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Deduction of Tax at correct rate is very

important for deductor and minor
mistake in deduction leads to penalty
in shape of Interest on late deposit
and dis allowance of Expenses. We
have provided the Tax deduction rates
chart (TDS rate chart) for Financial year
2014-15. Minor changes has been
made in TDS rates for FY 2014-15 by
Finance Minister in Budget .

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1. A new section 194DA has been

inserted wef 01.10.2014 relating to
payment in respect of life insurance
policy
2. TDS u/s section194A ,the interest income payable by special purpose vehicle to a business
trust has been withdrawn wef 01.10.2014.
3. TDS u/s 194LBA for income distributed u/s 115UA TDS is required to be deducted on 10%
in case of resident and 5 % in case of payment to non resident.
4. Disallowance of expenses under section 40(a)(ia) has been extended to all sections of TDS
.However Disallowance % has been reduced to 30% from earlier 100%. Means if tds has not
been deducted and deposited on 100 Rs then only 30 Rs will be disallowed in that year.
Further disallowed amount will be allowed as exp.in year in which tds has will be deducted &
Paid.

Complete details Of TDS rate changes for financial year 2014-15, 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 topics has been covered here under.

If there are any mistakes ,errors then please point out this in comment section.(Last updated
05.08.2014)

TDS Rate Chart Financial Year 2014-15

Nature of Payment Made To Threshold(Rs.) Company / Individual /
Residents
Firm / CoHUF
operative
Society /
Local
Authority
Section - Description
192 - Salaries
193 - Interest on securities
194 - Dividends
194A - Interest other than

Rate (% )

Rate (% )

NA

Average
rates

5000

10
10
10

10
10
10

If No /
Invalid
PAN

Rate
(% )
30

20
20
20

POPULAR POSTS

KNOW YOUR PAN,VERIFY PAN,NAME BY

PAN,PAN CARD STATUS ONLINE

KNOW DEALERS DETAIL BY TIN (VAT)

NUMBER OR BY NAME

Relief U/S 89(1) On Gratuity Received In FY

2010-11

TDS RATE CHART FY 2014-15 AY 2015-16 TDS

DUE DATES

5
6

Companies Bill 2011- Major Highlights

ABATEMENT RATE IN SERVICES TAX

AMENDED WEF 01.07.2012 NT 20 DT 20.06.12

interest on securities
Others
194A - Banks

194B
- Winning
from
Lotteries
194BB - Winnings from
Horse Race
194 C - Payment to
Contractors
- Payment to Contractor Single Transaction

10000
10000

10
30

10
30

20
30

5000

30

30

30

KNOW YOUR PAN NAME VERIFY PAN FREE

CHECK NAME BY PAN

No Change In Repo Reverse Repo Rates SLR

Reduced By 0.50 %: Bi-Monthly Monetary Policy
Statement, 2014-15

New Categories Of Directors Under

Companies Act 2013

30000

20

- Payment to Contractor Aggregate During the F.Y.

75000

20

BLOG ARCHIVE

- Contract - Transporter
who has provided valid
PAN
194D
Insurance
Commission

20

2014 (430)

20000

10

10

20

10

Service Tax On Renting Of Immovable

Property :Developments And Issues

November (2) October (39)

September (50)
August (47)
Aug 30 (2) Aug 28 (3)

194DA-Pament of Taxable
Life Insurance Policy wef
01.10.2014
194E - Payment to NonResident Sportsmen or
Sports Association

100000

- Applicable up to June 30,

2012
- Applicable from July 1,
2012
194EE - Payments out of
deposits under NSS

10

10

20

20

20

20

2500

20

20

1000

20

20

20

1000

10

10

20

5000

10

10

20

New Categories of Directors under

Companies Act 20...

180000

10

10

20

Due dates August 2014 TDS Service

Tax Excise DVAT...

