Tds Rate Chart Fy 2014-15 Ay 2015-16 Tds Due Dates #Simpletaxindia

TDS RATE CHART FY 2014-15 AY 2015-16 TDS DUE DATES

on Monday August 4 2014

Deduction of Tax at correct rate is very

important for deductor and minor

mistake in deduction leads to penalty

in shape of Interest on late deposit

and dis allowance of Expenses We

have provided the Tax deduction rates

chart (TDS rate chart) for Financial year

2014-15 Minor changes has been

made in TDS rates for FY 2014-15 by

Finance Minister in Budget

1 A new section 194DA has been

inserted wef 01102014 relating to

payment in respect of life insurance

policy

2 TDS us section194A the interest income payable by special purpose vehicle to a business

trust has been withdrawn wef 01102014

3 TDS us 194LBA for income distributed us 115UA TDS is required to be deducted on 10

in case of resident and 5 in case of payment to non resident

4 Disallowance of expenses under section 40(a)(ia) has been extended to all sections of TDS

However Disallowance has been reduced to 30 from earlier 100 Means if tds has not

been deducted and deposited on 100 Rs then only 30 Rs will be disallowed in that year

Further disallowed amount will be allowed as expin year in which tds has will be deducted amp

Paid

Complete details Of TDS rate changes for financial year 2014-15 Tcs rate changes Due date

to deposit TDS Due date for Form 16 Due date for Form 16A Due date for ETDS return Form

24QPenalty and interest provision for late deposit of TDS consequences for default in filing

of Etds Return TDS rate applicable in case of Non submission of PAN TDS rate applicable on

service tax or not on job work or not which rate is applicable to individual HUF who

should deduct TDS who should not deduct tds whether tds should be deducted on service

tax on rent or professional services all such topics has been covered here under

If there are any mistakes errors then please point out this in comment section(Last updated

05082014)

TDS Rate Chart Financial Year 2014-15

Nature of Payment Made To

Residents

Threshold(Rs) Company

Firm Co-

operative

Society

Local

Authority

Individual

HUF

If No

Invalid

PAN

Section - Description Rate () Rate () Rate

()

192 - Salaries - NA Average

rates

30

193 - Interest on securities - 10 10 20

194 - Dividends - 10 10 20

194A - Interest other than 5000 10 10 20

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KNOW YOUR PANVERIFY PANNAME BYPANPAN CARD STATUS ONLINE

KNOW DEALERS DETAIL BY TIN (VAT)NUMBER OR BY NAME

Relief US 89(1) On Gratuity Received In FY2010-11

TDS RATE CHART FY 2014-15 AY 2015-16 TDSDUE DATES

Companies Bill 2011- Major Highlights

ABATEMENT RATE IN SERVICES TAXAMENDED WEF 01072012 NT 20 DT 200612

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POPULAR POSTS

TDS Rates TDS on Salary TDS Return TDS Challan

Email address Submit

1

2

3

4

5

6

interest on securities -

Others

194A - Banks 10000 10 10 20

194B - Winning from

Lotteries

10000 30 30 30

194BB - Winnings from

Horse Race

5000 30 30 30

194 C - Payment to

Contractors

- Payment to Contractor -

Single Transaction

30000 2 1 20

- Payment to Contractor -

Aggregate During the FY

75000 2 1 20

- Contract - Transporter

who has provided validPAN

- - - 20

194D - InsuranceCommission

20000 10 10 20

194DA-Pament of TaxableLife Insurance Policy wef

01102014

100000 2 2 20

194E - Payment to Non-

Resident Sportsmen or

Sports Association

- Applicable up to June 302012

- 10 10 20

- Applicable from July 12012

- 20 20 20

194EE - Payments out ofdeposits under NSS

2500 20 - 20

194F - Repurchase Units byMFs

1000 20 20 20

194G - Commission -Lottery

1000 10 10 20

194H - Commission Brokerage

5000 10 10 20

194I - Rent - Land andBuilding

180000 10 10 20

194I - Rent - Plant

Machinery

180000 2 2 20

194J - Professional Fees 30000 10 10 20

194LA - Immovable Property 100000 10 10 20

194LB - Income by way of

interest from infrastructuredebt fund (non-resident)

