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What is the revised TDS rate?

by Rhyley Bryan

What is the revised TDS rate?

Reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2020, and will be applicable till March 31, 2021….Top Category Deals.

Nature of payment Section of the Income-tax Act TDS rate effective from April 1, 2021
Rent for plant and machinery 194- I(a) 2%
Rent for immovable property 194-I(b) 10%

What is the TDS rate for individual?

TDS rates applicable for resident of India

TDS Rate (%) TDS Rates from 01.04

What is the current TDS rate chart?

TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

Section Nature of payment Applicable from 01/04/2020 to 13/05/2020
TDS Rate (%)
192 Salaries Normal slab rate
192A Premature withdrawal from EPF 10
193 Interest on securities – 8% Savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018 during the financial year 10

What is the financial year for TDS?

For instance, if your financial year is from 1 April 2020 to 31 March 2021, then it is known as FY 2020-21.

What was the TDs rate for FY 2013-14?

We have provided the Tax deduction rates chart (TDS rate chart) for Financial year 2013-14. Minor changes has been made in TDS rates for FY 2013-14 by Finance Minister in Budget . A new section 194 IA has been added wef 01.06

Which is the limit for TDs deduction by HUF?

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.

Is there a penalty for failing to pay TDs?

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)

What was the tax rate for financial year 2013-13?

Section 194LAA- Tax deduction at source from payment for immovable property in certain cases Salary income must be more then exemption limit after deductions. The Tax Collection at Source Rates for the Financial Year 2013-13 is tabulated below: 1. 2. 3. 4. 5. 6. 7. 8. 9.