TDS/TCS Rates for the Financial Year 2012-13 (Assessment Year 2013-14) and Due Dates to deposit TDS/TCS

Friends,

Department of Income Tax of India has made it compulsory to deduct Income Tax from the payments made on account of Salary, payments made as Interest on Debentures, Securities, Lottery, Cross Word, Wining from Horse Race, Contracts, Insurance Commission etc. The Department fix percentage of rate on which tax is to be deducted every year. TDS (Tax Deducted at Source) Rate chart for Financial year 2012-13 is given below for your ready reference . TCS( Tax collection rate chart ) for financial year 2012-13 is also given here under. In Budget 2012 Very few changes has been made in TDS rates and cut off amounts.However few new items has been inserted on which TDS is required to be deducted .Like Purchase of Immovable property ,and TCS on jewelry sale etc. Complete details Of TDS rate changes , Tcs rate changes, Due date to deposit TDS , Due date for Form 16, Due date for Form 16A , Due date for ETDS return Form 24Q,Penalty and interest provision for late deposit of TDS ,consequences for default in filing of Etds Return , TDS rate applicable in case of Non submission of PAN ,TDS rate applicable on service tax or not , on job work or not , which rate is applicable to individual , HUF , who should deduct TDS , who should not deduct tds ,whether tds should be deducted on service tax on rent or professional services all such queries has been replied here under.

We will update this post regularly, if their is any mistake, error then please point out this in comment section.

Sl. No.	Section Of Act	Nature of Payment in brief	Cut Off Amount		Rate %
			01.04.2012	01.07.2012	HUF/IND	Others
1	192	Salaries	Salary income must be more then exemption limit after deductions.		Average Rate
2	193	Interest on debentures	2500	5000	10	10
3	194	Deemed dividend	-	-	10	10
4	194A	Interest other than Int. on securities (by Bank)	10000	10000	10	10
4A	194A	Interest other than Int. on securities (By others)	5000	5000	10	10
5	194B	Lottery / Cross Word Puzzle	10000	10000	30	30
6	194BB	Winnings from Horse Race	5000	5000	30	30
7	194C(1)	Contracts	30000	30000	1	2
8	194C(2)	Sub-contracts/Advertisements	30000	30000	1	2
9	194D	Insurance Commission	20000	20000	10	10
10	194EE	Payments out of deposits under NSS	2500	2500	20	-
11	194F	Repurchase of units by MF/UTI	1000	1000	20	20
12	194G	Commission on sale of lottery tickets	1000	1000	10	10
13	194H	Commission or Brokerage	5000	5000	10	10
14	194I	Rent (Land and building) furniture and   fittings)	180000	180000	10	10
		Rent (P and M , Equipment	180000	180000	2	2
15	194J	Professional/Technical charges/Royalty and   Non-compete fees	30000	30000	10	10
16	194J(1)(ba)	Any remuneration or commission paid to director of the company (Effective from 1 July 2012)	NA	NIL	10	10
17	194LA	Compensation on acquisition of immovable property	100000	200000	10	10
18	194LLA	Payment on transfer of certain immovable property other than agricultural land (Finance Minister has withdraw TDS on such transaction on 07/05/2012)	(a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area)		Withdrawn by Finance Minister on 07/05/2012 no TDS on such transactions	Withdrawn by Finance Minister no no TDS on transfer of immovable property

Note:

• Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
• TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
• No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
•  Surcharge on Income-tax is not deductible/collectible at source in case of  individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
• In the case of Company other than Domestic Company, the rate of surcharge is @ 2% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
• NoCess on payment made to resident:Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.