180000

20

30000
100000
-

10
10
5

10
10
5

20
20
20

194F - Repurchase Units by

MFs
194G - Commission Lottery
194H - Commission /
Brokerage
194I - Rent - Land and
Building
194I - Rent - Plant /
Machinery
194J - Professional Fees
194LA - Immovable Property
194LB - Income by way of
interest from infrastructure
debt fund (non-resident)
194LBA Income paid Under
section
115UA
we
f
01.10.2014
Resident
Non resident
Sec 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
(applicable from July 1,
2012)
195 - Other Sums

20

Aug 27 (2) Aug 26 (2)

Aug 25 (1) Aug 23 (2)
Aug 21 (4) Aug 20 (2)
Aug 18 (3) Aug 17 (1)
Aug 14 (1) Aug 13 (1)
Aug 12 (3) Aug 10 (4)
Aug 09 (1) Aug 08 (3)
Aug 07 (1) Aug 06 (2)
Aug 04 (4)
TDS RATE CHART FY 2014-15 AY
2015-16 TDS DUE DATES...

How To create EPF UAN KYC bulk

Text File-Download ...

Aug 03 (1) Aug 02 (3)

Aug 01 (1)
July (86) June (45) May (21)
April (34) March (36)

10
5
5

10
5
5

20
20
20

February (35) January (35)

2013 (422) 2012 (540) 2011 (462)

2010 (407) 2009 (127) 2008 (90)
2007 (53)

196B - Income from units

196C-Income from foreign

Average
rates

20

10
10

10
10

20
20

currency bonds or GDR

(including long-term capital
gains on transfer of such
bonds) (not being dividend)
196D - Income of FIIs from
securities

20

20

20

20

Note:
1. No TDS on service Tax :As per circular 01/2014 dated 13.01.2014 TDS is not applicable on

service tax part if service tax is shown separately.

2. TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to

the deductor.(read detail u/s 206AA)

3. No TDS on Goods Transport :No deduction shall be made from any sum credited or paid

4.
5.
6.
7.

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 tax 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.
Surcharge on TDS is applicable on payment made to non resident other than company ,if
payment is in excess of one crore.(10 %)
Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 10 %
In the case of Company other than Domestic Company,
(i) at the rate of two per cent. of such tax, where the amount or the aggregate of such
amounts collected and subject to the collection exceeds one crore rupees but does not
exceed ten crore rupees;
(ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such
amounts collected and subject to the collection exceeds ten crore rupees.

8. No 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.

Download TDS -TCS rates financial year 2014-15andabove details in PDF format
Various situations and Surcharge /Cess applicable on TDS/TCS
Payment to
payment
Surcharge
Cess
Resident
Nonsalary(up to 1
No
yes(3%)
corporate
crore)
Nonsalary(> I crore) yes (10%)
yes (3%)
corporate
Nonother than salary No
No
corporate
Corporate
other than salary No
No
NonNonsalary(up to 1
No
yes (3%)
Resident
corporate
crore)
Noncorporate

salary(> I crore)

Yes (10 %)

yes (3%)

Noncorporate
Corporate

other than salary

up to 1 Crore
other than salary
(> 1 Crore to 10
crore)
other than salary
> 10 Crore

No

yes (3%)

yes(2%)

yes (3%)

yes(5%)

yes (3%)

Corporate

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or
profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business &
Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately
preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no
tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than
100/25 Lakh.
TCS (tax collection at source rates Fy 2014015)(read more details by Tax collection at source)

TCS Rates for F. Y. 2014-15

Section

Nature of Payment
F. Y. 2014-15
Individual /
HUF

206C
206C
206C
206C
206C
206C
206C
206C

Scrap
Tendu Leaves
Timber obtained under a forest lease
or other mode
Any other forest produce not being a
timber or tendu leave
Alcoholic
Liquor
for
human
consumption
Parking Lot, toll plaza, mining and
quarrying
Minerals, being coal or lignite or iron
ore (applicable from July 1, 2012)
Bullion if consideration (excluding any
coin / article weighting 10 grams or
less) exceeds Rs. 2 Lakhs or jewellery
if consideration exceeds Rs. 5 Lakhs
(and any amount is received in cash)
(applicable from July 1, 2012)

Other

1
5
2.5

1
5
2.5

2.5

2.5

Download TDS -TCS rates financial year 2014-15andabove details in PDF format
Due date to Deposit TDS and TCS
Time and mode of payment to Government account of tax deducted at source or tax paid
under sub
section (1A) of section 192.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVIIB by an office of the
Government shall be paid to the credit of the Central Government
(a) on the same day where the tax is paid without production of an incometax challan; and
(b) on or before seven days from the end of the month in which the deduction is made or
incometax is due under subsection (1A) of section 192, where tax is paid accompanied by an
incometax challan.
Tax to be de ducte d/colle cte d by Govt Office

