|
| Section |
Nature of Payment |
Threshold Limit of Payment |
FY (2013-14) |
| 192 |
Income from Salary
|
Senior Citizen (60 Years)
|
Rs. 2,50,000 |
Average rate of Tax + edu. Cess Surcharge if Salary > 1 cr |
|
Super Senior Citizen (80 Years)
|
Rs. 5,00,000 |
| Others |
Rs. 2,00,000 |
| 193 |
Interest on Securities |
Rs. 5000 |
10% |
| 194A |
Interest from a Banking Company
|
Rs. 10,000 per annum
|
10% |
| 194A |
Interest other than from a Banking Co.
|
Rs. 5,000 per annum
|
10% |
| 194B |
Winning from Lotteries & Cross Word Puzzles
|
Rs. 10,000 per annum |
30% |
| 194BB |
Winning from Horse Races
|
Rs. 5,000 per annum |
30% |
| 194C |
Payment to Contractors; Sub-contractor; Advertising Contractors
|
Rs. 30,000 per contract (or)
|
Individual/HUF 1%Others 2% |
|
Rs. 75,000 per annum
|
| 194D |
Insurance Commission
|
Rs.20,000 per annum
|
10% |
| 194E |
Non-resident Sportsman or Sports Association
|
– |
20% |
| 194G |
Commission on Sale of Lottery Tickets
|
Rs.1000
|
10% |
| 194H |
Commission/Brokerage
|
Rs. 5,000 per annum
|
10% |
| 194-I |
Rent on Plant / Machinery
|
Rs. 1,80,000 per annum |
2% |
| 194-I |
Rent Other then Plant / Machinery
|
Rs. 1,80,000 per annum
|
10% |
| 194-IA |
Payment on transfer of Non agricultural immovable property (wef 01.06.13) |
Rs. 50,00,000 |
1% |
| 194J |
Fees for Professional / Technical Services
|
Rs. 30,000 per annum
|
10% |
| 194J(1)(ba) |
Any remuneration or commission paid to director of the company (other than salary) |
|
10% |
| 194LA |
Compulsory Acquisition of Immovable Property |
Rs. 2,00,000 |
10% |
| TCS Rates |
| 206C |
Scrap
|
–
|
1% |
| 206C |
Tendu Leaves
|
–
|
5% |
| 206C |
Timber obtained under a forest lease or other mode
|
–
|
2.50% |
| 206C |
Any other forest produce not being a Timber or tendu leave
|
–
|
2.50% |
| 206C |
Alcoholic Liquor for Human Consumption
|
–
|
1% |
| 206C |
Packing lot, toll plaza, mining & quarrying
|
–
|
2% |
| 206C |
Purchase of Bullion/ Jewellery in cash |
Rs. 2 Lacs per transaction (Bullion)Rs. 5 Lacs per transaction (Jewellery) |
1% |
| 206C |
Purchase of coal lignite, Iron ore by a trader |
– |
1% |
| |
| Notes |
| 1. Surcharges & Education Cess |
| |
| Type of Payment |
Surcharge |
Rate |
Education Cess (3.00%) |
| Salary (Resident & Non-resident) |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
10% |
| Other Payments to Residents |
No |
Nil |
No |
| Other Payments to Non-Residents |
|
|
|
| Payment to Non-Residents (other than Cos) |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
10% |
| Payments to Foreign Co. |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
2% |
| > 10 Crores |
5% |
|
| 2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.3. Nil Deduction entries of transporters also to be shown in Form 26Q.4. TDS @ 20% where PAN not furnished.5. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr. |
| Fees and Penalties |
| Section |
Description |
FY (2013-14) |
| 234E |
Fee for late filing of TCS/ TCS return |
Rs 200 per day (not exceeding amount of tax)
|
| 271H(1)(a) |
Penalty for Late filing of TCS/TCS return beyond 1 year
|
Minimum Penalty : Rs. 10,000
Maximum Penalty : Rs. 1 lac
|
| 271H(1)(b) |
Penalty for providing incorrect information in TDS/TCS Return |
Minimum Penalty : Rs. 10,000
Maximum Penalty : Rs. 1 lac
|
| |
| Other Important Changes |
| Section |
Description |
FY (2013-14) |
| 197A |
Eligible Age for Form 15H (Payment without TDS) |
60 years. |
| 201/206C |
Interest on non-short deduction of tax where deductee deposits advance/ self assessment tax |
Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. |
| 40(a)(ia) |
Disallowance of payment made without TDS where deductee deposits advance / self assessment tax |
Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. |
| 200A |
Appeal, Rectification against Intimation of TDS Return |
Yes |
|
Interest on delay in deposit of tax after deduction
| Stage of deduction |
Rate per month or part of the month
|
|
From date when deductible till actual deduction
|
1% |
|
From date of deduction till payment
|
1.5% |
|
|