Rates of tds
| Section | Nature of Income | When to deduct | Rate of TDS |
|---|---|---|---|
| 192 | Salary | Monthly- at the time of payment where estimated yearly net taxable salary exceeds tax free limit. | On the average rates on the basis of per rates for individuals. (30% if no Valid PAN |
| 194A | Interest other than “Interest on securities” | At the time of credit or payment, whichever is earlier, when the amount exceeds Rs. 5,000/-. However, limit is Rs. 10,000/- in case of interest credited by banks including co operative banks to its members. | 10% (20% if no Valid PAN) |
| 194C | Payment to contractors/ sub- contractors | At the time of credit or payment, whichever is earlier, when the amount of a particular contract exceeds Rs. 30,000/- or the total amount of contract during the whole year exceeds Rs. 1,00,000/- | 2% – For payments to contractor / Sub-contractor
who is not an
Individual/HUF(20% if no Valid PAN) 1% – For payment to contractor/Sub-contractor who is an Individual/HUF(20% if no Valid PAN) |
| 194I | Rent | At the time of credit or payment, whichever is earlier, when the amount exceeds Rs. 1,80,000/- | 10% – If rent is for land,
building or furniture(20% if no Valid PAN) 2% – If the rent is for Machinery, Plant or Equipment(20% if no Valid PAN)" |
| 194H | TDS on commissionbrokerage | At the time of credit or payment whichever is earlier when the amount exceeds Rs. 15000 | 5% (20% if no Valid PAN) |
Rates of Income Tax
Individual
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the taxable income does not exceed Rs. 2,50,000/- | NIL |
| ii. | Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- | 5% of amount by which the taxable income exceeds Rs. 2,50,000/-. Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less. |
| iii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/- |
| iv. | Where the taxable income exceeds Rs. 10,00,000/- | Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/- |
Surcharge
- 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. 15% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess
- 3% of the total of Income Tax and Surcharge.
Partnership Firms / AOP / BOI / Local Authority - 30%
Surcharge
- 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess
- 3% of the total of Income Tax and Surcharge.
Domestic Companies
- Turnover upto 50 Cr - 25%
- Turnover above 50 Cr - 30%
Surcharge
- 7% of the Income Tax, where taxable income is more than Rs. 1 crore and upto 10 crore.
- 12% of the Income Tax, where taxable income is more than Rs. 10 crore.
Education Cess
- 3% of the total of Income Tax and Surcharge.
Other than Domestic Companies - 40%
Surcharge
- 2% of the Income Tax, where taxable income is more than Rs. 1 crore and upto 10 crore.
- 5% of the Income Tax, where taxable income is more than Rs. 10 crore.
Education Cess
- 3% of the total of Income Tax and Surcharge.