TDS and TCS rate chart - AY 2021-22

 

TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)
Sr. No.	Nature of Payment	Sec	Basic Cut Off P.A.	w.e.f 14-5-20  to 31-3-21 (Resident)	w.e.f 14-5-20 to 31-3-21 (Non-Resident)
1	Salary Payment	192	-	Slab	Slab
2	PF premature payment from EPF A/c (i.e. before 5 Years).	192A	50,000	10	10
3	Interest on securities - 8% Savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018 during the financial year	193	10,000	7.5	-
4	Interest on securities - Interest on securities for money issued by or on behalf of any local authority/statutory corporation, listed debentures of a company(other than demat form), any other interest on securities	193	5000	7.5	-
5	Dividend Payment (w.e.f. 01.04.2020)	194	5000	7.5	-
6	Interest Payment by Banks (Non Senior Citizens)	194A	40000	7.5	-
	Interest Payment by Banks ( Senior Citizens)	194A	50000	7.5	-
7	Interest Payment by Others	194A	5,000	7.5	-
8	Payment of prize from Wining from Lotteries by any person.	194B	10,000	30	30
9	Payment of prize from Wining from Horse Race by any person.	194B	10,000	30	30
10	Payment to Contractors  (Single Bill) (Individual/HUF)	194C	30,000	0.75	-
10	Payment to Contractors (Single Bill) (Others)	194C	30,000	1.5	-
10	Payment to Contractors (Aggregate Bills during the Year (Ind/HUF)	194C	1,00,000	0.75	-
10	Payment to Contractors (Aggregate Bills during the Year (Others)	194C	1,00,000	1.5	-
11	Insurance Commission (Company)	194D	15,000	10	-
11	Insurance Commission (Other than Company)	194D	15,000	3.75	-
12	Payment in respect of maturity of Life Insurance Policy by Life Insurance Company.	194DA	1,00,000	3.75	-
13	Payment to NRI sportsman or association by any person or organization	194E	–	-	20
14	Payment out of deposit under National Saving Scheme (NSS)	194EE	2,500	7.5	10
15	Payment with respect to repurchase of units by Mutual Fund Companies.	194F	–	15	20
16	Payment of Lottery Commission	194G	15,000	3.75	5
17	Payment of commission or Brokerage	194H	15,000	3.75	-
18	Payment of rent on land, building, furniture and fittings.	194I	2,40,000	7.5	-
19	Payment of rent on plant, machinery or equipment’s.	194I	2,40,000	1.5	-
20	Payment made on account of transfer of immovable property other than agriculture land.	194IA	50,00,000	0.7	-
21	Rent payable by individual not covered u/s. 194I for land, building, furniture and fittings	194IB	50,000 p.m.	3.75	-
22	Payment under Joint Development Agreements to Individual/HUF	194IC	-	7.5	-
23	Payment of Professional Fees other than call canters and Technical Fees	194J	30,000	7.5	-
24	Payment of Technical Fees (w.e.f. 01.04.2020)	194J	30,000	1.5	-
25	Payment of Professional Fees to call centres.	194J	30,000	1.5	-
26	Director's Fee	194J	-	7.5	-
27	Compensation on transfer of certain immoveable property than Agriculture Land	194LA	2,50,000	7.5	-
28	Payment of any income in respect of: a) Units of a Mutual Fund as per Section 10(23D) b) The Units from the administrator c) Units from specified company (w.e.f. 01.04.2020)	194K	5000	7.5	-
29	Payment of certain amount in cash	194N	1 Crore	2	2
30	Certain payments by Individual/HUF	194M	50 Lakh	3.75	-
31	Applicable for e-commerce operator for the sale of goods or provision of services facilitated by it through its digital or electronic facility or platform (Applicable from 01.10.2020)	194O	-	0.75	-
32	Income by way of interest from infrastructure debt fund	194LB	-	-	5
33	Income from units of business trust -  - interest received or receivable from a special purpose vehicle; or	194LBA	-	7.5	5
33	Income from units of business trust - - dividend referred to in sub-section (7) of section 115-)	194LBA	-	7.5	10
34	Distribution of rental income to unit holders - Other than Company	194LBA	-	7.5	5
34	Distribution of rental income to unit holders - Company	194LBA		7.5	10
35	Income in respect of units of investment fund - Other Than Company	194LBB	-	7.5	30
35	Income in respect of units of investment fund - Company	194LBB		7.5	40
36	Income in respect of investment in securitization fund - Individual/HUF	194LBC	-	18.75	30
36	Income in respect of investment in securitization fund - Company	194LBC	-	22.5	40
36	Income in respect of investment in securitization fund - Other Person	194LBC	-	22.5	30
37	Income by way of interest by an Indian specified company to a non-resident/foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India	194LC	-	-	5
38	Income by way of interest by an Indian specified company on rupee denominated bond / any long-term bonds from outside India, which is listed only on a recognized stock exchange located in any International Financial Services Centre	194LC	-	-	4
39	Interest on certain bonds from Govt. securities	194LD	-	-	5
40	Payment of certain amount in cash (first proviso of section 194N)if- - Amount is more than Rs.20 lakh but up to Rs. 1 crore	194N	-	2	2
40	Payment of certain amount in cash (first proviso of section 194N)if- Amount exceeds Rs. 1 crore (Applicable from 01.07.2020)	194N		5	5
41	Income of Investment made by an NRI	195	-	-	20
42	Long-term capital gain  - u/s -115E/112 (1)©(iii)/112A	195	-	-	10
42	Long-term capital gain - Any Other Gains	195	-	-	20
43	Short-term capital gain - 111A	195	-	-	15
44	Royalty	195	-	-	10
45	Fees for technical services	195	-	-	10
46	Interest income payable by Govt./Indian concern (other than section 194LB or 194LC)	195	-	-	20
47	Any Other Income  - Any other company	195	-	-	30
47	Any Other Income  - company	195			40
48	Income in respect – of units of a Mutual Fund specified under clause (23D) of section 10; or from the specified company referred to in the Explanation to clause (35) of section 10	196A	-	-	20
49	Income from units to an offshore fund	196B	-	-	10
50	Income from foreign currency bonds or GDR of an Indian company	196C	-	-	10
51	Income of foreign Institutional Investors from securities (not being dividend or capital gain)	196D	-	-	20

