TDS chart- Tax rates applicable for the Financial Year 2012-13 ( Assessment 2013-14)

Income tax TDS rates Applicable for the Financial year 2012-13

TDS Rate Chart
Financial Year : 2012-2013 (Assessment Year : 2013-2014)
Nature of payment	Applicable section	Threshold Limit	Individual / HUF	Others
Salary	192	Basic exemption limit after all the deductions.	Normal rate as per income tax slab	N.A
Interest on Securities to any resident	193
(i) Interest on Debentures or securities (Listed)		Rs. 2500 from 01.04.2012 Rs. 5000  from 01.07.2012	10%	0%
(ii) Interest on 8% Savings (Taxable) Bonds, 2003		Rs. 10000	10%	10%
(iii) Any Other Interest on securities (Unlisted)		Any amount	10%	10%
Dividend other than dividend covered by Section 115-O to Resident	194	Rs. 2500 for Individual Others Any amount	10%	10%
Interest other than interest on securities	194A
(i) Banking company		Rs. 10000	10%	10%
(ii) Others		Rs. 5000	10%	10%
Winning from Lotteries	194B	Rs. 10000	30%	30%
Winnings from Horse Races	194BB	Rs. 5000	30%	30%
Payment to Resident Contractors (All Contracts other than Transport Contract)	194C	Rs. 30000 per Contract or Rs. 75000 agreegate during the year	1%	2%
Insurance Commission to Resident	194D	Rs. 20000	10%	10%
Payment to Non-Resident sportsman/ sports association/s	194E
(i) Resident		Any Amount	10%	N.A.
(ii) Non-Resident		Any Amount	10.3%	10.3%
Deposits under NSS and if the payment is to	194EE
(i) Resident		Rs. 2500	20%
(ii) Non-Resident		Rs. 2500	20.6%
Repurchase of units of MF/UTI	194F
(i) Resident		Any Amount	20%	20%
(ii) Non-Resident (Individual.)		Any Amount	20.6%
Commission on sale of lottery tickets to	94G
(i) Resident		Rs. 1000	10%	10%
(ii) Non-Resident (Individual.)		Rs. 1000	10.3%	10.3%
Commission or brokerage Brokerage to resident	194H	Rs. 5000	10%	10%
Rent to Resident for	194I
(i) machinery/plant/ equipments		Rs. 1,80,000	2%	2%
(ii) For Land/Building		Rs. 1,80,000	10%	10%
Fees for Professional/Technical services to Resident	194J	Rs. 30000	10%	10%
Remuneration or commission paid to director of the company(Effective from 1 July 2012)	194J(1)(ba)	Any Amount	10%	10%
Compensation to Resident for compulsory acquisition of immovable property	194LA	Rs. 100000 01.04.2012 Rs. 200000 from 01.07.2012	10%	10%
Payment on transfer of certain immovable property other than agricultural land (Effective from 1October 2012)	194LLA	(a) fifty lakh rupees in case such property is situated in a specified urban agglomeration; or (b) twenty lakh rupees in case such property is situated in any other area.	1%	1%
TCS Rate Chart
Financial Year : 2012-2013 (Assessment Year : 2013-2014)
Nature of payment	Applicable section	Threshold Limit	Individual / HUF	Others
Scrap	206C	Any Amount	1%	1%
Tendu leaves	206C	Any Amount	5%	5%
Timber & Other Forest Produce obtained under forest lease	206C	Any Amount	2.5%	2.5%
Alcoholic liquor for human consumption	206C	Any Amount	1%	1%
Parking lot	206C	Any Amount	2%	2%
Toll plaza	206C	Any Amount	2%	2%
Mining & Quarrying	206C	Any Amount	2%	2%
Coal, Lignite or Iron ore	206C	Any amount (Applicable From 1st July, 2012)	1%	1%
Bullion or jewellery	206C (1D)	If the sale consideration is paid in cash exceeding Rs. 2 lakhs (Applicable From 1st July, 2012)	1%	1%

Note: As per Section 206AA if PAN is not provided TDS should be deducted at the rate of 20%

or applicable rate whichever is higher.

Click here to download TDS chart in Excel

Finance bill 2012 introduced the following new TDS and TCS clauses.

Tax Deduction at Source on certain immovable properties ( other than agriculture land)

In order to collect tax at the earliest point of time and also to have a reporting mechanism of transactions in the real estate sector, it is proposed to insert a new provision to provide that every transferee, at the time of making payment or crediting any sum by way of consideration for transfer of immovable property (other than agricultural land), shall deduct tax, at the rate of 1% of such sum, if the consideration paid or payable for the transfer of such property exceeds –

a.)  fifty lakh rupees in case such property is situated in a specified urban agglomeration; or

b.)  twenty lakh rupees in case such property is situated in any other area.

This amendment will take effect from 1st October, 2012.

TDS on remuneration to a director

Necessary amendments are proposed in 194J to include that tax is to be deducted on remuneration paid to a director, which is not in the nature of salary, at the rate of 10% of such remuneration.

This amendment will take effect from 1st July, 2012.

Tax Collection at Source (TCS) on cash sale of bullion and jewellery

In order to reduce the quantum of cash transaction in bullion and jewellery sector and for curbing the flow of unaccounted money in the trading system of bullion and jewellery, it is proposed to provide that the seller of bullion and jewellery shall collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery if sale consideration exceeds two lakh rupees and the sale is in cash. This would be irrespective of the fact whether buyer is a manufacturer, trader or purchase is for personal use.

This amendment will take effect from 1st July, 2012.

TCS on sale of certain minerals

In order to collect tax at the earliest point of time and also to improve reporting mechanism of transactions in mining sector, it is proposed that tax at the rate of 1% shall be collected by the seller from the buyer of the following minerals:

(a) Coal;

(b) Lignite; and

(c) Iron ore.

However, the seller shall also not collect tax on sale of the said minerals if the same are purchased by the buyer for personal consumption. Further, the seller of these minerals shall not collect tax if the buyer declares that these minerals are to be utilized for the purposes of manufacturing, processing or producing articles or things.

This amendment will take effect from 1st July, 2012.

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