TDS Rate Chart (AY 2023-24) (FY 2022-23)

TDS Rate Chart (Complete Provisions) AY 2023-24

Check TDS rates for assessment year 2023-24/financial Year 2022-23 along with all provisions like rate of TDS, applicability, non applicability etc. TDS Rates Chart FY 2022-23 AY 2023-24 (Applicable for the payment from 01-04-2022 to 31-03-2023). Please check important notes before calculating TDS rates for assessment year 2023-24. Here are some provisions of surcharge and education cess for some payee. Please comment if you want TDS rates chart in PDF and in excel. 

192 - Salary

Who will deduct TDS? 

  • Any Person Employer

Rate of TDS

  • Slab Rate

Not Applicable

  • If total income of employee is up to basic exemption limit

192A Accumulated Balance of RPF

Who will deduct TDS? 

  • Any Person

Rate of TDS

  • 10%

Not Applicable

  • if aggregate payment is less than Rs.50,000 for year

193 - Interest on securities

Debentures Limit – 5,000

Rate of TDS

  • 10%

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

Rate of TDS

  • 10%

Other securities- No limit

Rate of TDS

  • 10%

194 - Payment of any Dividend

Rate of TDS

  • 10%

Not Applicable

  • if aggregate payment is less than Rs.5000

194A Interest other than "Interest on securities"

Who will deduct TDS? 

  • All person except Individual/HUF

Rate of TDS

  • 10%

Not Applicable

  • Interest paid by bank/post office not exceeding Rs.40,000 (Rs.50,000 for Resident Senior Citizen)
  • Other interest not exceeding Rs.5,000
  • Interest on loan given to bank
  • Interest paid by firm to its partners
  • Exempted interest u/s 10(15)
  • Interest paid by primary agricultural credit society on deposit made with them
  • Interest on tax refund by Govt
  • Interest on Zero Coupon Bonds

Individual/HUF Payer – When preceding financial year turnover exceeds Rs.1cr/50 lakh (1 Cr in case of business and 50 lakh in case of profession)

194B Winning from Lottery/Crossword Puzzles

Who will deduct TDS? 

  • All person

Rate of TDS

  • 30%

Not Applicable

  • No TDS if winning is up to Rs.10,000

194BB Winning from horse race

Who will deduct TDS? 

  • All person

Rate of TDS

  • 30%

Not Applicable

  • No TDS if winning is up to Rs.10,000

194C Payment to contractor, work/labour contract, advertising contract, catering, TV, transporters, job work

Who will deduct TDS? 

  • Any Person except Ind/HUF

Rate of TDS

  • Payee Ind/HUF – 1%
    Other – 2%

Not Applicable

  • Single payment is upto Rs. 30,000 & aggregate payment upto Rs. 1,00,000 during financial year.
  • Personal Contact
  • Payment to contractor in transport business owning less than 10 trucks during financial year & furnish PAN

Ind/HUF Payer – When preceding financial year turnover exceeds Rs.1cr/50 lakh (1 Cr in case of business and 50 lakh in case of profession)

194 D Insurance Commission

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 5% (other than companies)
  • 10% (domestic Companies)

Not applicable?

  • Commission/remuneration/reward is upto Rs.15,000/-

194DA Life Insurance Maturity Proceeds

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 5%  (Income Received)

Not applicable?

  • Amount Exempted u/s 10(10D)
  • Keyman Insurance Policy
  • Amount Received Less Than 1,00,000/-

194E Payment to Non Resident Sportsman

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 20.8%

(20% TDS +4% Health & Education Cess)

Not applicable?

  • Always Deducted

194EE National Saving Scheme

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 10%

Not applicable?

  • Payment made to legal heirs of a deceased depositor
  • Amount paid less than 2,500/-

194F - Payment for the repurchase of the unit by Unit Trust of India (UTI) or a Mutual Fund

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 20%

194G Commission on the sale of lottery

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 5%

Not applicable?

  • Amount paid is upto Rs. 15,000/-

194H Commission or brokerage other than share brokerage

Who will deduct TDS? 

  • Any Person except individual/HUF*

Rate of TDS? 

  • 5%

Not applicable?

  • Amount paid is upto Rs. 15,000/-

194I Rent of Land & Building, Plant & Machinery, Furniture & Fitting

Who will deduct TDS? 

  • Any Person except individual/HUF*

Rate of TDS? 

  • 2%  Plant & Machinery
  • 10% Building
  • 10% Furniture & Fitting

Not applicable?

