Tax Deducted at Source (TDS) Rates Applicable from 01st April 2020

Table of Contents ToggleTax Deducted at Source (TDS) Rates Applicable from 01st April 2020Related Topic: Format of Declaration to be taken from Salaried Employee by Employer to deduct TDS in Old or New IT Slab RatesNew Turnover limit for the purpose of Tax deducted at Source applicability as per Finance Act 2020Download the copy: Tax Deducted at Source (TDS) Rates Applicable from 01st April 2020 S.No Section Nature of   Payment Monetary Limit Rate 1 192 Salaries Slab Rate Slab Rate – Old or New as declared by the employee 2 192-A Premature withdrawal from Employee Provident Fund 50,000 10 3 193 Interest on securities             _ 10 4 194 Dividend other than the dividend as referred to in Section 115-O 2,500 10 5 194-A Interest other than interest on securities  40,000 (For individual) 50,000 (for Senior Citizens) 10 6 194-A Banks (Time deposits) 40,000 (For individual) 50,000 (for Senior Citizens) 10 7 194-A  Banks (Recurring deposit) 40,000 (For individual) 50,000 (for Senior Citizens) 10 8 194-A Deposit in Co-operative Bank 40,000 (For individual) 50,000 (for Senior Citizens) 10 9 194-B Winning from Lotteries 10,000 30 10 194-BB Winnings from Horse Race 10,000 30 11 194-C Payment to Contractor 30,000 ( Single Transaction) 1,00,000 (Aggregate During the Financial year) 1 (for Individual)  2 (for other than individual) 12 194-C  Payment to Transporter not covered under 44AE 30,000 ( Single Transaction) 75,000 (Aggregate During the Financial year) 1 (for Individual)  2 (for other than individual) 13 194-D Insurance Commission 15,000 5 S.No Section Nature of   Payment Monetary Limit Rate 14 194-DA Payment in respect of life insurance policy 1,00,000 1 15 194-E Payment to Non-resident Sportsmen or Sports Association         _ 20 16 194-EE Payments out of deposits under National Savings Scheme 2,500 10 17 194-F Repurchase Units by Mutual Funds         _ 20 18 194-G Commission – Lottery 15,000 5 19 194-H Commission / Brokerage 15,000 5 20 194-I Rent – Land and Building – furniture & fittings 2,40,000 10 21 194-I Rent – Plant / Machinery / equipment 2,40,000 2 22 194-IA Transfer of certain immovable property other than agriculture land 50,00,000 1 23 194-IB Rent – Land or building or both 50,000 Per Month 5 24 194-IC Payment of Monetary consideration under Joint development agreement          _ 10 25 194-J Professional Fees for technical services (w.e.f. from 1.4.2020) 30,000 2 26 194-J Professional Fees – in all other cases 30,000 10 27 194-K Payment of any income in respect of Units of Mutual fund as per section 10(23D) or Units of administrator or from a specified company         _ 10 28 194-LA  TDS on compensation for compulsory acquisition of immovable Property  2,50,000 10 29 194- LBA(1) Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.         _ 10 30 94- LBA(1) Income by way of interest from infrastructure debt fund (non-resident)         _ 10 31 194-LBB Income in respect of investment in Securitisation trust.         _ 10 (for Individual) 30 (for other than individual) 32 194-LBC Income in respect of investment made in a securitisation trust          _ 25 (for Individual) 30 (for other than individual)     S.No Section Nature of   Payment Monetary Limit Rate 33 194-LC Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long term infrastructure bonds from outside India         _ 5 34 194-LD Interest on certain bonds and govt. Securities       _ 5 35 194-M Payment of Commission, brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. 50,00,000 5 36 194-N Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more accounts maintained by a person with a banking company, co-operative society engaged in business of banking or a post office. 1,00,00,000 2 37 194-O Applicable for Ecommerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform.       _ 1 38 195 Payment of any sum to Non resident       _ 39 196-B Income from units       _ 10 40 196-C Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)       _ 10 41 196-D Income of FIIs from securities       _ 10 Related Topic: Format of Declaration to be taken from Salaried Employee by Employer to deduct TDS in Old or New IT Slab Rates New Turnover limit for the purpose of Tax deducted at Source applicability as per Finance Act 2020 TDS was applicable to individuals and HUF if their accounts are liable to Audit in section 44AB in the previous year.  The Finance Act 2020, says All individuals & HUF will be liable to deduct TDS if the turnover had cross Rs. 1 Crore in case of business and Rs. 50 Lakhs in case of profession in previous year.  These amendments shall take effect from 1st April 2020. 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