Tax deposited w ithout challan

Same day

Tax deposited w ith challan

7th of next month

Tax on perquisites opt to be

7th of next month

deposited by the employer

(2) All sums deducted in accordance with the provisions of Chapter XVIIB by deductors other
than an office of the Government shall be paid to the credit of the Central Government
(a) on or before 30th day of April where the income or amount is credited or paid in the
month of March; and
(b) in any other case, on or before seven days from the end of the month in which the
deduction is made; or incometax is due under subsection (1A) of section 192.

Tax de ducte d/colle cte d by othe r

tax deductible in March

other months & tax on perquisites

30th April of next year

In case of TCS 7th April
7th of next month

opted to be deposited by employer

(3) Notwithstanding anything contained in subrule (2), in special cases, the Assessing Officer

may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax
deducted under section 192 or section 194A or section 194D or section 194H for the quarters
of the financial year specified to in column
(2) of the Table below by the date referred to in column (3) of the said Table:

SrNo
1
2
3
4

Quarter ended On
30th June
30the September
31st December
31st March

Date of payment
7th July
7th October
7th January
30Th April

Person required to file ETDS Return Filing due Dates

NOTIFICATION No. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs
return.
1. All Government department/office or
2. All companies. or
3. All person required to get his accounts audited under section 44AB in the immediately preceding
financial year; or
4 The number of deductees records in a quarterly statement for any quarter of the immediately
preceding financial year is equal to or more than fifty,
Update:Deductor can adjust excess tds deposited in one section /an assessment year with
another section /assessment year

DUTIES OF TAX DEDUCTOR/COLLECTOR

1. To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the
designated TIN facilitation centers of NSDL(please see www.incometaxindia.gov.in), within
one month from the end of the month in which tax was deducted.
2. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements
and other correspondence.
3. To deduct/collect tax at the prescribed rates at the time of every credit or payment, whichever
is earlier, in respect of all liable transactions.
4. To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS
281 by quoting the TAN and relevant section of the Income-tax Act.
5. To issue TDS/TCS certificate, complete in all respects, within the prescribed time in Form
No.16(TDS on salaries), 16A(other TDS) 27D( TCS).
6. To file TDS/TCS quarterly statements within the due date.
7. To mention PAN of all deductees in the TDS/TCS quarterly statements.
CONSEQUENCES OF DEFAULT
Failure to deduct or remit TDS /TCS(full or part)
Interest:Interest at the rates in force (12% p.a.) from the date on which tax was deductible
/collectible to the date of payment to Government Account is chargeable. The Finance Act 2010
amended interest rate wef 01.07.2010 and created a separate class of default in respect of tax
deducted but not paid to levy interest at a higher rate of 1.5 per cent per month, i.e. 18 per cent p.a.
as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in case the tax is deducted late after the
due date. The rationale behind this amendment is that the tax once deducted belongs to the
government and the person withholding the same needs to be penalized by charging higher rate of
interest Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to
7 years and fine can be levied.
Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of
TAN :Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time
or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in
time: For each type of failure, penalty of Rs.200/- per day for the period of default is leviable.
Maximum penalty for each failure can be up to the amount of TDS/TCS.
New Section for Penalty for non submission of ETDS /ETDS return (section 271H)(applicable
from 01.07.2012)
Failure to deliver statement within time prescribed u/s 200 (3) or to the proviso to sub-section (3) of
section 206C may liable to penalty which shall not be less than Rs. 10,000/- but which may extend to
Rs. 1,00,000/-. No penalty if payment of tax deducted or collected along with fee or interest
and delivering the statement aforesaid before the expiry of 1 year from the time prescribed for
delivering the such statement. However No penalty shall be imposed u/s 271H if the person proves
that there was reasonable cause for the failure.(section 273B)

Assessee In default (amendment in section 201)

