TDS / TCS RATES  FOR F.Y.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
From 01-06-2016
 Rs. 50,000
10% 10%
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
 From 01-06-2016
 Rs. 10,000 per annum
30% 30%
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)
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
Individual/HUF 1% Others 2% Individual/HUF 1% Others 2%
194D Insurance Commision
Upto 31-05-2016
 Rs. 20,000
From 01-06-2016
 Rs. 15,000
10% 5%
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%
 Other NA
Individual or HUF 10%
 Other NA
194G

Commission on Sale of Lottery Tickets
Upto 31-05-2016
 Rs. 1,000
From 01-06-2016
 Rs. 15,000
10% 5%
194H Commission/Brokerage
Upto 31-05-2016
 Rs. 5,000 per annum
From 01-06-2016
 Rs. 15,000 per annum
10% 5%
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
From 01-06-2016
 Rs. 2,50,000
10% 10%
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

Jewellery

Any other goods or service (where TDS is not deducted)

 

Exceeding Rs. 2 Lacs per transaction

Exceeding Rs. 5 Lacs per transaction

Exceeding Rs. 2 Lacs per transaction

 

1.00%

1.00%

0.00%

 

1.00%

1.00%

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%

 

 
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 Deduction entries of transporters also to be shown in Form 26Q.
3. TDS @ 20%(minimum) where PAN not furnished.
4. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.
Fees and Penalties
Section Description FY (2014-15)
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. 10,000

Maximum  Penalty : Rs. 1 lac
271H(1) (b) Penalty for providing incorrect information in TDS/TCS Return

Minimum  Penalty : Rs. 10,000

Maximum  Penalty : Rs. 1 lac
 

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

  1.00%

From date of deduction till payment

  1.50%