- 5 5 20

194LBA Income paid Under

section 115UA we f

01102014

Resident - 10 10 20

Non resident - 5 5 20

Sec 194 LC - Income by way

of interest by an Indian

specified company to anon-resident foreign

company on foreign

currency approved loan

long-term infrastructurebonds from outside India

(applicable from July 1

2012)

- 5 5 20

195 - Other Sums - Averagerates

- 20

196B - Income from units 10 10 20

196C-Income from foreign - 10 10 20

KNOW YOUR PAN NAME VERIFY PAN FREECHECK NAME BY PAN

No Change In Repo Reverse Repo Rates SLRReduced By 050 Bi-Monthly Monetary PolicyStatement 2014-15

New Categories Of Directors UnderCompanies Act 2013

Service Tax On Renting Of ImmovableProperty Developments And Issues

November (2) October (39)

September (50)

Aug 30 (2) Aug 28 (3)

Aug 27 (2) Aug 26 (2)

Aug 25 (1) Aug 23 (2)

Aug 21 (4) Aug 20 (2)

Aug 18 (3) Aug 17 (1)

Aug 14 (1) Aug 13 (1)

Aug 12 (3) Aug 10 (4)

Aug 09 (1) Aug 08 (3)

Aug 07 (1) Aug 06 (2)

TDS RATE CHART FY 2014-15 AY2015-16 TDS DUE DATES

New Categories of Directors underCompanies Act 20

Due dates August 2014 TDS ServiceTax Excise DVAT

How To create EPF UAN KYC bulkText File-Download

Aug 04 (4)

Aug 03 (1) Aug 02 (3)

Aug 01 (1)

August (47)

July (86) June (45) May (21)

April (34) March (36)

February (35) January (35)

2014 (430)

2013 (422) 2012 (540) 2011 (462)

2010 (407) 2009 (127) 2008 (90)

2007 (53)

BLOG ARCHIVE

7

8

9

10

currency bonds or GDR

(including long-term capitalgains on transfer of such

bonds) (not being dividend)

196D - Income of FIIs from

securities

20 20 20 20

Note

1 No TDS on service Tax As per circular 012014 dated 13012014 TDS is not applicable onservice tax part if service tax is shown separately

2 TDS at higher rate ie 20 has to be deducted if the deductee does not provide PAN to

the deductor(read detail us 206AA)

3 No TDS on Goods Transport No deduction shall be made from any sum credited or paidor likely to be credited or paid during the previous year to the account of a contractor during

the course of business of plying hiring or leasing goods carriages on furnishing of his Permanent

Account Number to the person paying or crediting such sum(read details here No TDS on

Goods Transport )4 Surcharge on tax is not deductiblecollectible at source in case of resident individual HUF

Firm AOP BOIDomestic Company in respect of payment of income other than salary

5 Surcharge on TDS is applicable on payment made to non resident other than company if

payment is in excess of one crore(10 )6 Surcharge on TDS on salary is applicable if taxable salary is more than one crore 10

7 In the case of Company other than Domestic Company

(i) at the rate of two per cent of such tax where the amount or the aggregate of such

amounts collected and subject to the collection exceeds one crore rupees but does not

exceed ten crore rupees

(ii) at the rate of five per cent of such tax where the amount or the aggregate of such

amounts collected and subject to the collection exceeds ten crore rupees

8 No Cess on payment made to resident Education Cess is not deductiblecollectible at

source in case of resident IndividualHUFFirm AOP BOI Domestic Company in respect ofpayment of income other than salaryEducation Cess 2 plus secondary amp Higher

Education Cess 1 is deductible at source in case of non-residents and foreign company

Download TDS -TCS rates financial year 2014-15andabove details in PDF format

Various situations and Surcharge Cess applicable on TDSTCS

Payment to payment Surcharge Cess

Resident Non-corporate

salary(up to 1crore)

No yes(3)

Non-corporate

salary(gt I crore) yes (10) yes (3)

