With effect from 1-4-2010, the deductee shall furnish his PAN (Permanent Account Number) to deductor, failing which tax at the below rates of TDS or at the rate of 20% whichever is higher shall be deducted at source. Where PAN provided to the deductor is invalid or does not belong to the deductee, it shall be deemed that deductee has not furnish his PAN to the deductor and higher rate of TDS as mentioned below shall be applicable.
No surcharge, education cess and secondary and higher education cess is leviable for the financial year 2010-11 onwards for TDS purposes in case of payment to resident. But in respect of TDS on salary, cess will be leviable.
No surcharge, education cess and secondary and higher education cess is leviable for the financial year 2010-11 onwards for TDS purposes in case of payment to resident. But in respect of TDS on salary, cess will be leviable.
TDS RATE CHART | ||||||
ASSESSMENT YEAR 2012-2013 | ||||||
FINANCIAL YEAR 2011-2012 | ||||||
Nature of Payments Made to Resident | Threshold | ompany Firm Co-op Soc. Local Authority | Individual UF | If No PAN OR Invalid PAN | ||
Sec. | Description | Amount | RATE | RATE | RATE | |
194A | Interest - Payable by Banks | 10,000 | 10 | 10 | 20 | |
Interest - Payable by Others | 5,000 | 10 | 10 | 20 | ||
194B | Winning from Lotteries / Crossword Puzzle | 10,000 | 30 | 30 | 30 | |
194C | Payment to Contractors - Single Transaction | 30,000 | 2 | 1 | 20 | |
Payment to Contractors - Aggregate during FY | 75,000 | 2 | 1 | 20 | ||
194D | Insurance Commission | 20,000 | 10 | 10 | 20 | |
194H | Commission / Brokerage | 5,000 | 10 | 10 | 20 | |
194 I | Rent | 1,80,000 | 10 | 10 | 20 | |
Rent - Plant / Machinery | 1,80,000 | 2 | 2 | 20 | ||
194J | Professional Fees | 30,000 | 10 | 10 | 20 | |
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