The Deductor will not to be treated as assessee in Default provided the resident payee has furnished his
return u/s 139 and has taken into account such amount for computing income in such Return of Income
and has paid the Tax Due on the income declared by him in such return of income and furnishes a
certificate to this effect, duly certified by a CA, in the prescribed form. This form is yet to be notified.
However, the interest for not deducting tax would be payable from the date on which such tax
was collectible till the date of furnishing of return of income by the resident payee.
The limit of passing orders under section 201(1) increased from 2 years to 6 years
(retrospective amendment wef 1-04-2010)

Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others ,27Q for
Non-resident
Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A
Sl.
Quarter
From 01.11.2011 on
For other deductors
No.
ending
wards For Govt
offices
Etds
Form 16A Etds
Form 16A
return
return
1 30th June 31st July 15th
15th
30th July
August
July
2

30th
31st
September October

15th
November

15th
30th
October October

31st
December

31st
January

15th
Feburary

15th
January

31st
March

15th
May

30th
15th
May
May
(31st May
for form
16)

30th
January
30th
May
(31st May
for form 16)

Download Full Notification 41/2010.right click on link and select save target as or save link as as the
case may be "
Issuance Of TDS certificate Form 16 and Form 16A
Tax deducted on or after 01.04.2012, it is mandatory for all type of deductors to issue quarterly form
16A (non salary tds certificate) only after downloaded the same from the TDSCPC website. Earlier this
was mandatory for only companies ,Banks and co-operative societies engaged in Banking services with
effect from 01.04.2011 through circular number 3/2011.
New forms 16 and 16A performa is available here
Form 16A downloaded from TDSCPC can be signed manually or can be authenticated through digital
signature only.
Though this will be an increase in work load on small traders also but it is welcome step as it will
reduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form
26AS. Moreover small traders are also not small now .TDS is to be deducted by HUF and Individual
only if their turnover/Receipt is during the immediately preceding year more than limit prescribed under
section 44AB .Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25
lakh for Professionals.
FY 2010-11
Download Form 16A
from

Optional

TDSCPC

FY 2011-12

FY 2012-13 onwards

Mandatory for Companies and

Mandatory for all type

Banks. Optional for others

of deductors

(TRACES) Web Site

Digitally

Sign

Form

16A

Optional but only if

Optional

downloaded

downloaded

TDSCPC

from
(TRACES)

but

only

from

if

TDSCPC

(TRACES) Web site

Web site
Manually Issue TDS

All

Certificate(Form 16A)

manually

Optional but only if

downloaded
TDSCPC

from
(TRACES)

Web site

deductors
issue

can

Companies and Banks cannot

No deductor can issue

TDS

manually issue TDS Certificate

manually TDS

Certificate
Manually Issue TDS

All

Certificate(Form

manually

salary)

16

certificate

deductors
issue

can
TDS

All deductors can manually

Form

issue TDS Certificate

mandatory

Certificate

16(PartA)

downloaded

is
to
form

TDSCPC website
Part B to be issued
manually

So manually field form 16A cannot be issued for tax deducted on or after 01.04.2012.
Update (22.04.2012) Form 16 (Part-A) to be issued mandatory through download from TDSCPC
website (circular 04/2013 dated 17.04.2013) salary can be issued without downloading from the TDSCPC
(TRACES) site. Now you are interested in how you can download Form 16A from TDS CPC (TRACES)
website
Please Note that Form 16A now(01.01.2013) shall be available through new website
www.tdscpc.gov.in only .Read more from links given below
1. Procedure How to register at TRACES (www.tdscpc.gov.in) and
2. How to download Form 16A form TRACES (www.tdscpc.gov.in)
3. HOW TO DOWNLAOD FORM16 FROM TDSCPC WEBSITE

GENERAL INFORMATION
1. Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it
is issued. It cannot be used retrospectively.
2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details
marking it as duplicate.
3. Refund can be claimed by the deductee on filing of return of income.
4. Even if the recipient of payment has shown it in his income-tax return and paid the taxes
thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay interest
and penalty.
Update:Deductor can adjust excess tds deposited in one section /an assessment year with
another section /assessment year

Other Point to be Noted

1. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
2. TDS on Cold Storage (194C clarification)
3. No TDS on service tax on all section (circular -01/2014 dated 13.01.2014)
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