Non-

corporate

other than salary No No

Corporate other than salary No No

Non-

Resident

Non-

corporate

salary(up to 1

crore)

No yes (3)

Non-corporate

salary(gt I crore) Yes (10 ) yes (3)

Non-

corporate

other than salary

up to 1 Crore

No yes (3)

Corporate other than salary

(gt 1 Crore to 10

crore)

yes(2) yes (3)

Corporate other than salarygt 10 Crore

yes(5) yes (3)

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales gross receipts or turnover from business orprofession carried on by him does not exceeds the monetary limits(Rs10000000 in case of business amp

Rs2500000 in case of profession) under Clause (a) or (b) of Sec44AB during the immediately

preceding financial year shall not be liable to deduct tax us194A194C 194H 194I amp 194JSo no

tax is deductible by HUFIndividual in first year of operations of business even salesFees is more than

10025 Lakh

TCS (tax collection at source rates Fy 2014015)(read more details by Tax collection at source)

TCS Rates for F Y 2014-15

Section Nature of Payment

F Y 2014-15

Individual

HUF

Other

206C Scrap 1 1

206C Tendu Leaves 5 5

206C Timber obtained under a forest lease

or other mode

25 25

206C Any other forest produce not being a

timber or tendu leave

25 25

206C Alcoholic Liquor for human

consumption

1 1

206C Parking Lot toll plaza mining and

quarrying

2 2

206C Minerals being coal or lignite or iron

ore (applicable from July 1 2012)

1 1

206C Bullion if consideration (excluding any

coin article weighting 10 grams or

less) exceeds Rs 2 Lakhs or jewellery

if consideration exceeds Rs 5 Lakhs

(and any amount is received in cash)

(applicable from July 1 2012)

1 1

Download TDS -TCS rates financial year 2014-15andabove details in PDF format

Due date to Deposit TDS and TCS

ldquoTime and mode of payment to Government account of tax deducted at source or tax paid

under sub section (1A) of section 192

Rule 30

(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the

Government shall be paid to the credit of the Central Government ‐

(a) on the same day where the tax is paid without production of an income‐tax challan and

(b) on or before seven days from the end of the month in which the deduction is made or

income‐tax is due under sub‐section (1A) of section 192 where tax is paid accompanied by an

income‐tax challan

Tax to be deductedcollected by Govt Office

1 Tax deposited w ithout challan Same day

2 Tax deposited w ith challan 7th of next month

3 Tax on perquisites opt to be

deposited by the employer

7th of next month

(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other

than an office of the Government shall be paid to the credit of the Central Government ‐

(a) on or before 30th day of April where the income or amount is credited or paid in the

month of March and

(b) in any other case on or before seven days from the end of the month in which‐ the

deduction is made or income‐tax is due under sub‐section (1A) of section 192

Tax deductedcollected by other

1 tax deductible in March 30th April of next year

In case of TCS 7th April

2 other months amp tax on perquisites

opted to be deposited by employer

7th of next month

(3) Notwithstanding anything contained in sub‐rule (2) in special cases the Assessing Officer

may with the prior approval of the Joint Commissioner permit quarterly payment of the tax

deducted under section 192 or section 194A or section 194D or section 194H for the quarters

of the financial year specified to in column

(2) of the Table below by the date referred to in column (3) of the said Table‐

SrNo Quarter ended On Date of payment

1 30th June 7th July

2 30the September 7th October

3 31st December 7th January

4 31st March 30Th April

Person required to file ETDS Return Filing due Dates

NOTIFICATION No 2382007 dated 30-8-2007Now following person are liable to file etdsetcs

return

1 All Government departmentoffice or

2 All companies or

3 All person required to get his accounts audited under section 44AB in the immediately preceding

financial year or

4 The number of deducteesrsquo records in a quarterly statement for any quarter of the immediatelypreceding financial year is equal to or more than fifty

UpdateDeductor can adjust excess tds deposited in one section an assessment year with

another section assessment year

DUTIES OF TAX DEDUCTORCOLLECTOR

1 To apply for Tax Deduction Account Number (TAN) in form 49B in duplicate at the

designated TIN facilitation centers of NSDL(please see wwwincometaxindiagovin) withinone month from the end of the month in which tax was deducted

