AY 2014-15 AND 2015-16 |
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SEC |
DESCRIPTION |
TAX RATE |
SURCHARGE |
EDU.CESS |
HIGHER EDU. CESS |
LIMIT FOR TAX DEDUCTION |
193 | Interest On Securities |
10% |
0% |
0% |
0% |
Rs. 2500(Rs. 5000/-From 1st July, 2012 |
194 | Dividends |
10% |
0% |
0% |
0% |
Rs. 2500(No Tax to be Deducted if DDT Has been Paid U/s 115-O |
194A | Interest other than Interest on Securities |
10% |
0% |
0% |
0% |
Bankng Company/ Cooperative society/ Post Office-Rs. 10000 Others- Rs. 5000 |
194B | Winning from Lottery or Crossword Puzzle |
30% |
0% |
0% |
0% |
Rs. 10000 |
194BB | WInning from Race Horse |
30% |
0% |
0% |
0% |
Rs. 5000 |
194C | Payment to Contractor and Sub-Contractors |
1% ( in case of Individual and Huf/ In other Case 2%) |
0% |
0% |
0% |
Rs. 30000 in a single payment or Rs. 75000 in aggregate |
194D | Insurance Commission |
10% |
0% |
0% |
0% |
Rs. 20000 |
194EE | Deposits under NSS |
20% |
0% |
0% |
0% |
Rs. 2500 |
194F | Repurchase of Units by Mutual Fund or UTI |
20% |
0% |
0% |
0% |
|
194G | Commission on sale of Lottery Tickets |
10% |
0% |
0% |
0% |
Rs. 1000 |
194H | Commission or Brokerage |
10% |
0% |
0% |
0% |
Rs. 5000 |
194I | Rent |
a) 2% in case of Rent of P&M b) In other case it is 10% |
0% |
0% |
0% |
Rs. 180000 |
194IA | Payment to a Resident Transferor for transfer of any immovable property( Applicable from june1, 2013) |
1% |
0% |
0% |
0% |
Rs. 5000000 |
194J | Fees For Professional or Technical Services |
10% |
0% |
0% |
0% |
Rs. 30000 |
194LA | Compensation on acqusition of immovable property |
10% |
0% |
0% |
0% |
Rs. 100000 (Increased to Rs. 200000/- W.e.f. 01/07/2012) |
6CA | Alcholic Liquor For Human Consumption |
1% |
2% |
2% |
1% |
No Exemption Limit |
6CI | Tendu Leaves |
5% |
2% |
2% |
1% |
No Exemption Limit |
6CB | Timber obtained under a Forest Leade |
2.50% |
2% |
2% |
1% |
No Exemption Limit |
6CC | Timber obtained (other thanForest ) |
2.50% |
2% |
2% |
1% |
No Exemption Limit |
6CD | Forest Produce (other than Tendu Leaves) |
2.50% |
2% |
2% |
1% |
No Exemption Limit |
6CE | Scrap |
1% |
2% |
2% |
1% |
No Exemption Limit |
6CF | Parking Lot |
2% |
2% |
2% |
1% |
No Exemption Limit |
6CG | Toll Plaza |
2% |
2% |
2% |
1% |
No Exemption Limit |
6CH | Mining and Quarrying |
2% |
2% |
2% |
1% |
No Exemption Limit |
6CJ | Minerals, being coal or lignite or iron ore |
1% |
2% |
2% |
1% |
No Exemption Limit ( Effective on or after 1st July,2012) |
6CK | Bullion or jewellery |
1% |
2% |
2% |
1% |
Exemption Limit 100000/- (effective on or after 1st July, 2012 |
* Note: For Non Salary and TCS | * For the purpose of Tax Deduction/Collection Surcharge, Education Cess and secondary and Higher Cess is not required to deduct/collect if payment collected to Resident and for other than salary. In case payment made to Non- Domestic company than Surcharge (@2% if payment exceed from 1.00 Crore but not Exceed 10 crore, in case Payment Exceed from 10 crore than rate of Surcharge will be @5%) Required to be Deducted. * In case payment made to Non-resident, surcharge(@10% when payment exceed Rs. 1 Crore), Edu cess & SCHEC |
As per section 206AA, if the payee does not furnish his or her Permanent Account Number to the deductor, then the deductor shall deduct tax at the higher of the following rates:
•The rate specified in the relevant provisions of the Act
•The rate or rates in force, that is, the rate prescribed in the Finance Act
•The rate of 20%