TDS for deductee type Company ( Resident),Artificial judicial persons,Association of persons,Body of individuals,CO-Operative society.
Section Nature of Deduction Excemption Limit Single Bill Value Limit TDS % Surcharge % Surcharge Excemption Limit Education Cess % Secondary Edu cess
194H Commision or Brockerage 2500 0 10 0 0 0 0
194J Fees for Professional & Techenical Service 20000 0 10 0 0 0 0
193 Interest on securities 2500 0 10 0 0 0 0
194A Interest otherthan interest on securities 5000 0 10 0 0 0 0
194A Interest from a banking company 10000 0 10 0 0 0 0
194C Payment to contractors otherthan advertisement 50000 20000 2 0 0 0 0
194C Advertisement Contractors 20000 0 2 0 0 0 0
194C Payment to sub contractors 50000 20000 2 0 0 0 0
194I Rent of Land, building or furniture 120000 0 10 0 0 0 0
194I Rent of Plant , machinery or equipment 120000 0 2 0 0 0 0
TDS for deductee type Partnership firm ie, Deduction against payments made to Partnership firm
In case of parntership firm there is a difference in excemption limit for sec 194c , the rset of the things are same as first table.
Section Nature of Deduction Excemption Limit Single Bill Value Limit TDS % Surcharge % Surcharge Excemption Limit Education Cess % Secondary Edu cess
194C Payment to contractors otherthan advertisement 20000 20000 2 0 0 0 0
194C Advertisement Contractors 20000 0 2 0 0 0 0
194C Payment to sub contractors 50000 20000 2 0 0 0 0
TDS for deductee type Local Authority ie, Deduction against payments made to Local authority
In case of Local Authority there is a difference in excemption limit for section 194c , the rest of the things are same as first table.
Section Nature of Deduction Excemption Limit Single Bill Value Limit TDS % Surcharge % Surcharge Excemption Limit Education Cess % Secondary Edu cess
194C Payment to contractors otherthan advertisement 50000 20000 2 0 0 0 0
194C Advertisement Contractors 20000 0 2 0 0 0 0
194C Payment to sub contractors 20000 20000 2 0 0 0 0
TDS for deductee type Individual/HUFIe, Deduction against payments made to Individual/HUF
In case of individual /HUF there is a differemce in tds rate and excemption limit under section 194c, rest of the things are same as 1st table for individual /HUF
Section Nature of Deduction Excemption Limit Single Bill Value Limit TDS % Surcharge % Surcharge Excemption Limit Education Cess % Secondary Edu cess
194C Payment to contractors otherthan advertisement 50000 20000 1 0 0 0 0
194C Advertisement Contractors 20000 0 1 0 0 0 0
194C Payment to sub contractors 20000 20000 1 0 0 0 0
When is surcharge and cess is applicable as per new tds rates
1. Payment made to a non resident company below 1 crore cess is applicable.
2. Payment made to a non resident company above 1 crore surcharge @ 2.5 % cess 2+1 is applicable.
3. .Cess is applicable for payment made to non resident non corporate.
4. Cess is applicable for salary payment to resident , non corporate.
Due date of Payments of TDS
Tax deducted , should be paid to government within seven days from the last day of the month of deduction.Where as the amount deducted for the month of march should be paid on or before the due date of filing income tax return.
Consequence of failure in deducting tax from source .
The failure in deduction of tax from source will lead to dis-allowance of claim of entire expenditure pertaining to TDS and its addition to total income as provided u/s.40(a)(ia) of the income tax Act along with the interest and penalty as per IT act 1961.