2 To quote TAN (10 digit reformatted TAN) in all TDSTCS challans certificates statements

and other correspondence

3 To deductcollect tax at the prescribed rates at the time of every credit or payment whichever

is earlier in respect of all liable transactions

4 To remit the tax deductedcollected within the prescribed due dates by using challan no ITNS

281 by quoting the TAN and relevant section of the Income-tax Act

5 To issue TDSTCS certificate complete in all respects within the prescribed time in FormNo16(TDS on salaries) 16A(other TDS) 27D( TCS)

6 To file TDSTCS quarterly statements within the due date

7 To mention PAN of all deductees in the TDSTCS quarterly statements

CONSEQUENCES OF DEFAULT

Failure to deduct or remit TDS TCS(full or part)

InterestInterest at the rates in force (12 pa) from the date on which tax was deductiblecollectible to the date of payment to Government Account is chargeable The Finance Act 2010

amended interest rate wef 01072010 and created a separate class of default in respect of tax

deducted but not paid to levy interest at a higher rate of 15 per cent per month ie 18 per cent pa

as against 1 per cent pm ie 12 per cent pa applicable in case the tax is deducted late after the

due date The rationale behind this amendment is that the tax once deducted belongs to the

government and the person withholding the same needs to be penalized by charging higher rate of

interest Penalty equal to the tax that was failed to be deductedcollected or remitted is leviable

In case of failure to remit the tax deductedcollected rigorous imprisonment ranging from 3 months to

7 years and fine can be levied

Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of

TAN Penalty of Rs10000 is leviable us272BB(for each failure)

Failure to issue TDSTCS certificate in time or Failure to submit form 15H15G in time

or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in

time For each type of failure penalty of Rs200- per day for the period of default is leviable

Maximum penalty for each failure can be up to the amount of TDSTCS

New Section for Penalty for non submission of ETDS ETDS return (section 271H)(applicable

from 01072012)

Failure to deliver statement within time prescribed us 200 (3) or to the proviso to sub-section (3) of

section 206C may liable to penalty which shall not be less than Rs 10000- but which may extend to

Rs 100000- No penalty if payment of tax deducted or collected along with fee or interest

and delivering the statement aforesaid before the expiry of 1 year from the time prescribed for

delivering the such statement However No penalty shall be imposed us 271H if the person proves

that there was reasonable cause for the failure(section 273B)

Assessee In default (amendment in section 201)

The Deductor will not to be treated as assessee in Default provided the resident payee has furnished his

return us 139 and has taken into account such amount for computing income in such Return of Incomeand has paid the Tax Due on the income declared by him in such return of income and furnishes a

certificate to this effect duly certified by a CA in the prescribed form This form is yet to be notified

However the interest for not deducting tax would be payable from the date on which such tax

was collectible till the date of furnishing of return of income by the resident payee

The limit of passing orders under section 201(1) increased from 2 years to 6 years

(retrospective amendment wef 1-04-2010)

Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others 27Q for

Non-resident

Due date ETDS return 24Q 26Q 27Q and Form16 Form 16A

Sl

No

Quarter

ending

From 01112011 on

wards For Govtoffices

For other deductors

Etdsreturn

Form 16A Etdsreturn

Form 16A

1 30th June 31st July 15th

August

15th

July

30th July

2 30thSeptember

31stOctober

15thNovember

15thOctober

30thOctober

3 31st

December

31st

January

15th

Feburary

15th

January

30th

January

4 31stMarch

15thMay

30thMay

(31st May for form16)

15thMay

30thMay

(31st Mayfor form 16)

Download Full Notification 412010right click on link and select save target as or save link as as the

case may be

Issuance Of TDS certificate Form 16 and Form 16A

Tax deducted on or after 01042012 it is mandatory for all type of deductors to issue quarterly form

