TDS RATE CHART FY 2015-16 AY 2016-17 TDS DUE DATES FY 2015-16

Deduction of Tax at correct rate is very important for deductor and minor mistake in deduction leads to penalty in shape of Interest on la...

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 disallowance of Expenses. We have Compiled Tax deduction rates chart (TDS rate chart) for Financial year 2015-16 which may be useful for all the readers. You may also download full post along with other details in PDF from the link given at the end of the post.

Complete details Of TDS rate changes for financial year 2015-16 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 E tds 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.

TDS-TCS Rates Chart FY 16-17-Due Date of TDS-TCS Deposit/Return filing -Interest-Penalty 

If there are any mistakes ,errors then please point out this in comment section.

TDS RATE CHART FY 2015-16 AY 16-17
Nature of Payment Made To Residents	Cutoff (Rs.)	Company / Firm / Co-operative Society / Local Authority	Individual / HUF	If No / Invalid PAN
Section - Description		Rate (%)
192 - Salaries(note-10)	-	NA	Avg rates	20
192A-Premature withdrawal from EPF ( wef 01.06.2015)	30000	NA	10	34.608
193 - Interest on securities	-	10	10	20
194 - Dividends	2500	10	10	20
194A - Interest other than interest on securities - Others	5000	10	10	20
194A - Banks(Time deposits)	10000	10	10	20
194A - Banks (Recurring deposit)(01.06.15)	10000	10	10	20
194A - Deposit in Co-op Banks(01.06.15)	10000	10	10	20
194B - Winning from Lotteries	10000	30	30	30
194BB - Winnings from Horse Race	5000	30	30	30
194 C - Payment to Contractors	-	-	-	-
194C- Payment to Contractor - Single Transaction	30000	2	1	20
194C-Payment to Contractor - Aggregate During the F.Y.	75000	2	1	20
194C- Contract - Transporter who has provided valid PAN (up to 31.05.2015)	-	-	-	20
194C- Contract - Transporter not covered under 44AE (wef 01.06.2015)	30000 / 75000	2	1	20
194C- Contract - Transporter covered under 44AE & submit declaration on prescribed form with PAN (wef 01.06.2015)	-	-	-	20
194D - Insurance Commission	20000	10	10	20
194DA Payment in respect of life insurance policy(applicable from 01.1.2014)	100000	2	2	20
194E - Payment to Non-Resident Sportsmen or Sports Association	-	20	20	20
194EE - Payments out of deposits under NSS	2500	20	-	20
194F - Repurchase Units by MFs	-	20	20	20
194G - Commission - Lottery	1000	10	10	20
194H - Commission / Brokerage	5000	10	10	20
194I - Rent - Land and Building - furniture - fittings	180000	10	10	20
194I - Rent - Plant / Machinery / equipment	180000	2	2	20
194IA -Transfer of certain immovable property other than agriculture land(w.e.f 1-6-2013)	5000000	1	1	20
194J - Professional Fees	30000	10	10	20
194LA - Immovable Property	200000	10	10	20
194LB - Income by way of interest from infrastructure debt fund (non-resident)	-	5	5	20
194LB - Income by way of interest from infrastructure debt fund (non-resident)	-	5	5	20
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)	-	5	5	20
194LD - Interest on certain bonds and govt. Securities(from 01-06-2013)	-	5	5	20
196B - Income from units	-	10	10	20
196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)	-	10	10	20
196D - Income of FIIs from securities	-	20	20	20

                   

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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 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 )up to 31.05.2015.
4. TDS on Good Transport wef 01.06.2015 : TDS shall be applicable on payment to transporter  wef 01.06.2015 .However tds exemption will be available only to those transporters 
• who own ten or less goods carriages at any time during the previous year. 
• Such a transporter would also need to furnish a declaration to that effect to the payer along with the PAN. 
5. 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.
6. Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(12 %)
7. Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 12 %
8. 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.
9. 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.
10. Section 206AA in the Act makes furnishing of PAN by the employee compulsory in case of receipt of any sum or income or amount, on which tax is deductible. If employee (deductee) fails to furnish his/her PAN to the deductor , the deductor has been made responsible to make TDS at higher of the following rates:
•  i) at the rate specified in the relevant provision of this Act; or 
• ii) at the rate or rates in force; or 
• iii) at the rate of twenty per cent. The deductor has to determine the tax amount in all the three conditions and apply the higher rate of TDS. However, where the income of the employee computed for TDS u/s 192 is below taxable limit, no tax will be deducted. But where the income of the employee computed for TDS u/s 192 is above taxable limit, the deductor will calculate the average rate of income-tax based on rates in force as provided in sec 192. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to deducted at the average rate. Education cess @ 2% and Secondary and Higher Education Cess @ 1% is not to be deducted, in case the tax is deducted at 20% u/s 206AA of the Act. 

Download TDS -TCS Rate Chart & TDS Related Due Dates Fy 2015-16
TDS-TCS Rates Chart FY 16-17-Due Date of TDS-TCS Deposit/Return filing -Interest-Penalty

Minor changes has been made in TDS rates for FY 2015-16 by Finance Minister in Budget .All these changes are effective from 01.06.2015.

