Tds-Tcs Rate Chart Financial Year 2013-14

TDS TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.
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TDS (Tax Deduction at source) RATES FOR FINANCIAL YEAR 2013-14

Sl. Sl. Sl. Sl.
No. No. No. No.
Section Of Section Of Section Of Section Of
Act Act Act Act
Nature of Payment in brief Nature of Payment in brief Nature of Payment in brief Nature of Payment in brief CUT OFF CUT OFF CUT OFF CUT OFF Rate % Rate % Rate % Rate %
HUF/IND Others
1 192 Salaries

Average Rate
2 193 Interest on debentures Interest on debentures Interest on debentures Interest on debentures 5000 10 10
3 194 Deemed dividend - 10 10
4 194A Interest other than Int. on securities (by
Bank)
10000 10 10
4A 194A Interest other than Int. on securities (By
others)
5000 10 10
5 194B Lottery / Cross Word Puzzle 10000 30 30
6 194BB Winnings from Horse Race 5000 30 30
7
194C(1)
Contracts 30000 1 2
8
194C(2)
Sub-contracts/ Advertisements 30000 1 2
9 194D Insurance Commission 20000 10 10
10 194EE Payments out of deposits under NSS 2500 20 -
11 194F Repurchase of units by MF/UTI 1000 20 20
12 194G Commission on sale of lottery tickets 1000 10 10
13 194H Commission or Brokerage 5000 10 10
14
194I
Rent (Land & building) furniture &
fittings)
180000 10 10
Rent (P & M , Equipment) 180000 2 2
15
194 IA TDS on transfer of immovable
property other than agriculture
land (wef 01.06.13)
50 Lakh 1 1
16
194J
Professional/Technical charges/ Royalty
& Non-compete fees
30000 10 10
17 194J(1)(ba) 194J(1)(ba) 194J(1)(ba) 194J(1)(ba) Any remuneration or commission paid to Any remuneration or commission paid to Any remuneration or commission paid to Any remuneration or commission paid to
director of the company director of the company director of the company director of the company (Effective from
1 July 2012)
NIL 10 10
18 194LA Compensation on acquisition of
immovable property
200000 10 10

TDS TCS RATE CHART FY 2013-14 BY WWW.SIMPLETAXINDIA.NET

Note:
1. Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be
paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year,
TDS has to be deducted u/s 194C.
2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the
deductor.(read detail u/s 206AA)
3. No TDS on Goods Transport :No deduction shall be made from any sum credited or paid
or 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 deductible/collectible at source in case of resident individual/
HUF /Firm/ AOP / BOI/Domestic 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,
o (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;
o (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 deductible/collectible at
source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of
payment of income other than salary.Education Cess @ 2% plus secondary & Higher
Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
9. 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 or profession
carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business &
Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during
the immediately preceding financial year shall not be liable to deduct tax u/s.194A,194C,
194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of
business even sales/Fees is more than 100/25 Lakh.


Various situations and Surcharge /Cess applicable on TDS/TCS
Payment to payment Surcharge Cess
Resident
Non-
corporate
salary(up to 1
crore) No yes(3%)
Non-
corporate salary(> 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(> I crore)
Yes (10
%) yes (3%)
Non-
corporate
other than salary
up to one Crore No yes (3%)
Corporate
other than salary
(> 1 Crore to 10
crore) yes(2%) yes (3%)
Corporate
other than salary >
10 Crore yes(5%) yes (3%)


TCS (tax collection at source rates fy 2013-14)(read more details by Tax collection at source)

Sl.No. Nature of Goods Rates in %
1 Alcoholic liquor for human Consumption 1
2 Tendu leaves 5
3 Timber obtained under forest lease 2.5
4 Timber obtained by any mode other than a
forest lease
2.5
5 Any other forest produce not being timber or
tendu leaves
2.5
6 Scrap 1
7 Parking lot 2
8 Toll plaza 2
9 Mining & Quarrying 2
10 Minerals, being coal or lignite or iron ore 1 wef
01.07.2012
11 Bullion or jewellery (if the sale
consideration is paid in cash exceeding
INR 5 lakhs in jewellery and two lakh in
case of Bullion)
1 wef
01.07.2012


Due date to Deposit TDS and TCS

Time 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 XVIIB 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 incometax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or incometax
is due under subsection (1A) of section 192, where tax is paid accompanied by an incometax
challan.
Tax to be deducted by Govt Office
1
Tax deposited without challan
Same day
2
Tax deposited with 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 XVIIB 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
1. the deduction is made; or
2. incometax is due under subsection (1A) of section 192.
Tax deducted by other
1
tax deductible in March
30th April of next year
(In case of tcs 7
th
of April)
2
other months & tax on perquisites
opted to be deposited by employer 7th of next month
(3) Notwithstanding anything contained in subrule (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. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs
return.