  • Rent paid is up to Rs.2,40,000/- P.A.
  • Rent paid to Govt/Local Authority/RBI

194IA Transfer of Immovable Property (Except Agricultural Land)

Who will deduct TDS? 

  • Any Person

Rate of TDS? 

  • 1%

Not applicable?

  • Amount Paid 50 Lakh or More

194IB Rent

Who will deduct TDS? 

  • Individual/HUF not covered u/s 44AB

Rate of TDS? 

  • 5%

Not applicable?

  • Rent paid is up to Rs.50,000 p.m.

Notes: 

  • TDS is deducted on the last month of financial year or in the month of leaving/vacating the property.

194IC Specified Agreement 45(5A)

Who will deduct TDS? 

  • Any person

Rate of TDS? 

  • 10%

Not applicable?

  • Always Deducted

194J Fee for Technical Services, Professional Fee, Royalty, Non-Compete Fee, Director's Remuneration

Who will deduct TDS? 

  • Any person except individual/HUF

Rate of TDS? 

  • 2% if payee is call center
  • 2% if payee is FTS/royalty for cinema films
  • 10% other

Not applicable?

  • Amount paid is upto Rs.30,000/- each in the case of fee for technical service, professional fee, royalty, non compete fee
  • NO limit for directors remuneration

194K TDS in case of Income of units of Mutual fund

Who will deduct TDS? 

  • Any person (UTI/Mutual Funds Units)

Rate of TDS? 

  • 10%

Not applicable?

  • Amount paid is upto Rs.5000/-

194LA Compensation on compulsory acquisition of immovable property

Who will deduct TDS? 

  • Any person (UTI/Mutual Funds Units)

Rate of TDS? 

  • 10%

Not applicable?

  • Amount paid is upto Rs.2,50,00/- in a year
  • No TDS on compensation on compulsory acquisition of any agricultural land

194LB Interest on infrastructure Debt Fund

194LB Payment of interest on infrastructure debt fund to Non-Resident 5%
194LC Payment 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 bonds 5%
194LC Payment 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 IFSC 4%
194LD Payment of interest on bond (rupee-denominated) to FII or a QFI 5%
194LBA(1) Certain income distributed by a business trust to its unitholder 10%
194LBA(2) Interest income of a business trust from SPV distribution to its unitholders 5%
194LBA(2) Dividend 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 unitholders 10%
194LBA(3) Rental income payment of assets owned by the business trust to the unitholders of such business trust 30%
194LBA(3) Rental income payment of assets owned by the business trust to the unitholders of such business trust 40%
194LBB Certain income paid to a unitholder in respect of units of an investment fund 10%
194LBB Certain income paid to a unitholder in respect of units of an investment fund 40%
194LBC Income from investment in securitization fund received to an individual and HUF 25%
194LBC Income from investment in securitization fund received to a domestic company 10%
194LBC Income from investment in securitization fund received to a foreign company 40%
194LBC Income from investment in securitization fund received to NRI 10%

 

194M Contract, Commission, Brokerage, Professional Fee

Who will deduct TDS? 

  • Individual/HUF (other than covered u/s 194C, 194H, 194J)

Payee

  • Any Resident Person

Rate of TDS? 

  • 5%

Not applicable?

  • Amount paid up to Rs. 50,00,000/-

Notes: Applicable only to Any Resident Individual/HUF

194N Cash Withdrawals

Who will deduct TDS? 

  • Bank/PO

Payee

  • Any Resident Person

Rate of TDS?

Above Rs. 1 Crore – 2%

In case of Non filing of income tax return

  • 20 Lakh to 1 Crore – 2%
  • Above 1 Crore – 5%

Not applicable?

  • Amount paid up to Rs. 1 crore

194O TDS Payment by e-Commerce Operator

Who will deduct TDS? 

  • E-Commerce Operator

Payee

  • E-Commerce Participant (Sellers)

Rate of TDS? 

  • 1%

Not applicable?

  • Amount paid up to Rs.5 Lakh (Ind/HUF)

194P - Pension Along With Interest on Bank Account

Who will deduct TDS? 

  • Notified Specified Bank

Payee

  • Specified Senior Citizen

Rate of TDS? 

  • Slab Rate

Specified Senior Citizen: 

  • Resident 75 years of age or more
  • Only pension income no other income except interest income received from any account maintained by such individual in the same specified bank in which he/she receiving his/her pension income; and
  • has furnished a declaration to the specified bank.

194Q Purchase of Goods (w.e.f. 1-7-2021)

Who will deduct TDS? 

  • Buyer (Sales/Receipts/Turnover from Business exceeds Rs. 10 crores during the Financial Year immediately preceding the FY in which the purchase of goods is carried out)

Rate of TDS? 

