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Monday, 15 July 2013

TDS RATE CHART FINANCIAL YEAR 2013-14 (ASSESSMENT YEAR 14-15)

The Rate Chart for the Financial Year 2013-14 i.e. Assessment Year 2014-15 is tabulated below.
Sl. No.
Section Of Act
Nature of Payment in brief
Cut Off Amount
Rate %




HUF/IND
Others
1
192
Salaries

Average Rate
2
193
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
Paymentsout 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)

180000
10
10
Rent (P & M , Equipment, furniture & fittings)

180000
2
2
15
194J
Professional/Technical charges/Royalty & Non-compete fees

30000
10
10
16
194J(1)(ba)
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)

NIL
10
10
17
194LA
Compensation on acquisition of immovable property

200000
10
10
18
194IA
Payment on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a) Value exceeds INR 50) (Effective from 1 June 2013)


1
1

 

 

TCS RATES FOR THE FY 2013-14

The Tax Collection at Source Rates for the Financial Year 2013-13 is tabulated below:

 

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
11
Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)

1

 


No Education 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.
Surcharge on Income-tax - Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

 

Sl. No.
Date of ending of the quarter of the financial year
Due date
1.
30th June
15th July of the financial year
2.
30th September
15th October of the financial year
3.
31st December
15th January of the financial year
4.
31st March
15th May of the financial year immediately following the financial year in which deduction is made

 


Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :

 

Sl. No.
Category
Periodicity of furnishing TDS certificate
Due date
1.
Salary (Form No.16)
Annual
By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2.
Non-Salary(Form No.16A)
Quarterly
Within fifteen days from the due date for furnishing the ‘statement of TDS’

 


Due Date for Payment of March 2013 -The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

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