic TDS rate. This column mentions any additional charges that apply.
- Remarks/Comments: This optional column provides any additional notes or remarks relevant to specific types of payments or TDS rates.
It’s important to note that the TDS rates may be subject to amendments or updates by the government from time to time, so taxpayers should refer to the latest official notifications or consult with a tax professional for the most current information. Additionally, the chart may vary depending on the jurisdiction and specific regulations applicable to the taxpayer.
Financial Year 2023-2024 Non-Salary
| Nature of Payment Made To Residents | Threshold(Rs.) | Company / Firm /Co-operative Society /Local Authority | Individual / HUF | If No / Invalid PAN | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Section – Description | IT Rate (%) | IT Rate (%) | IT Rate (%) | ||||||||||
| 192A – Payment of accumulated balance due to an employee.(applicable from 01.06.2015) | 50,000 | – | 10 | 30 | |||||||||
| 193 – Interest on securities | 10,000 | 10 | 10 | 20 | |||||||||
| 194 – Dividends | 5,000 | 10 | 10 | 20 | |||||||||
| 194A – Interest other than interest on securities – in any Others Case | 5,000 | 10 | 10 | 20 | |||||||||
| 194A -Banks / Co-operative society engaged in business of banking / Post Office | 40,000 | 10 | 10 | 20 | |||||||||
| 194A – Senior citizen | 50,000 | – | 10 | 20 | |||||||||
| 194B – Winning from Lotteries or crossword puzzle, etc. | 10,000 | 30 | 30 | 30 | |||||||||
| 194B proviso – Winnings from lotteries and crossword puzzles, etc. where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such winnings are released (Applicable From 01-July-2022) | 10,000 | 30 | 30 | 30 | |||||||||
| 194BA – Winnings from online games (Applicable From 01-April-2023) | – | 30 | 30 | 30 | |||||||||
| Sub-section (2) of section 194BA – Net Winnings from online games where the net winnings are made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such net winnings are released (Applicable From 01-April-2023) |
– | 30 | 30 | 30 | |||||||||
| 194BB – Winnings from Horse Race | 10,000 | 30 | 30 | 30 | |||||||||
| 194C – Payment to Contractors | 1,00,000 | 2 | 1 | 20 | |||||||||
| 194IC- Payment under Specified agreement | – | 10 | 10 | 20 | |||||||||
| 194D – Insurance Commission | 15,000 | 10 | 5 | 20 | |||||||||
| 194DA – Payment in respect of life insurance policy (applicable from 01.10.2014) | 1,00,000 | 5 | 5 | 20 | |||||||||
| 194E – Payment to Non-Resident Sportsmen or Sports Association | – | 20 | 20 | 20 | |||||||||
| 194EE – Payments out of deposits under NSS | 2,500 | 10 | 10 | 20 | |||||||||
| 194F – Repurchase Units by MFs | – | 20 | 20 | 20 | |||||||||
| 194G – Commission – Lottery | 15,000 | 5 | 5 | 20 | |||||||||
| 194H – Commission / Brokerage | 15,000 | 5 | 5 | 20 | |||||||||
| 194I – Rent 194I(b)-Land and Building/Furniture/Fittings |
2,40,000 | 10 | 10 | 20 | |||||||||
| 194I(a) – Plant/Machinery/Equipment | 2,40,000 | 2 | 2 | 20 | |||||||||
| 194IA – Transfer of certain immovable property other than agriculture land (w.e.f. 1-6-2013) | 50,00,000 | 1 | 1 | 20 | |||||||||
| 194J – Fees for Professional/Technical Services | 30,000 | 10 – Others
2 – Fees for Technical Services (not being professional services), royalty for sale, distribution or exhibition of cinematographic films and call centre |
10 – Others
2 – Fees for Technical Services (not being professional services), royalty for sale, distribution or exhibition of cinematographic films and call centre |
20 | |||||||||
| 194K – Payment of Dividend by Mutual Funds (Applicable From 01-Apr-2020) | 5,000 | 10 | 10 | 20 | |||||||||
| 194LA – Immovable Property | 2,50,000 | 10 | 10 | 20 | |||||||||
| 194LB – Income by way of interest from infrastructure debt fund (non-resident) | – | 5 | 5 | 20 | |||||||||
| 194LBA – Certain income from units of a business trust to Residents | |||||||||||||
| 194LBA (a) – Certain Income in the form of interest from units of a business trust to a residential unit holder | – | 10 | 10 | 20 | |||||||||
| 194LBA (b) – Certain Income in the form of dividend from units of a business trust to a resident unit holder | – | 10 | 10 | 20 | |||||||||
| 194LBA – Certain income from units of a business trust to Non Resident :- | |||||||||||||
| 194LBA(1) – Payment of the nature referred to in Section 10(23FC)(a) | – | 5 | 5 | 20 | |||||||||
| 194LBA (2) – Payment of the nature referred to in Section 10(23FC)(b) | – | 10 | 10 | 20 | |||||||||
| 194LBA (3) – Payment of the nature referred to in section 10(23FCA) by business trust to unit holders | – | 40% – For Non Residents Company
30% – For Non Residents other than companies |
30 | 30/40 | |||||||||
| 194LBB – Income in respect of units of investment fund. | – | 10% – For Residents
40% – For Non Residents Company 30% – For Non Residents other than companies |
10% – For Residents
30% – For Non Resident |
20/30/40 | |||||||||
| Sec 194LBC – Income in respect of investment in securitisation trust. | – | 30% – For Residents
40% – For Non Residents Company 30% – For Non Residents other than companies |
25% – For Residents
30% – For Non Resident |
25/30/40 | |||||||||
| Sec 194LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan /long-term infrastructure bonds from outside India (applicable from July 1, 2012) | – | 5 or 4* or 9** * In case where interest is payable in respect of Long-term Bond or Rupee Denominated Bond listed on recognised stock exchange located in IFSC ** in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond onor after the 1st day of July, 2023, which is listed only on a recognised stockexchange located in an IFSC |
5 or 4* or 9** * In case where interest is payable in respect of Long-term Bond or Rupee Denominated Bond listed on recognised stock exchange located in IFSC ** in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a recognised stock exchange located in an IFSC |
20 | |||||||||
| 194LD – Interest on certain bonds and govt. Securities (from 01-06-2013) | – | 5 | 5 | 20 | |||||||||
| 194N – Payment of certain amounts in cash. | Withdrawal in Excess of Rs. 1 Cr. | 2 | 2 | 20 | |||||||||
| 194NC – Payment of certain amounts in cash to co-operative societies not covered by first proviso | Withdrawal in Excess of Rs. 3 Cr. For Co-operative Society | 2 | 2 | 20 | |||||||||
| 194NF – Payment of certain amounts in cash to non-filers | 1. Withdrawl Exceed 20 Lacs but does not exceed 1 Cr.
