RATES FOR TAX DEDUCTION AT SOURCE
During the financial year 2012-13, tax is to
be deducted at source at the following rates:
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Nature of payment*
|
TDS (SC: Nil, EC: Nil, SHEC: Nil)
|
�
Sec. 192 - Payment of salary to a resident/non-resident
[normal rate of tax is applicable � see para
*****, SC : Nil, EC : 2% and SHEC : 1%]
|
�
|
�
Sec. 193 - Interest on securities to a resident�
|
|
�� a.� interest on (a)
debentures/securities for money issued by or on behalf of any local
authority/statutory corporation, (b) listed debentures of a company
[not being listed securities in demat form], (c)
any security of the Central or State Government [i.e., 8% Savings
(taxable) Bonds, 2003, but not any other Government security]
|
10
|
�� b.� any other interest on securities
(including interest on non-listed debentures)
|
10
|
�
Sec. 194 - Dividend to a resident�
|
|
�� a.� deemed dividend under section 2(22)(e)
|
10
|
�� b.� any other dividend
|
Nil
|
�
Sec. 194A - Interest other than interest on
securities to a resident
|
10
|
�
Sec. 194B� - Winnings from lottery or crossword
puzzle or card game or other game of any sort to a resident/non-resident
|
30
|
�
Sec. 194BB� - Winnings from horse races to a resident/non-resident
|
30
|
�
Sec. 194C - Payment to a resident
contractor/sub-contractor�
|
|
�� a.� payment/credit to an individual or a Hindu
undivided family
|
1
|
�� b.� payment/credit to any person other than an
individual or a Hindu undivided family
|
2
|
�
Sec. 194D - Insurance commission to a resident
|
10
|
�
Sec. 194E� - Payment to a non-resident sportsman or
sports association
|
10
|
�
Sec. 194EE - Payment in respect of deposits under
National Savings Scheme, 1987 to a resident/non-resident
|
20
|
�
Sec. 194F - Payment on account of repurchase of
units of MF or UTI to a resident/non-resident
|
20
|
�
Sec. 194G� - Commission on sale of lottery tickets
to a resident/non-resident
|
10
|
�
Sec. 194H - Commission or brokerage to a resident
|
10
|
�
Sec. 194-I - Rent to a resident�
|
|
�� a.� rent of plant and machinery
|
2
|
�� b.� rent of land or building or furniture or
fitting
|
10
|
�
Sec. 194J - Fees for professional or technical
services to a resident
|
10
|
�
Sec. 194LA - Payment of compensation to a resident
on acquisition of certain immovable property
|
10
|
�
Sec. 194LB��� � TDS on interest payable on infrastructure debt fund to a non-resident
or a foreign company
|
5
|
para
*****
Tax rates for the assessment year 2013-14 are given below�
�
For a resident
woman (who is below 60 years on the last day of the previous year, i.e.,
born on after April 1, 1952)�
Net income range
|
Income-tax rates�
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,00,000 � Rs.
5,00,000
|
10% of (total income minus Rs. 2,00,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 � Rs.
8,00,000
|
Rs. 30,000 + 20% of (total income minus
Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 90,000 + 30% of (total income minus
Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
�
For a
resident senior citizen (who is 60 years or more at any time during the
previous year but not more than 80 years on the last day of the previous year, i.e.,
born during April 1, 1932 and March 31, 1952)�
Net income range
|
Income-tax rates�
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,50,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,50,000 � Rs.
5,00,000
|
10% of (total income minus Rs. 2,50,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 � Rs.
8,00,000
|
Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 85,000 + 30% of (total income minus
Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
�
For a
resident super senior citizen (who is 80 years or more at any time during the
previous year, i.e., born before April 1, 1932)�
Net income range
|
Income-tax rates�
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 5,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 5,00,000 � Rs.
8,00,000
|
20% of (total income minus Rs.
5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 60,000 + 30% of (total income minus
Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
�
For any
other individual (born after April 1, 1952), every HUF/AOP/BOI/artificial
juridical person�
Net income range
|
Income-tax rates�
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,00,000 � Rs.
5,00,000
|
10% of (total income minus Rs. 2,00,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 � Rs.
8,00,000
|
Rs. 30,000 + 20% of (total income minus
Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 90,000 + 30% of (total income minus
Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
Notes:
1. Surcharge - Nil
2. Education cess - It is 2 per cent of income-tax.
3. Secondary and higher education cess - It is 1 per
cent of income-tax.
*Surcharge is applicable for TDS purposes only when the
recipient is a foreign company and payment/credit subject to TDS exceeds Rs. 1 crore. In no other case, surcharge
is applicable at the time of deduction of tax at source. Education cess and secondary and higher education cess
are applicable for TDS purposes in the case of tax deduction from payment of
salary to a resident or a non-resident. Education cess
and secondary and higher education cess are also
applicable in the case of payment or credit of any other sum to a non-resident
or a foreign company. In no other case, education cess
and secondary and higher education cess are
applicable for TDS purposes. Moreover, if the PAN of the deductee
is not intimated to the deductor, tax will be
deducted at source either at the rate given in the table or at the rate of 20
per cent, whichever is higher. Further, under section 94A(5), if payment or
credit is made or given to a deductee who is located
in a notified jurisdictional area, tax is deductible at the rate given in the
table or at the rate of 30 per cent, whichever is higher.
�Under sections 194B and 194BB, if recipient is a
non-resident (other than a foreign company), tax is deductible at the rate of
30.9% (i.e., IT: 30%, EC: 2% and SHEC: 1%). If
the recipient is a non-domestic company, tax is deductible at the rate of 30.9%
(i.e., IT: 30%, EC: 2% and SHEC: 1%), if
payment does not exceed Rs. 1 crore
or at the rate of 31.518% (i.e., IT: 30%, SC: 2%, EC: 2% and SHEC: 1%) if payment/credit exceeds Rs.
1 crore.
�Under sections 194E & 194G,
if recipient is a non-resident (other than a foreign company), tax is
deductible at the rate of 10.3% (i.e., IT: 10%, EC: 2% and SHEC: 1%). If the recipient is a non-domestic company, tax
is deductible at the rate of 10.3% (i.e., IT: 10%, EC: 2% and SHEC: 1%), if payment/credit does not exceed Rs. 1 crore or at the rate of
10.506% (i.e., IT: 10%, SC: 2%, EC: 2% and SHEC:
1%) if payment/credit exceeds Rs. 1 crore.
���Under section 194LB, if
recipient is a non-resident (other than a foreign company), tax is deductible
at the rate of 5.15% (i.e., IT: 5%, EC: 2% and SHEC:
1%). If the recipient is a non-domestic company, tax is deductible at the rate
of 5.15% (i.e., IT: 5%, EC: 2% and SHEC: 1%),
if payment/credit does not exceed Rs. 1 crore or at the rate of 5.253% (i.e., IT: 5%, SC:
2%, EC: 2% and SHEC: 1%) if payment/credit exceeds Rs. 1 crore.
