TDS rates for FY 2016-17

 Section  Nature of Payment  Threshold Limit of Payment 01-04-2016 to 31-05-2016 01-06-2016 onwards
192 Income from Salary Senior Citizen (60 Years)  Rs. 3,00,000 Average rate of Tax +Education 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) (*If PAN not furnished Rate of TDS at Maximum Mariginal Rate of 34.608%) Upto 31-05-2016 Rs. 30,000 10% 10%
From 01-06-2016 Rs. 50,000
193 Interest on Securities Rs. 5,000 10% 10%
194A Interest from a Banking Company Rs. 10,000 per annum 10% 10%
194A Interest other than from a Banking Company Rs. 5,000 per annum 10% 10%
194B Winning from Lotteries & Cross Word Puzzles Rs. 10,000 per annum 30% 30%
194BB Winning from Horse Races Upto 31-05-2016 Rs. 5,000 per annum 30% 30%
 From 01-06-2016 Rs. 10,000 per annum
194C Transporters with valid PAN & to whom 44AE applicable 0% 0%
194C Payment to Contractors; Sub-contractor; Advertising Contractors (including other transporters) Upto 31-05-2016 30,000 per contract (or) Individual/HUF 1% Others 2% Individual/HUF 1% Others 2%
From 01-06-2016 30,000 per contract (or)
Upto 31-05-2016 Rs. 75,000 per annum
From 01-06-2016 Rs. 1,00,000 per annum
194D Insurance Commision Upto 31-05-2016 Rs. 20,000 10% 5%
From 01-06-2016 Rs. 15,000
194DA Payment under life insurance policy (including Bonus) Rs.1,00,000 per annum 2% 1%
194E Non-resident Sportman or Sports Association  – 20% 20%
194EE Out of deposit under NSS Rs.2,500 Individual or HUF 20% Individual or HUF 10%
 Other NA  Other NA
194G Commission on Sale of Lottery Tickets Upto 31-05-2016 Rs. 1,000 10% 5%
From 01-06-2016 Rs. 15,000
194H Commission/Brokerage Upto 31-05-2016 Rs. 5,000 per annum 10% 5%
From 01-06-2016 Rs. 15,000 per annum
194-I Rent on Plant / Machinery Rs. 1,80,000 per annum 2% 2%
194-I Land or building or furniture or fitting Rs. 1,80,000 per annum 10% 10%
194-IA Payment or transfer of            Non -agricultural immovable property Rs. 50,00,000 & above 1% 1%
194J Fees for Professional / Technical Services Rs. 30,000 per annum 10% 10%
194LA Compulsory Acquisition of immovable Property Upto 31-05-2016 Rs. 2,00,000 10% 10%
From 01-06-2016 Rs. 2,50,000
TCS Rates
206C Scrap  – 1.00% 1.00%
206C Tendu Leaves  – 5.00% 5.00%
206C Timber obtained under a forest lease or other mode  – 2.50% 2.50%
206C Any other forest produce not being a Timber or tendu leave  – 2.50% 2.50%
206C Alcoholic Liquor for Human Consumption  – 1.00%  1.00%
206C Packing lot, toll plaza, mining & quarrying  – 2.00% 2.00%
206C Where Amount Received Partially or Wholly in  Cash:-
Purchase of Bullion Exceeding Rs. 2 Lacs per transaction 1.00% 1.00%
Jewellery Exceeding Rs. 5 Lacs per transaction 1.00% 1.00%
Any other goods or service (where TDS is not deducted) Exceeding Rs. 2 Lacs per transaction 0.00% 1.00%
206C Purchase of coal lignite, Iron ore by a trader 1.00% 1.00%
206C Sale Value of Motor vehicle whether in cash, cheque or in any other mode of receipt  Exceeding Rs. 10 Lakhs per transaction 0.00% 1.00%

Nitika Bansal

I will regularly provide update on direct tax and indirect tax

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