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TDS rate applicable for FY 2022-23 (AY 2023-24)

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Rates of TDS applicable for Financial Year 2022-23 (Assessment Year 2023-24):

 

 

Nature of Payment

Basic Cut off (Rs)

Individual /Company and others New Rate %)

If No Pan or Invalid PAN (Rate %)

192 – Salaries

Slab Rate

Slab Rates

30%

192A- Premature withdrawal from Employee Provident Fund (Note 1)

50,000

Individual: 10% Company: NA

20%

193 – Interest on securities (Note 2)

2,500

Individual: 10% Company: 10%`

20%

194 – Dividend other than the dividend as referred to in Section 115-O

5,000

Individual: 10% Company: 10%

20%

194A – Interest other than interest on securities – Banks Time deposits, Recurring deposit and Deposit in Co-op Banks (Note 3)

40,000 (for individual) 50000 (for Senior Citizens)

Individual: 10%

20%

194B – Winning from Lotteries

10,000

Individual: 30% Company: 30%

30%

194BB – Winnings from Horse Race

10,000

Individual: 30% Company: 30%

30%

194C- Payment to Contractor – Single Transaction (Note 3)

30,000

Individual: 1% Company: 2%

20%

194C-Payment to Contractor – Aggregate During the Financial year  (Note 3)

1,00,000

Individual: 1% Company: 2%

20%

194C- Contract – Transporter not covered under 44AE (Note 3 & 4)

30,000 / 75,000

Individual: 1% Company: 2%

20%

194C- Contract – Transporter covered under 44AE & submit declaration on prescribed form with PAN

20%

194D – Insurance Commission

15,000

Individual: 5% Company: 5%

20%

194DA Payment in respect of life insurance policy (Note 5)

1,00,000

Individual: 5% Company: 5%

20%

194E – Payment to Non-Resident Sportsmen or Sports Association

Individual: 20% Company: 20%

20%

194EE – Payments out of deposits under National Savings Scheme

2,500

Individual: 10% Company: 10%

20%

194F – Repurchase Units by MFs

Individual: 20% Company: 20%

20%

194G – Commission – Lottery 

15,000

Individual: 5% Company: 5%

20%

194H – Commission / Brokerage (Note 3)

15,000

Individual: 5% Company: 5%

20%

194I – Rent – Land and Building – furniture – fittings (Note 3)

2,40,000

Individual: 10% Company: 10%

20%

194I – Rent – Plant / Machinery / equipment (Note 3)

2,40,000

Individual: 2% Company: 2%

20%

194IA -Transfer of certain immovable property other than agriculture land

50,00,000

Individual: 1% Company: 1%

20%

194IB – Rent – Land or building or both

50,000 per month

Individual: 5%

20%

194IC – Payment of Monetary consideration under Joint development agreement

Individual: 10% Company: 10%

20%

194J – Professional Fees for technical services (w.e.f. from 1.4.2020) (Note 3 and 6)

30,000

Individual: 2% Company: 2%

20%

194J – Professional Fees in all other cases (Note 3)

30,000

Individual: 10% Company: 10%

20%

194K- Payment of any income in respect of Units of Mutual fund as per section 10(23D) or Units of administrator or from a specified company (Note 7)

Individual: 10% Company: 10%

20%

194LA – TDS on compensation for compulsory acquisition of immovable Property (Note 8)

2,50,000

Individual: 10% Company: 10%

20%

194 LBA (1)- Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders. (Note 9)

 

Individual: 10% Company: 10%

20%

194LB – Income by way of interest from infrastructure debt fund (non-resident)

Individual: 5% Company: 5%

20%

194LBB – Income in respect of investment in Securitisation trust.

Individual: 10% Company: 30%

30%

194LBC- Income in respect of investment made in a securitisation trust

Individual: 25% Company: 30%

30%

194 LC – 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 (Note 10)

Individual: 5% Company: 5%

20%

194LD – Interest on certain bonds and govt. Securities (Note 11)

Individual: 5% Company: 5%

20%

194M – Payment of Commission, brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.

50,00,000

Individual: 5% Company: 5%

20%

194N – Cash withdrawal in excess of Rs. 20 Lakh during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office.

20,00,000

Individual: 2% Company: 2%

20%

194N – Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office. (Note 12)

100,00,000

Individual: 2% Company: 2%

20%

194O – Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform.

Individual: 1% Company: 1%

20%

194P- TDS by specified bank to specified senior citizen

Rates applicable to particular slab of income including applicable Surcharge and Health & Education Cess

 

194Q- Purchase of goods

50,00,000

0.1%

 

194R- Deduction of tax on benefit of perquisite in respect of business or profession (New Budget 2022)

Resident Indiviual: 20,000

10%

 

194S- Transfer of a virtual

digital asset (New Budget 2022)

Resident Individual & HUF: 50,000


Others: 10,000

1%

 

195- Payment of any sum to Non-resident

Higher of Rate in force or Double Taxation Avoidance Act rate

196B – Income from units

Individual: 10% Company: 10%

20%

196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)

Individual: 10% Company: 10%

20%

196D – Income of FIIs from securities

Individual: 20% Company: 20%

20%


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TaxGyata Team

TaxGyata Team