The Tax Deducted at Source Rate Chart for the financial year 2023-24 provides a comprehensive overview of the applicable rates for various types of transactions.
TDS Section List | Nature of Payment | Threshold (₹) | For Individual / HUF | For Others |
192 | Payment made as salaries | ₹ 2,50,000 | Slab Rates | Slab Rates |
192A | Early withdrawal of EPF (Employee Provident Fund) | ₹ 50,000 | 10% | 10% |
193 | Tax deduction at source on interest earned on securities | ₹ 10,000 | 10% | 10% |
194 | Distribution of dividends | ₹ 5,000 | 10% | 10% |
194A | Interest from banks or post offices on deposits | ₹ 40,000 | 10% | 10% |
194A | Interest from sources other than securities | ₹ 5,000 | 10% | 10% |
194B | Winnings of lotteries, puzzles, or games | Aggregate of ₹ 10,000 | 30% | 30% |
194BA | Winnings from online Games | - | 30% | 30%x` |
194BB | Winnings of horse races | ₹ 10,000 | 30% | 30% |
194C | Payments made to contractors or sub-contractors one time | ₹ 30,000 | 1% | 2% |
194C | Payments made to contractors or sub-contractors on an aggregate basis | ₹ 1,00,000 | 1% | 2% |
194D | Commission paid on insurance sales to domestic companies | ₹ 15,000 | Not Applicable | 10% |
194D | Commission paid on insurance sales to non-domestic companies | ₹ 15,000 | 5% | Not Applicable |
194DA | Maturity of life insurance policy | ₹ 1,00,000 | 5% | 5% |
194EE | Payment received from the National Savings Scheme (NSS) by individuals | ₹ 2500 | 10% | 10% |
194F | Repurchase of units by UTI (Unit Trust of India) or any mutual fund | No Limit | 20% | 20% |
194G | Payments or commission made on the sale of lottery tickets | ₹ 15,000 | 5% | 5% |
194H | Commission or brokerage fees | ₹ 15,000 | 5% | 5% |
194I | Rent paid for land, building, or furniture | ₹ 2,40,000 | 10% | 10% |
194I | Rent paid for plant and machinery | ₹ 2,40,000 | 2% | 2% |
194IA | Payment for the transfer of immovable property excluding agricultural land | ₹ 50,00,000 | 1% | 1% |
194IB | Rent payment made by an individual or HUF not covered under section 194I | ₹ 50,000 (per month) | 5% | Not Applicable |
194IC | Payments made under a Joint Development Agreement (JDA) to individuals or HUF | No Limit | 10% | 10% |
194J | Fees paid for professional and technical services | ₹ 30,000 | 10% | 10% |
194J | Royalty paid for the sale, distribution, or exhibition of cinematographic films | ₹ 30,000 | 2% | 2% |
194K | Income received from units of a mutual fund, such as dividends | ₹ 5,000 | 10% | 10% |
194LA | Compensation payment for acquiring certain immovable property | ₹ 2,50,000 | 10% | 10% |
194LB | Interest payment on infrastructure bonds to Non-Resident Indians | Not Applicable | 5% | 5% |
194LBA(1) | Distribution of certain income by a business trust to its unit holders | Not Applicable | 10% | 10% |
194LD | Interest payment on rupee-denominated bonds, municipal debt security, and government securities | Not Applicable | 5% | 5% |
194M | Payments made for contracts, brokerage, commission, or professional fees (excluding sections 194C, 194H, 194J) | ₹ 50,00,000 | 5% | 5% |
194N | Cash withdrawal exceeding a specified amount from the bank, with filed ITR | ₹ 1,00,00,000 | 2% | 2% |
194N | Cash withdrawal from a bank without filing ITR | ₹ 20,00,000 | 2% | 2% |
194O | Amount received for the sale of products/services by e-commerce service providers through digital platforms | ₹ 5,00,000 | 1% | 1% |
194Q | Payments made for the purchase of goods | ₹ 50,00,000 | 0.10% | 0.10% |
194S | TDS on the payment of cryptocurrencies or other virtual assets | Not Applicable | 1% | 1% |
206AA | TDS applicable in case of non-availability of PAN | Not Applicable | At a higher rate than: | At a higher rate than: |
206AB | TDS on non-filers of Income Tax Return | Not Applicable | The higher of: 5% Twice the rate mentioned in the provision The currently applicable rate | The higher of: 5% Twice the rate mentioned in the provision The currently applicable rate |
The above TDS Chart for FY 2023-24 is extracted from the Income Tax website and restructured for better understanding. The information in the chart is subject to change, therefore do not consider this legal advice.
By GST Info Tamil
Youtube link for more tax update
https://www.youtube.com/gstinfotamil
WhatsApp Group : https://chat.whatsapp.com/ChcVTsYGAns9fvv16qcd8I
***************
For more article 👇
CBDT extends TDS (Other than 24Q) and TCS Returns for 1st Quarter of FY 2023-24 till September 30, 2023
https://gstinfotamil.blogspot.com/2023/06/cbdt-extends-tds-other-than-24q-and-tcs.html
Constitutional validity of Section 16(4) of the CGST Act challenged
https://gstinfotamil.blogspot.com/2023/06/constitutional-validity-of-section-164.html
Procedure for applying for Amnesty scheme for onetime settlement of default in export obligation by Advance and EPCG authorization holders in manual mode
https://gstinfotamil.blogspot.com/2023/06/procedure-for-applying-for-amnesty.html
CBDT notified the Tolerance limit for Transfer Pricing remains unchanged for AY 2023-24
https://gstinfotamil.blogspot.com/2023/06/cbdt-notified-tolerance-limit-for_27.html
TDS under Section 194I Or Section 194C for Car hiring charges?
https://gstinfotamil.blogspot.com/2023/06/tds-under-section-194i-or-section-194c.html
TDS Rate Chart for FY 2023-24 (AY 2024-25) with TDS Section List
https://gstinfotamil.blogspot.com/2023/06/tds-rate-chart-for-fy-2023-24-ay-2024.html
2- Factor Authentication for e-Way Bill and e-Invoice System
https://gstinfotamil.blogspot.com/2023/06/2-factor-authentication-for-e-way-bill.html
Advisory: Update on Enablement Status for Taxpayers for e-Invoicing
https://gstinfotamil.blogspot.com/2023/06/advisory-update-on-enablement-status.html
CBDT ENABLED COMMON OFFLINE UTILITY FOR FILING ITR 1, ITR 2 AND ITR 4
https://gstinfotamil.blogspot.com/2023/06/cbdt-enabled-common-offline-utility-for.html
Assessee is entitled to claim ITC on vehicle modified and supplied as an ambulance
https://gstinfotamil.blogspot.com/2023/06/assessee-is-entitled-to-claim-itc-on.html
Comments
Post a Comment