16A (non salary tds certificate) only after downloaded the same from the TDSCPC website Earlier thiswas mandatory for only companies Banks and co-operative societies engaged in Banking services with

effect from 01042011 through circular number 32011

New forms 16 and 16A performa is available here

Form 16A downloaded from TDSCPC can be signed manually or can be authenticated through digital

signature only

Though this will be an increase in work load on small traders also but it is welcome step as it willreduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form

26AS Moreover small traders are also not small now TDS is to be deducted by HUF and Individualonly if their turnoverReceipt is during the immediately preceding year more than limit prescribed under

section 44AB Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25lakh for Professionals

FY 2010-11 FY 2011-12 FY 2012-13 onwards

Download Form 16A

from TDSCPC

(TRACES) Web Site

Optional Mandatory for Companies and

Banks Optional for others

Mandatory for all type

of deductors

Digitally Sign Form

16A

Optional but only if

downloaded from

TDSCPC (TRACES)

Web site

Optional but only if

downloaded from TDSCPC

(TRACES) Web site

Optional but only if

downloaded from

TDSCPC (TRACES)

Web site

Manually Issue TDS

Certificate(Form 16A)

All deductors can

manually issue TDS

Companies and Banks cannot

manually issue TDS Certificate

No deductor can issue

manually TDS

Certificate certificate

Manually Issue TDS

Certificate(Form 16

salary)

All deductors can

manually issue TDS

Certificate

All deductors can manually

issue TDS Certificate

Form 16(PartA) is

mandatory to

downloaded form

TDSCPC website

Part B to be issued

manually

So manually field form 16A cannot be issued for tax deducted on or after 01042012

Update (22042012) Form 16 (Part-A) to be issued mandatory through download from TDSCPC

website (circular 042013 dated 17042013) salary can be issued without downloading from the TDSCPC

(TRACES) site Now you are interested in how you can download Form 16A from TDS CPC (TRACES)

website

Please Note that Form 16A now(01012013) shall be available through new website

wwwtdscpcgovin only Read more from links given below

1 Procedure How to register at TRACES (wwwtdscpcgovin) and

2 How to download Form 16A form TRACES (wwwtdscpcgovin)

3 HOW TO DOWNLAOD FORM16 FROM TDSCPC WEBSITE

GENERAL INFORMATION

1 Deduction at lower or nil rate requires certificate us197 which will take effect from the day itis issued It cannot be used retrospectively

2 If TDSTCS certificate is lost duplicate may be issued on a plain paper giving necessary details

marking it as duplicate3 Refund can be claimed by the deductee on filing of return of income

4 Even if the recipient of payment has shown it in his income-tax return and paid the taxesthereon the deductorcollector who has failed to deductcollect tax will be liable to pay interest

and penalty

UpdateDeductor can adjust excess tds deposited in one section an assessment year with

another section assessment year

Other Point to be Noted1 TDS on Job work(194C) Tds on Job work has been relaxed read new definition us 194C

2 TDS on Cold Storage (194C clarification)3 No TDS on service tax on all section (circular -012014 dated 13012014)

4 TDS on Rent (various circulars by department on tds on rent )

5 Do and Donts Tax deposit of Taxes6 E-payment of TDS mandatory from 01042008

7 E-Payment Auto Filler for Tds Challan 8 E-Payment From Other Banks Account Allowed

9 TDS challan ITNS 281 In excel amp 10 How to Fill TDS CHALLAN-ITNS 28111 How To pay Income TaxTds Online FAQ

12 Nil TDS on Transporter and others to be reported in ETDS quarterly returns13 1 TDS on transfer of property us 194IA wef 01062013