  • 0.1% of sum exceeding 50 Lakhs

Non-Applicability 

  • No TDS if aggregate purchase is upto 50 lakhs in a previous year

194R - Perquisite or Benefit to a Business or Profession

Who will deduct TDS? 

  • Employer who provide perks or benefits

Rate of TDS? 

  • 10%

Non-Applicability 

  • No TDS if the value of the perquisite or benefit does not exceed Rs.20,000/-

194S - TDS on Transfer Virtual Digital Assets

Rate of TDS? 

  • 1%

Non-Applicability 

  • Specified Person – 50,000/-
  • Others – 10,000/-

‘Specified person’ means a person:– being an individual or Hindu undivided family – Turnover from Business does not exceed 1 crore rupees or Turnover from Profession does not exceed 50 lakh, during the financial year immediately preceding the financial year in which such virtual digital asset is transferred; being an individual or Hindu undivided family – having income under any head other than the head ‘Profits and gains of business or profession’.

195 - Payment to a Non-Resident

Nature of Payment Payee Non Domestic Company
Income on investments made by NRI citizen Non Resident 20%
Income by way of LTCG referred to in section 115E in the case of NRI Non Resident 10%
Income by way of LTCG under section 112(1)(c)(iii) Non Resident/Foreign Company 10%
Income by way of LTCG under section 112A  Non Resident/Foreign Company 10%
Income by way of STCG under section 111A Non Resident/Foreign Company 15%
Any other income by way of LTCG  Non Resident/Foreign Company 20%
Interest payable on money borrowed by the government or Indian concern in foreign currency  Non Resident/Foreign Company 20%
Income 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 115A Non Resident/Foreign Company 10%
Income from royalty payable by government or Indian concern in pursuance of an agreement on matters included in the industrial policy Non Resident 10%
Income 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

Foreign Company 50%
Income 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

Foreign Company 10%
Income from technical fees payable by government or Indian concern in pursuance of an agreement on matters related to industrial policy Non Resident 10%
Income 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

Foreign Company 50%
Income 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

 

Foreign Company 10%
Any other income Non Resident 30%
Any other income Foreign Company 40%

196A, 196B, 196C, 196D(1) 196D (1A)

196A – Income in respect of units of non-resident/foreign company 20%
196B – Payment of income from units (including LTCG on transfer of such units) to offishore fund 10%
196C – Payment credit of interest of foreign currency bonds or GDR (including LTCG on transfer of such bonds) 10%
196D(1) Payment of income from securities 20%
196D(1A) Payment of interest from securities to a specified fund 10%

Important Notes

Surcharge on TDS

if recipient is Non Resident (Individual/HUF/AOP/BOI/Artificial Juridical Person)

How to Calculate = (TDS Rate + Surcharge + HEC)

Payment Limit Surcharge HEC
Rs.0 to Rs. 50 Lakh 4%
Rs.50 Lakh to Rs.1 Crore 10% 4%
Rs.1 Crore to Rs. 2 Crore 15% 4%
Rs.2 Crore to Rs. 5 Crore 25% 4%
Above Rs.5 Crore 37% 4%

if recipient is Non Resident Co-operative Society/Firm

Payment Limit Surcharge HEC
Rs.0 to Rs.1 Crore 4%
Above Rs.1 Crore 12% 4%

if recipient is Domestic Company

Payment Limit Surcharge HEC
Rs.0 to Rs.1 Crore 4%
Rs.1 Crore to Rs.10 Crore 2% 4%
Above Rs.10 Crore 5% 4%

Sec 206AA – If PAN is not furnished by payee to payer

  • Actual Rate or 20% whichever is higher

Provisions: This section not applicable in the following cases

  • 194LC
  • 192A – max rate 42.744 not 20%
  • 194O  194Q – 5% not 20%
  • As per rule 37BC

Non Resident Payee

(a) Name, email-id, contact number, address in foreign country, tax residency certificate issued by the foreign government and tax identification number issued by the foreign country.

if satisfies the conditions of rule 114AAB

Sec 206AB – Non Filer of Income Tax Return

  • Twice the actual rate or 5% whichever is higher
  • other than section 192, 192A, 194B, 194BB, 194 IA, 194 IB, 194 LBC, 194M,

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3 thoughts on “TDS Rate Chart (AY 2023-24) (FY 2022-23)”

  1. Sir, Please Send me details of TDS paid (Percentage of TDS if Tritty is avail or Not ) in Section 195 Other Sums against payment of Export Sales Commission & Export Sales Consultancy Fees.

    Reply

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