 

Major Changes in TDS Rates Chart (F.Y.2020-21)

·        Introduce Two New TDS Sections i.e. Section 194K and Section 194O for Mutual Funds Income and E-Commerce Transactions.

·        Changes in existing section 194J for technical services – Reduced to 2% from current 10%

 

Who is Liable to Deduct TDS

1. Any person who will make payment as specified under Income Tax Act are liable to deduct TDS at the time of making such payment.

2. But no TDS deductions is required if the person who making payment is an individual or HUF whose books are not required to be tax audited.

3. Exception if a person who is individual or HUF making payment of rent exceeding Rs. 50,000 per month must deduct TDS @5% even his books are not liable for tax audit. The persons also don’t need to apply for TAN.

How to Deposit TDS?

You can deposit TDS to Government account online. It is very simple to deposit TDS online.  You can deposit TDS from this link

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

 

TDS Certificate Issuing Due Dates

The employers or diductor who deduct TDS must issue TDS Certificate. You should note the following dates to issue TDS certificate. We have also mentioned the dates on TDS rates chart for F.Y. 2020-21.

Period	Payments	Forms No.	Due Dates
Yearly (For Whole Year)	TDS on Salary Payment	Form 16	31st May
Quarterly	TDS on Non-Salary Payments	Form 16A	15 Days from due date of filing return
Every Transaction	TDS on Sale of Property	Form 16B	15 Days from due date of filing return
Every Transaction	TDS on Rent	Form 16C	15 Days from due date of filing return

 

 

 

 

 

 

TCS Rates Chart F.Y.2020-21/A.Y.2021-22

S.No.	Nature of Payment	Section	w.e.f. 14-5-20 to 31-3-21
1	Scrap	206C	0.75
2	Tendu Leaves	206C	3.75
3	Timber obtained under a forest least or other mode	206C	1.875
4	Any other forest produces not being a timber or tendu leaves	206C	1.875
5	Alcoholic liquor for human consumption and Indian made foreign liquor	206C	1
6	Parking lot, toll plaza, mining and quarrying (other than mining and quarrying of mineral oil, petroleum and natural gas)	206C	1.5
7	Minerals, being coal or lignite or iron ore	206C	0.75
8	Sale of motor vehicle of the value exceeding Rs. 10 Lacs	206C	0.75
9	Remittance out of India under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year (Applicable from 01.10.2020) – TCS will be charged on excess amount over 7 lacs	206C	5
10	Sale of overseas tour programme package (Applicable from 01.10.2020)	206C	5
11	Remittance out of India for education under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year (Applicable from 01.10.2020) – TCS will be charged on excess amount over 7 lacs	206C	0.5
12	Sale of any goods (other than goods exported out of India or goods given in the above points) of the value exceeding 50 Lacs (Applicable from 01.10.2020) – TCS will be charged on excess amount over 50 lacs	206C	0.075

 

Due dates for TDS payment:

Month	Due date for Government deductors	Due date for other deductors (Company, Individual, HUF etc)
April	7th May 2020	7th May 2020
May	7th June 2020	7th June 2020
June	7th July 2020	7th July 2020
July	7th August 2020	7th August 2020
August	7th September 2020	7th September 2020
September	7th October 2020	7th October 2020
October	7th November 2020	7th November 2020
November	7th December 2020	7th December 2020
December	7th January 2021	7th January 2021
January	7th February 2021	7th February 2021
February	7th March 2021	7th March 2021
March	7th April 2021	30th April 2021

 

Due dates for TDS Quarterly returns:

Quarter	Period	Due Date
Q1	1 April 2020 – 30 June 2020	31st July 2020
Q2	1 July 2020 – 30 September 2020	31st October 2020
Q3	1 October 2020 – 31 December 2020	31st January 2020
Q4	1 January 2020 – 31 March 2021	31st May 2021

 

Payroll category	Payment Due date	Returns filing
		Type of return	Filing Due date
TDS	07th of every month	Quarterly	Last day of succeeding month of every quarter end

 

 ------------------------------- The end -------------------------

 Thank you,

Chandra Sekhar Reddy

Author and Sole proprietor,

SCR Gallery

Website : https://www.scrgallery.com

Blogger : https://scrgalleryindia.blogspot.com

E-mail : scr@scrgallery.com