TDS/TCS Rate Chart for Financial Year 2022-23 | Dewan P. N. Chopra & Co.

Section For Payment Of Threshold limit TDS Rate %
192 Salary Income Income Tax Slab Slab rates (Based on old or new tax regimes)
192A EPF – Premature withdrawal Rs. 50,000/- 10% If no PAN, TDS @ 30%
193 Interest on Securities Rs. 10,000/- 10%
193 Interest on Debentures Rs. 5,000/- 10%
194 Dividend Rs. 5,000/- 10% (No TDS on Div Payouts by REITs / InvITs)
194A Interest other than on securities by banks / post office Rs. 40,000/- (Rs.50,000/ – for Senior Citizens) 10%
194A Interest other than on securities by others Rs. 5,000/- 10%
194B Winnings from Lotteries / Puzzle / Game Rs. 10,000/- 30%
194BB Winnings from Horse Race Rs. 10,000/- 30%
194C Payment to Contractors Rs. 30,000/- for individual payment; Rs. 1,00,000/- in aggregate for the year 1% (if payment is made to individual/ HUF) 2% (if payment is made to a person other than individual/ HUF)
194D Payment of Insurance Commission (Form 15G/H can be submitted) Rs. 15,000/- 5% (Individuals) 10% (Companies)
194DA Payment in respect of Life Insurance Policy Rs. 1,00,000/- 5%
194E Payment to non-resident sportsmen/sp orts association 20%
194EE Payment of NSS Deposits Rs. 2,500/- 10%
194F Payment on account of repurchase of units by Mutual Fund or UTI 20%
194G Commission on Sale of Lottery tickets Rs. 15,000/- 5%
194H Commission or Brokerage Rs. 15,000/- 5%
194I Rent of Land, Building or Furniture Rs. 2,40,000/- 10%
194I Rent of Plant & Machinery Rs. 2,40,000/- 2%
194IB Rent (Tenant has to deduct TDS) (Individuals who are not liable to Tax Audit) Rs. 50,000/- (per month) 5%
194IA Transfer of Immovable Property, Rs. 50 lakh 1%
other than Agricultural land
194IC Payment of monetary consideration under Joint Development Agreements 10%
194J Fees for professional or technical services Rs. 30,000/- 2% (or) 10%
194K Dividend on units of Mutual Funds/Administrator of Specified Undertakings/ Specified Companies Rs. 5,000/- 10%
194LA Payment of compensation on acquisition of certain immovable property Rs.2,50,000 10%
194LB Interest from Infrastructure Bond to NRI 5%
194LBA Interest or dividend from special purpose vehicle on units of Business Trust to residents 10%
194LBA Interest or dividend from special purpose vehicle on units of Business Trust to Non- residents 5% (on payment of interest) 10% (on payment of dividend)
194LBB Income in respect of units of investment fund 10% (for residents)
194LBC Income in respect of investment on securitization trust as per Section 115TCA 25% (in case of Individual/ HUF); 30% (other persons)
194LC Interest by Indian Companies to Non-Residents in certain cases 5%
194LD Interest on certain bonds and govt. Securities 5%
194M Aggregate payment by an individual/HUF in pursuance of a contract, by way of commission or brokerage or by way of fees for professional services Rs. 50 Lakh 5%
194N Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co- operative society engaged in business of banking or a post office > Rs 1cr 2%
194O Payment of Certain Sums by E- commerce operator to E- commerce participant Rs. 5,00,000/- 1%
194P TDS on Senior Citizen above 75 Years (Non ITR filing cases) Slab Rates
194Q Purchase of goods (applicable w.e.f. 01.07.2021) Rs. 50 lakh 0.10%
194R Providing a Benefit or Perquisite arising from Business or Profession Rs. 20,000/- 10%
194S TDS on payment for Virtual Digital Assets 1%
196A Income in respect of units of Mutual Funds to Non- Residents 20%
196B Income in respect of units referred in Section 115AB/ long term capital gain on such units arising to an Offshore Fund 10%
196C Income by way of Interest/ Dividend/ Long term     Capital Gains on bonds or Global Depository Receipts to Non- Residents 10%
196D Income of Foreign Institutional Investors from Securities 20%
206AA TDS rate in case of Non availability of PAN Higher of – As per act Twice the rate or rate in force 20%
206AB TDS on non- filers of ITR at higher rates (applicable w.e.f 01.07.2021) Higher of – 5% – Twice the rate in act – Twice the rate or rate in force

TCS Rate Chart for FY 2022-2023 (AY 2023-2024)

Section Nature of Payment TCS Rate %
206C (1) Sale of Scrap 1%
206C (1) Sale of Tendu Leaves 5%
206C (1) Sale of Timber obtained under a forest lease or other mode 2.5%
206C (1) Sale of Any other forest produce not being Timber or tendu leaves 2.5%
206C (1) Sale of Minerals, coal lignite, Iron ore by a trader 1%
206C (1) Sale of Alcoholic Liquor for Human Consumption 1%
206C (1C) Lease or license of the Parking lot, toll plaza, mining & quarrying 2%
206C (1F) Sale Value of Motor vehicle whether in cheque or in any other mode of receipt Exceeding Rs. 10 Lakhs per transaction 1%
206C(1G) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if the remitted amount is out of loan obtained from any financial institution u/s 80E to pursue any education 0.5%
206C(1G) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in any other case 5%
206C(1G) Selling of overseas tour package 5%
206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh where total Sale/ gross receipts/turnover from business exceeds Rs. 10 Crore during immediately financial year 0.1%
206CCA TCS for non-filers of Income Tax Return Higher of:Twice the rate; or 5%

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The information contained herein is in the summary form and is based on the Finance Act, 2022. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

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