2. Withdrawl Excess 1 Cr. |
2% – Exceed 20 Lacs but does not exceed 1 cr.
5%-Withdrawl in Excess of Rs. 1 cr. |
2% – Exceed 20 Lacs but does not exceed 1 cr.
5%-Withdrawl in Excess of Rs. 1 cr. |
20 | |||||||||
| 194NFT – Payment of certain amount in cash to non-filers being co-operative societiestd> | 1. Withdrawl Exceed 20 Lacs but does not exceed 3 Cr.
2. Withdrawl Excess 3 Cr. |
2% – Exceed 20 Lacs but does not exceed 3 cr.
5%-Withdrawl in Excess of Rs. 3 cr. |
2% – Exceed 20 Lacs but does not exceed 3 cr.
5%-Withdrawl in Excess of Rs. 3 cr. |
20 | |||||||||
| 194O – TDS on e-commerce participants (Applicable From 01-Oct-2020) | 500000 (Individual /HUF) | 1 | 1 | 5 | |||||||||
| 194P – TDS in case of Specified Senior Citizen | – | Not Applicable | Rates in Force | ||||||||||
| 194Q – TDS on Purchase of Goods exceeding Rs. 50 Lakhs (Applicable From 01-July-2021) | In Excess of Rs. 50 Lakhs | 0.1 | 0.1 | 5 | |||||||||
| 194R – TDS in case any benefit or perquisite (arising from business or the exercise of a profession) is provided (Applicable From 01-July-2022) | 20000 | 10 | 10 | 20 | |||||||||
| First Proviso to sub-section (1) of section 194R- TDS in case any Benefits or perquisites of business or profession where such benefit is provided in kind or where part in cash is not sufficient to meet tax liability and tax required to be deducted is paid before such benefit is released (Applicable From 01-July-2022) | 20000 | 10 | 10 | 20 | |||||||||
| 194S – TDS on payment on transfer of Virtual Digital Asset ( Applicable From 01-July-2022) | 10000 | 1 | 1 | 20 | |||||||||
| Proviso to sub-section(1) of section 194S – TDS on Payment for transfer of virtual digital asset where payment is in kind or in exchange of another virtual digital asset and tax required to be deducted is paid before such payment is released (Applicable From 01-July-2022) | 10000 | 1 | 1 | 20 | |||||||||
| Sec 195 – Other Sums | – | Average rates as applicable | – | 20/30/40 | |||||||||
| Sec 196A – Foreign comp unit holder of MF | – | *20 or rate provided in the agreement, whichever is lower * Not Applicable for company |
20 or rate provided in the agreement, whichever is lower | 20 | |||||||||
| Sec 196B – Income from units | – | 10 | 10 | 20 | |||||||||
| Sec 196C – Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend) | – | 10 | 10 | 20 | |||||||||
| Sec 196D – Income of Foreign Institutional Investors/ Specified Fund :- | |||||||||||||
| Sec 196D – Income of foreign institutional investors from securities under sub-section (1) | – | 20 | 20 | 20 | |||||||||
| Sec 196DA – Income of specified fund from securities referred to in clause (a) of sub-section (1) of section 115AD (other than interest income referred to in section 194LD) | – | 10 | 10 | 20 | |||||||||
Notes
| 1 | Section – 206AA | Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (i.e. deductor), failing which tax shall be deducted at the higher of the following rates, namely:- (i) at the rate specified in the relevant provision of this Act; or (ii) at the rate or rates in force; or (iii) at the rate of twenty per cent: Provided that where the tax is required to be deducted under section 194-O, the provisions of clause (iii) shall apply as if for the words “twenty per cent”, the words “five per cent” had been substituted. Provided further that where the tax is required to be deducted under section 194Q, the provisions of clause (iii) shall apply as if for the words “twenty per cent”, the words “five per cent” had been substituted. |
| 2 | Section – 206AB | Notwithstanding anything contained in any other provisions of the Income Tax Act-1961, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A, 194B, 194BA, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person to a specified person, the tax shall be deducted at the higher of the following rates, namely:–– (i) at twice the rate specified in the relevant provision of the Act; or (ii) at twice the rate or rates in force; or (iii) at the rate of five per cent. If the provisions of section 206AA is applicable to a specified person, in addition to the provision of this section, the tax shall be deducted at higher of the two rates provided in this section and in section 206AA. For the purposes of this section “specified person” means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years Provided that the specified person shall not include a non-resident who does not have a permanent establishment in India. |
Latest TDS Rate Chart for FY 2023-24 (AY 2024-25)