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What Is Tax Deduction At Source ?

a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

Different Types Of TDS Forms Are As Follows

Form 24Q -TDS on salaries

Form 26Q – TDS on payments other than salaries

Form 27Q – TDS on payments made to non-residents

Form 27EQ – TCS

Who Will File Return ?

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.

 

Delays

After depositing TDS, the challan provided by the OLTAS system takes 2-3 days to be processed. So make sure to deposit TDS at least 3-4 days before the 7th of following month deadline to avoid paying late fees.

Late Fine

Late filing fees under section 234E As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS. TDS/TCS return cannot be filed without payment of late filing fees as discussed above. In other words, the late filing fees shall be deposited before filing the TDS return. It should be noted that Rs. 200 per day is not penalty but it is a late filing fee.

section 194Q w.e.f 01.07.2021

194 Q is applicable on Any person, being a buyer whose total sales/gross receipts/turnover from the business carried on by him exceed 10 crore rupees during the F.Y. immediately preceding the F.Y. in which the purchase of goods is carried out, not being a person, as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein. and who is responsible for paying any sum to any resident (i.e. seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year.

Section 194S   w.e.f 01.07.2022

In line with the existing TDS section 194IA requiring deduction of tax at source @ 1% on purchase of any immovable property exceeding rupees fifty lakhs in a year, the Finance Bill 2022, has proposed a new section 194S applicable w.e.f. 1.7.2022, mandating deduction of tax at source @ 1% on the payment of purchase consideration to a resident person, on transfer of a virtual digital asset, as defined in another new section 2(47A).

 

Section 194R  w.e.f 01.07.2022. 

The  section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @10% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite. The benefit or perquisite may or may not be convertible into money but should arise either from carrying out of business, or from exercising a profession, by such resident. This deduction is not required to be made, if the value or aggregate of value of the benefit or perquisite provided or likely to be provided to the resident during the financial year does not exceed twenty thousand rupees .

 

 

 

 

 

TDS Rate Charts for the FY 2022-23

SectionDeducteeNature of transactionThreshold Limit (Rs)TDS Rate
192R, NRPayment of salaryBasic exemption limit of employeeNormal Slab Rates
192AR, NRPremature withdrawal from EPF50,00010%
193RInterest on securitiesDebentures- 5,000

8% Savings (Taxable) Bonds 2003 or 7.75% Savings (Taxable) Bonds 2018- 10,000

Other securities- No limit
10%
194RPayment of any dividend5,00010%
194ARInterest from other than interest from securities (from deposits with banks/post office/co-operative society)Senior Citizens- 50,000

Others- 40,000
10%
194ARInterest from other than interest on securities u/s 193 and interest from banks/post office/co-operative society.

For e.g., interest from friends and relatives
5,00010%
194BR, NR, FCIncome from lottery winnings, card games, crossword puzzles, and other games of any type10,00030%
194BBR, NR, FCIncome from horse race winnings10,00030%
194CRPayment to contractor/sub-contractor:-

