TDS RATE CHART FINANCIAL YEAR 2014-15 (ASSESSMENT YEAR 15-16)

TAXBYMANISH

The Rate Chart for the Financial Year 2014-15 i.e. Assessment Year 2015-16 is tabulated below.

Sl. No.	Section Of Act	Nature of Payment in brief	Cut Off Amount		Rate %
					HUF/IND	Others
1	192	Salaries			Average Rate
2	193	Interest on debentures		5000	10	10
3	194	Deemed dividend		–	10	10
4	194A	Interest other than Int on securities (by Bank)		10000	10	10
4A	194A	Interest other than Int. on securities (By others)		5000	10	10
5	194B	Lottery / Cross Word Puzzle		10000	30	30
6	194BB	Winnings from Horse Race		5000	30	30
7	194C(1)	Contracts		30000	1	2
8	194C(2)	Sub-contracts/ Advertisements		30000	1	2
9	194D	Insurance Commission		20000	10	10
10	194EE	Paymentsout of deposits under NSS		2500	20	–
11	194F	Repurchase of units by MF/UTI		1000	20	20
12	194G	Commission on sale of lottery tickets		1000	10	10
13	194H	Commission or Brokerage		5000	10	10
14	194I	Rent (Land & building)		180000	10	10
		Rent (P & M , Equipment, furniture & fittings)		180000	2	2
15	194J	Professional/Technical charges/Royalty & Non-compete fees		30000	10	10
16	194J(1)(ba)	Any remuneration or commission paid to director of the company(Effective from 1 July 2012)		NIL	10	10
17	194LA	Compensation on acquisition of immovable property		200000	10	10
18	194IA	Payment on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a) Value exceeds INR 50) (Effective from 1 June 2013)			1	1

 

 

TCS RATES FOR THE FY 2014-15

The Tax Collection at Source Rates for the Financial Year 2014-15 is tabulated below:

 

Sl.No.	Nature of Goods	Rates in %
1.	Alcoholic liquor for human Consumption		1
2.	Tendu leaves		5
3.	Timber obtained under forest lease		2.5
4.	Timber obtained by any mode other than a forest lease		2.5
5.	Any other forest produce not being timber or tendu leaves		2.5
6.	Scrap		1
7.	Parking lot		2
8.	Toll plaza		2
9.	Mining & Quarrying		2
10	Minerals, being coal or lignite or iron ore		1
11	Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)		1

 
No Education Cess 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.
Surcharge on Income-tax – 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.
Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15^th May (from earlier 15^th June). The revised due dates for furnishing TDS return are

 

Sl. No.	Date of ending of the quarter of the financial year	Due date
1.	30th June	15th July of the financial year
2.	30th September	15th October of the financial year
3.	31st December	15th January of the financial year
4.	31st March	15th May of the financial year immediately following the financial year in which deduction is made

 
Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :

 

Sl. No.	Category	Periodicity of furnishing TDS certificate	Due date
1.	Salary (Form No.16)	Annual	By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2.	Non-Salary(Form No.16A)	Quarterly	Within fifteen days from the due date for furnishing the ‘statement of TDS’

 
Due Date for Payment of March 2014 –The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

In case you have any further clarification, feel free to contact me at taxbymanish@yahoo.com or else you can view more articles & news related to Indian tax & finance at http://taxbymanish.blogspot.in/.