TDS on Rent (various circulars by department on tds on rent )

Do and Dont's Tax deposit of Taxes
E-payment of TDS mandatory from 01.04.2008
E-Payment Auto Filler for Tds Challan
E-Payment From Other Banks Account Allowed
TDS challan ITNS 281 In excel &
How to Fill TDS CHALLAN-ITNS 281
How To pay Income Tax/Tds Online FAQ
Nil TDS on Transporter and others to be reported in ETDS quarterly returns
1% TDS on transfer of property u/s 194IA wef 01.06.2013
TDS on rent section 194-1 brief notes, circular, notification and case laws

42 Important points related to TDS/TCS deduction and etds return filing

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12 comments: Post Yours!

Read Comment Policy

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We have Zero Tolerance to Spam. Chessy Comments and Comments with Links will be deleted immediately upon our review.

Saurabh Pandey
Augus t 5, 2014 at 9:05 PM

You have not included section 194IA in your chart.

Reply

Satish Kumar M

Augus t 6, 2014 at 7:42 AM

What section to be applied for the following out-sourcing staff.

1. Computer Data Entry Operator
2. Lecturer permanent
3. Lecturer on hourly basis
4. Agreement between person / firm for supply of man power.
5. Guest Lecturer.
Reply
Replies

RAJA BABU
Augus t 6, 2014 at 10:35 AM

2.1

1. Computer Data Entry Operator : if contract of employment has given then tds
covered under salary section 192 and normal slab rate applicable
2. Lecturer permanent:Covered under salary
3. Lecturer on hourly basis: if contract of employment given then covered under
salary
4. Agreement between person / firm for supply of man power.:section 194C
works contract
5. Guest Lecturer. :194J professional services
Satish Kumar M
Augus t 7, 2014 at 8:16 PM

2.2

Sir,
The above persons are purely out-sourcing not maintaining service register and
payment is making through an simple receipt from the concerned.
Please guide in this.
RAJA BABU
Augus t 7, 2014 at 8:25 PM

2.3

Service register maint.is not mandatory .Nature of Job is important,

First you have to clarify that which payment you are making salary or
professional fee or payment for a work,then only tds section can be confirmed.

Venkat
Augus t 6, 2014 at 10:29 AM

Dear Sir
We are hiring manpower through an outsourcing agency @ 7% Commission. We are paying the
commission on the sum total of Basic salary + Employer contribution to EPF & ESI. We are paying the
Service Tax on the total bill amount (incl.Commission). My doubt is on the following 2 points
1. Whether the commission to the agency is to be paid only on the Basic salary or including the
contribution of EPF & ESI
2. Whether the S.Tax is to be paid on the total bill amount or only on the Basic salary amount.
Kindly clarify.
- See more at: http://taxguru.in/chartered-accountant/invitation-to-join-taxguru-in-panel-of-esteemedauthors.html#comment-1041965
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RAJA BABU
Augus t 6, 2014 at 10:39 AM

3.1

In our view you are doing correct .Service tax is to be paid on full amount basic
plus epf esi plus commission etc .
However manpower services is covered under reverse charge subject to some
conditions .

Satish Kumar M
Augus t 7, 2014 at 8:25 PM

Sir,
Please see in the TDS Statement
194C- Contract - Transporter who has provided valid PAN is shown 20%.
If valid pan is exist why 20%.
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Replies

RAJA BABU
Augus t 7, 2014 at 8:48 PM

4.1

Last column is for pan not given ,so 20% if transporter does not give pan is
applicable.

HOME BUDGET-14 SALARY ITAX ITR-14-15 DEDUCTIONS TDS HOW TO PAN SERVICE TAX CHALLAN HP CG EXCEL TALLY
Netheti Jagadeeshwar
Augus t 21, 2014 at 4:10 PM

it is very useful to all the accountants , i have no word to say

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Khurshid Arfi
Septem ber 3, 2014 at 4:52 PM

as per section115A maximum TDS rate is 25% but as per your TDS chart TDS rate is 30% in case of
without PAN U/s 195. Please explain.
Reply

deaf_nitin_goyal
Septem ber 17, 2014 at 1:52 PM

I have no tax liability but why do banks deduct TDS on FD directly?

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