14 TDS on rent section 194-1 brief notes circular notification and case laws15 42 Important points related to TDSTCS deduction and etds return filing

tagsTagstds rate charttds rates financial year 2014-15tds rates ay 2014-15tdscalculatortds deduction raterevised tds ratestds challantds rate contractorsTdsratestds rates 2014-15new tds ratestds rate charttds rate chart 2014-15tds ratenewtds rate charttds on renttds chart 13-14new tds rates 14-15 tds ratetds rate ay 2014-15tds rate after budget 2014tds rate after budgettds rate amendmenttds ratecharttds rate chart 2014-15tds rate chart 2014-15 in excel formattds ratechart 2014-15tds rate chart 13-14tds rate chart for salarytds rate chart from oct2009tds rate chart tds rate chart in exceltds rate chart 14-15 pdftds ratebrokeragetds rate budget 2013tds rate bank interesttds rate for ay 14-15tds rate from01042013tds rate for 2013-14 tds rate for advertisementtds rate for non residenttdsrate for renttds rate for contractorstds rate for professional feestds rate fortransportertds rate for foreign remittancetds rate 2014-15 tds rate assessment year2015-16tds rate agreementtds rate and sectionin tds rate and education cess infinance bill 2014 provisionstds rate detailstds rate detailtds rate indiatds rate inindiatds rate interesttds rate in budget 2014tds rate in delhitds rate in exceltds rate inexcel formattds rate in india 2014current tds rate in indiahow to change tds rate intallytds rate charttds rate chart 2014-15tds rate chart indiatds rate chart incometaxtds rate chart 2014-15india tds rate current yeartds rate chart for 2014-15

Download TDS -TCS rates financial year 2014-15andabove details in PDF format

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1

Saurabh Pandey

August 5 2014 at 905 PM

You have not included section 194IA in your chart

Reply

Satish Kumar M

242

3

4

278

295K

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Replies

Replies

August 6 2014 at 742 AM

What section to be applied for the following out-sourcing staff1 Computer Data Entry Operator2 Lecturer permanent3 Lecturer on hourly basis4 Agreement between person firm for supply of man power5 Guest Lecturer

Reply

21

RAJA BABU

August 6 2014 at 1035 AM

1 Computer Data Entry Operator if contract of employment has given then tdscovered under salary section 192 and normal slab rate applicable2 Lecturer permanentCovered under salary3 Lecturer on hourly basis if contract of employment given then covered undersalary4 Agreement between person firm for supply of man powersection 194Cworks contract5 Guest Lecturer 194J professional services

22

Satish Kumar M

August 7 2014 at 816 PM

SirThe above persons are purely out-sourcing not maintaining service register andpayment is making through an simple receipt from the concerned

Please guide in this

23

RAJA BABU

August 7 2014 at 825 PM

Service register maintis not mandatory Nature of Job is importantFirst you have to clarify that which payment you are making salary orprofessional fee or payment for a workthen only tds section can be confirmed

3

Venkat

August 6 2014 at 1029 AM

Dear Sir

We are hiring manpower through an outsourcing agency 7 Commission We are paying thecommission on the sum total of Basic salary + Employer contribution to EPF amp ESI We are paying theService Tax on the total bill amount (inclCommission) My doubt is on the following 2 points

1 Whether the commission to the agency is to be paid only on the Basic salary or including thecontribution of EPF amp ESI

2 Whether the STax is to be paid on the total bill amount or only on the Basic salary amount

Kindly clarify- See more at httptaxguruinchartered-accountantinvitation-to-join-taxguru-in-panel-of-esteemed-authorshtmlcomment-1041965

Reply

RAJA BABU

August 6 2014 at 1039 AM

Replies

31 In our view you are doing correct Service tax is to be paid on full amount basicplus epf esi plus commission etc

However manpower services is covered under reverse charge subject to someconditions

4

Satish Kumar M

August 7 2014 at 825 PM

Sir

Please see in the TDS Statement194C- - Contract - Transporter who has provided valid PAN is shown 20If valid pan is exist why 20

Reply

41

RAJA BABU

August 7 2014 at 848 PM

Last column is for pan not given so 20 if transporter does not give pan isapplicable

5

Netheti Jagadeeshwar

August 21 2014 at 410 PM

it is very useful to all the accountants i have no word to say

Reply

6

Khurshid Arfi

September 3 2014 at 452 PM

as per section115A maximum TDS rate is 25 but as per your TDS chart TDS rate is 30 in case ofwithout PAN Us 195 Please explain

Reply

7

deaf_nitin_goyal

September 17 2014 at 152 PM

I have no tax liability but why do banks deduct TDS on FD directly

Reply

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