TDS/TCS CHART FOR AY 2016-17 (FY 2015-16)

Published On -

admin Income-tax Act, 1961, TCS, TDS
Section  Nature of Payment  Threshold Limit of Payment  FY (2014-15)  Form 15G/15H Applicable
192 Income from Salary  Senior Citizen (60 Years)  Rs. 3,00,000 Average rate of Tax +edu. Cess Surcharge if Salary > 1 Cr
 Super Senior Citizen (80 Years)  Rs. 5,00,000
 Others  Rs. 2,50,000
192A Premature Withdrawal from EPF (wef 01.06.2015) Rs. 30000 10% Yes
193 Interest on Securities  Rs. 5000 10% Yes
194A Interest from a Banking Company  Rs. 10,000per annum 10% Yes
194A Interest other than from a Banking Company  Rs. 5,000 per annum 10% Yes
194B Winning from Lotteries & Cross Word Puzzles  Rs. 10,000 per annum 30% –
194BB Winning from Horse Races  Rs. 5,000 per annum 30%                           –
194C Transporters with valid PAN & to whom 44AE applicable      &nb sp;            – 0% 30%
194DA Payment under life insurance policy (including Bonus) (wef 1st oct 2014) Rs.100000 per annum 2% –
194C Payment to Contractors; Sub-contractor; Advertising Contractors (including other transporters)
  30,000 per contract (or)
 Rs. 75,000 per annum
Individual/HUF 1% Others 2% –
194D Insurance Commision Rs.20,000 10% –
194DA Payment under life insurance policy (including Bonus)  Rs.100000 per annum 2% Yes
194E Non-resident Sportman or Sports Association  – 20% –
194EE Out of deposit under NSS  Rs.2500
Individual or HUF 20%
 Other NA
Yes
194G Commission on Sale of LotteryTickets  Rs.1000 10% –
194- I Rent on Plant / Machinery Rs. 1,80,000 per annum 2% –
194-I Land or building or furniture or fitting  Rs. 1,80,000 per annum 10% –
194- IA Payment or transfer of Non agricultural immovable property  Rs. 50,00,000 & above 1% –
194J Fees for Professional / Technical Services Rs. 30,000 per annum 10% –
194LA Compulsory Acquisition of immovable Property Rs. 2,00,000 10% –
TCS Rates
206C Scrap  – 1%
206C Tendu Leaves  – 5%
206C Timber obtained under a forest lease or other mode  – 2.50%
206C Any other forest produce not being a Timber or tendu leave  – 2.50%
206C Alcoholic Liquor for Human Consumption  – 1%
206C Packing lot, toll plaza, mining & quarrying  – 2%
206C Purchase of Bullion/ Jewellery in cash Rs. 2 Lacs per transaction (Bullion)Rs. 5 Lacs per transaction (Jewellery) 1%
206C Purchase of coal lignite, Iron ore by a trader – 1%

 

Notes
1. Surcharges & Education Cess
Type of Payment Surcharge Rate Education Cess (3.00%)
Salary (Resident & Non- resident) Upto 1cr Nil Yes
> 1 Crore 10%
Other Payments to Residents No Nil No
Other Payments to Non-Residents
Payment to Non-Residents (other than Cos) Upto 1cr Nil Yes
> 1 Crore 10%
Payments to Foreign Co. Upto 1cr Nil Yes
> 1 Crore 2%
> 10 Crores 5%
2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.
3. Nil Deduction entries of transporters also to be shown in Form 26Q.
4. TDS @ 20% where PAN not furnished.
5. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.
 Fees and Penalties 

Section Description Remarks
234E Fee for late filing of  TCS/ TCS return Rs 200 per day (not exceeding amount of tax)
271H(1) (a) Penalty for Late filing of  TCS/TCS return beyond 1 year Minimum  Penalty : Rs. 10,000Maximum  Penalty : Rs. 1 lac
271H(1) (b) Penalty for providing incorrect information in TDS/TCS Return Minimum  Penalty : Rs. 10,000Maximum  Penalty : Rs. 1 lac
Other Important Changes
Section Description Remarks
197A Eligible Age for Form 15H (Payment without TDS) 60 years.
201/206C Interest on non- short deduction of tax where deductee deposits advance/ self assessment tax Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
40(a)(ia) Disallowance of payment made without TDS where deductee deposits advance / self assessment tax Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed.
200A Appeal, Rectification against Intimation of TDS Return Yes

 
Interest on delay in deposit of tax after deduction

Stage of deduction Rate per month or part of the month
From date when deductible till actual deduction  1%
From date of deduction till payment  1.5%