1. All Government department/office 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 deductees records in a quarterly statement for any quarter of the immediately
preceding financial year is equal to or more than fifty,

DUTIES OF TAX DEDUCTOR/COLLECTOR
1. To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the
designated TIN facilitation centers of NSDL(please see www.incometaxindia.gov.in), within
one month from the end of the month in which tax was deducted.
2. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements
and other correspondence.
3. To deduct/collect 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 deducted/collected 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 TDS/TCS certificate, complete in all respects, within the prescribed time in Form
No.16(TDS on salaries), 16A(other TDS) 27D( TCS).
6. To file TDS/TCS quarterly statements within the due date.
7. To mention PAN of all deductees in the TDS/TCS quarterly statements.


CONSEQUENCES OF DEFAULT

Failure to deduct or remit TDS /TCS(full or part)
Interest: Interest at the rates in force (12% p.a.) from the date on which tax was deductible
/collectible to the date of payment to Government Account is chargeable. The Finance Act
2010 amended interest rate wef 01.07.2010 and created a separate class of default in
respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per
month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., 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 deducted/collected or remitted is leviable.
In case of failure to remit the tax deducted/collected, 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 Rs.10,000 is leviable u/s.272BB(for each failure)
Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G 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 Rs.100/- per day for the period of
default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
New Section for Penalty for non submission of ETDS /ETDS return (section 271H)(applicable
from 01.07.2012)
Failure to deliver statement within time prescribed u/s 200 (3) or to the proviso to sub-section
(3) of section 206C may liable to penalty which shall not be less than Rs. 10,000/- but which
may extend to Rs. 1,00,000/-. 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 u/s
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 u/s 139 and has taken into account such amount for computing income in such Return
of Income and 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.

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 01.11.2011 on
wards For Govt
offices
For other deductors
Etds
return
Form 16A Etds
return
Form 16A
1 30th June 31st July 15th
August
15th
July
30th July
2 30th
September
31st
October
15th
November
15th
October
30th
October
3 31st
December
31st
January
15th
Feburary
15th
January
30th
January
4 31st
March
15th
May
30th
May
(31st May
for form
16)
15th
May
30th
May
(31st May
for form
16)

Download Full Notification 41/2010.right 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 01.04.2012, 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 (TRACES) website. Earlier this
was mandatory for only companies ,Banks and co-operative societies engaged in Banking services with effect
from 01.04.2011 through circular number 3/2011.

Form 16A downloaded from TDSCPC (TRACES) 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 will
reduce 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 Individual only if their
turnover/Receipt 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 25 lakh 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
Certificate
Companies and Banks cannot
manually issue TDS Certificate
No deductor can
issued manually TDS
certificate
Manually Issue TDS
Certificate(Form 16
salary)
All deductors can
manually issue TDS
Certificate
All deductors can manually issue
TDS Certificate
All deductors can
manually issue TDS
Certificate
So manually field form 16A cannot be issued for tax deducted on or after 01.04.2012. However form 16 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
Update :Please Note that Form 16A now(01.01.2013) shall be available through new website
www.tdscpc.gov.in only .Read more from links given below
1. Procedure How to register at TRACES (www.tdscpc.gov.in) and
2. How to download Form 16A form TRACES (www.tdscpc.gov.in)



GENERAL INFORMATION
1. Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it
is issued. It cannot be used retrospectively.
2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary
details marking it as duplicate.
3. 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 taxes
thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay
interest and penalty.
Other Point to be noted
1. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
2. TDS on Cold Storage (194C clarification)
3. TDS on Rent without service tax(194 I)(clarification 4/2008)
4. Tds on Professional service (194J) including service tax (clarification)
5. TDS on Rent (various circulars by department on tds on rent )
6. Do and Dont's Tax deposit of Taxes
7. E-payment of TDS mandatory from 01.04.2008
8. E-Payment Auto Filler for Tds Challan
9. E-Payment From Other Banks Account Allowed
10. TDS challan ITNS 281 In excel &
11. How to Fill TDS CHALLAN-ITNS 281
12. How To pay Income Tax/Tds Online FAQ
13. Nil TDS on Transporter and others to be reported in ETDS quarterly returns
14. 1% TDS on transfer of property u/s 194IA wef 01.06.2013
15. TDS changes by Budget 2012 (detailed)
16. TCS changes by Budget 2012(detailed)
17. TDS on rent section 194-1 brief notes, circular, notification and case laws
18. Procedure How to register at TRACES (www.tdscpc.gov.in) and
19. How to download Form 16A form TRACES (www.tdscpc.gov.in)

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