Individuals/HUF
Single transaction- 30,000

Aggregate transactions- 1,00,000
1%
194CRPayment to contractor/sub-contractor:-

Other than Individuals/HUF
Single transaction- 30,000

Aggregate transactions- 1,00,000
2%
194DRInsurance commission to domestic companies15,00010%
194DRInsurance commission to other than companies15,0005%
194DARIncome for the insurance pay-out, while payment of any sum in respect of a life insurance policy.1,00,0005%
194ENR, FCPayment to non-resident sportsmen/sports associationNo limit20%
194EER, NRPayment of amount standing to the credit of a person under National Savings Scheme (NSS)2,50010%
194FR, NRPayment for the repurchase of the unit by Unit Trust of India (UTI) or a Mutual FundNo limit20%
194GR, NR, FCPayments, commission, etc., on the sale of lottery tickets15,0005%
194HRCommission or brokerage15,0005%
194-IRRent on
plant and machinery
2,40,0002%
194-IRRent on
land/building/furniture/fitting
2,40,00010%
194-IARPayment in consideration of transfer of certain immovable property other than agricultural land.50,00,0001%
194-IBRRent payment by an individual or HUF not covered u/s. 194-I50,000 per month5%
194-ICRPayment under Joint Development Agreements (JDA) to Individual/HUFNo limit10
194JRAny sum paid by way of fee for professional services30,00010%
194JRAny sum paid by way of remuneration/fee/commission to a director30,00010%
194JRAny sum paid for not carrying out any activity concerning any business;30,00010%
194JRAny sum paid for not sharing any know-how, patent, copyright, etc.30,00010%
194JRAny sum paid as a fee for technical services30,0002%
194JRAny sum paid by way of royalty towards the sale or distribution, or exhibition of cinematographic films30,0002%
194JRAny sum paid as fees for technical services, but the payee is engaged in the business of operation of the call center.30,0002%
194KRPayment of any income for units of a mutual fund, for example, dividendNo limit10%
194LARPayment in respect of compensation on acquiring certain immovable property2,50,00010%
194LBNR, FCPayment of interest on infrastructure debt fund to Non-ResidentNo limit5%
194LCNR, FCPayment of interest for the loan borrowed in foreign currency by an Indian company or business trust against loan agreement or the issue of long-term bondsNo limit5%
194LCNR, FCPayment of interest for the loan borrowed in foreign currency by an Indian company or business trust against the issue of long-term bonds listed in IFSCNo limit4%
194LDNR, FCPayment of interest on bond (rupee-denominated) to FII or a QFINo limit5%
194LBA(1)RCertain income distributed by a business trust to its unitholderNo limit10%
194LBA(2)NR, FCInterest income of a business trust from SPV distribution to its unitholdersNo limit5%
194LBA(2)NR, FCDividend income of a business trust from SPV, in which it holds the entire share capital exempt the capital held by the government, and distribution to its unitholdersNo limit10%
194LBA(3)NRRental income payment of assets owned by the business trust to the unitholders of such business trustNo limit30%
194LBA(3)FCRental income payment of assets owned by the business trust to the unitholders of such business trustNo limit40%
194LBBR, NRCertain income paid to a unitholder in respect of units of an investment fundNo limit10%
194LBBFCCertain income paid to a unitholder in respect of units of an investment fundNo limit40%
194LBCRIncome from investment in securitisation fund received to an individual and HUFNo limit25%
194LBCRIncome from investment in securitisation fund received to a domestic companyNo limit10%
194LBCFCIncome from investment in securitisation fund received to a foreign companyNo limit40%
194LBCNRIncome from investment in securitisation fund received to NRINo limit10%
194MRCertain payments by Individual/HUF not liable to deduct TDS under Section 194C, 194H, and 194J50,00,0005%
194NR, NRCash withdrawal exceeding a certain amount1 crore2%
194NR, NRCash withdrawal in case person not filing ITR for last three years and the original ITR filing due date expired-20 lakh to 1 crore

-1 crore
2%

5%
194ORPayment for the sale of goods or provision of services by the e-commerce operator through its digital or electronic facility or platform.5,00,0001%
194PRPayment of pension or interest to specified senior citizens of age 75 years or moreBasic exemption limit of senior citizens or super senior citizensNormal tax slab rates
194QRPayments for the purchase of goods50,00,0000.10%
194R
(Refer notes)
RPerquisite or benefit to a business or profession20,00010%
194S
(Refer notes)
RTDS on the transfer of virtual digital assetsSpecified Persons- 50,000

Others- 10,000
1%
195NRIncome on investments made by NRI citizenNo limit20%
195NRIncome by way of LTCG referred to in section 115E in the case of NRINo limit10%
195NR, FCIncome by way of LTCG under section 112(1)(c)(iii)No limit10%
195NR, FCIncome by way of LTCG under section 112ANo limit10%
195NR, FCIncome by way of STCG under section 111ANo limit15%
195NR, FCAny other income by way of LTCGNo limit20%
195NR, FCInterest payable on money borrowed by the government or Indian concern in foreign currencyNo limit20%
195NR, FCIncome from royalty payable by the Indian concern or the government, for the copyright in a subject referred in the first proviso of section 115A or computer software referred to in the second proviso of section 115ANo limit10%
195NRIncome from royalty payable by government or Indian concern in pursuance of an agreement on matters included in the industrial policyNo limit10%
195FCIncome from royalty payable by government or Indian concern in pursuance of an agreement on matters included in the industrial policy

If the agreement for such royalty payment is entered in between 31st March 1961 and 1st April 1976
No limit50%
195FCIncome from royalty payable by government or Indian concern in pursuance of an agreement on matters included in the industrial policy

If the agreement for such royalty payment is entered after 31st March 1976
No limit10%
195NRIncome from technical fees payable by government or Indian concern in pursuance of an agreement on matters related to industrial policyNo limit10%
195FCIncome from technical fees payable by government or Indian concern in pursuance of an agreement on matters related to industrial policy

If the agreement for such payment is entered in between 29th February 1964 and 1st April 1976
No limit50%
195FCIncome from technical fees payable by government or Indian concern in pursuance of an agreement on matters related to industrial policy

If the agreement for such payment is entered after 31st March 1976
No limit10%
195NRAny other incomeNo limit30%
195FCAny other incomeNo limit40%
196BNR, FCIncome (including LTCG) from units of an offshore fundNo limit10%
196CNR, FCIncome (including LTCG) from foreign currency bonds or GDR of an Indian companyNo limit10%
196DNR, FCIncome (excluding dividend and capital gain) from Foreign Institutional Investors.No limit20%



 

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Frequently asked questions

When TDS is not required to be deducted?

What will be Rate of TDS on 194Q?

Is section 194Q applicable to the purchase of capital goods?

Which is the base year for the threshold limit of Rs.50 lakhs?

What are the consequences of not deducting or not depositing TDS?

What is the impact of TCS on e-invoicing under GST?

How can the tds be paid to central government?.

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