1. Requirement for obtaining evidence/ particulars by employer for TDS–Section 192 :Earlier employer may collect such evidence which he deems fit to allow deduction or set off of house property income from salary income to employee,now department will prescribe the document to be obtained or form on which information shall be furnished by the employee to employer

2. TDS from premature withdrawal from Employees’ Provident Fund Scheme (EPFS)–Sections 192A and 197A
The trustees of an RPF are required to deduct tax at source @ 10% (20% if pan not provided) at the time of payment of premature (less than 5 years of service) withdrawal of the accumulated balance where the aggregate withdrawal is Rs 30,000/- or more . It has also been provided that tax shall not be deducted if the employee furnishes to the payer a self-declaration in the prescribed Form No. 15G/15H, declaring that the tax on her/his estimated total income of the relevant previous year would be nil.
Read Details Here

3. TDS from interest (other than interest on securities)–Section 194A

There are several amendments pertaining to TDS from interest.Now TDS is also required to be deducted on interest of under

• Recurring deposit 
• Deposit in co-operative Banks

Further to check the Cutoff amount of 10,000 ,Interest earned from all CBS branches of a particular Bank is to be considered.

4. TDS from payments to transporters–Section 194C

4.1 Currently, payment to transporters carrying on the business of plying, hiring, or, leasing of goods carriages is not liable to withholding tax if the transporter furnishes her/his permanent account number to the payer. It seems that the intention of having this provision was to exclude small transporters from the rigours of TDS provisions. But because of the way the section was drafted, all transporters were excluded from the TDS provisions if they had a PAN.


4.2 With a view to bring back the big transporters back into the TDS fold, from 1st June 2015 onwards, this exemption will be available only to those transporters who own ten or less goods carriages at any time during the previous year. Such a transporter would also need to furnish a declaration to that effect to the payer along with the PAN.


4.3 There was also some bit of confusion in the minds of a few people as to whether the said section (and exclusion) applied to payers engaged in the business of transport or to payees engaged in the business of transport. To remove this confusion, it has now been clarified in the Memorandum to the Finance Bill that this exemption is available whether such amount is paid by a person engaged in the business of transport or otherwise.

Various situations and Surcharge /Cess applicable on TDS/TCS
Payment to		payment	Surcharge	Cess
Resident	Non-corporate	salary(up to 1 crore)	No	yes(3%)
	Non-corporate	salary(> I crore)	yes (12%)	yes (3%)
	Non-corporate	other than salary	No	No
	Corporate	other than salary	No	No
Non-Resident	Non-corporate	salary(up to 1 crore)	No	yes (3%)
	Non-corporate	salary(> I crore)	Yes (12 %)	yes (3%)
	Non-corporate	other than salary up to 1 Crore	No	yes (3%)
	Corporate	other than salary (> 1 Crore to 10 crore)	yes(2%)	yes (3%)
	Corporate	other than salary > 10 Crore	yes(5%)	yes (3%)

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 2015-16)(read more details by Tax collection at source)

TCS Rates for F. Y. 2015-16
Section	Nature of Payment
		F. Y. 2015-16
		Individual / HUF	Other
206C	Scrap	1	1
206C	Tendu Leaves	5	5
206C	Timber obtained under a forest lease or other mode	2.5	2.5
206C	Any other forest produce not being a timber or tendu leave	2.5	2.5
206C	Alcoholic Liquor for human consumption	1	1
206C	Parking Lot, toll plaza, mining and quarrying	2	2
206C	Minerals, being coal or lignite or iron ore (applicable from July 1, 2012)	1	1
206C	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)	1	1

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 XVII‐B 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 income‐tax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.

Tax to be deducted/collected  by Govt  Office
1	Tax deposited without challan	Same day
2	Tax deposited with challan	7th of next month
3	Tax on perquisites opt to be deposited by the employer	7th of next month

(2) All sums deducted in accordance with the provisions of Chapter XVII‐B 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 income‐tax is due under sub‐section (1A) of section 192.

Tax deducted/collected by other
1	tax deductible in March	30th April of next year  In case of TCS 7th April
2	other months & tax on perquisites opted to be deposited by employer	7th of next month

(3) Notwithstanding anything contained in sub‐rule (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	Quarter ended On	Date of payment
1	30th June	7th July
2	30the September	7th October
3	31st December	7th January
4	31st March	30Th April

Person required to file E TDS 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 Form 16 ,Form 16A
Sl. No.	Quarter ending	From 01.11.2011 on wards For Govt offices		For other deductors
		Etds return	Form 16A	Etds return	Form 16A
1	30th June	31st July	15th August	15th July	30th July
2	30th September	31st October	15th November	15th October	30th October
3	31st December	31st January	15th Feburary	15th January	30th January
4	31st March	15th May	30th May        (31st May   for form 16)	15th May	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.

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 .

	FY 2010-11	FY 2011-12	FY 2012-13 onwards
Download Form 16A   from TDSCPC (TRACES) Web Site	Optional	Mandatory for Companies and Banks. Optional   for others	Mandatory for all type of deductors
Digitally Sign Form 16A	Optional but only if downloaded from TDSCPC (TRACES) Web site	Optional but only if downloaded from TDSCPC (TRACES) Web   site	Optional but only if downloaded from TDSCPC (TRACES) Web site
Manually Issue TDS Certificate(Form 16A)	All deductors can manually issue TDS Certificate	Companies and Banks cannot manually issue TDS Certificate	No deductor can  issue manually TDS certificate
Manually Issue TDS Certificate(Form 16 salary)	All deductors can manually issue TDS Certificate	All deductors can manually issue TDS Certificate	Form 16(PartA) is mandatory to downloaded 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) 

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

Various Password required to Use Traces Website

Functionality	Password	Example
Password Formats for Tax Deductors
Registration	It should contain a minimum of 8 alpha numeric characters with at least one capital letter.	Password123
Consolidated File	TAN_Request Number of request submitted	DELA11111D_23456
Form 16/ 16A	TAN in capital letters	DELA11111D
Justification Report	JR_TAN_FormType_Quarter_FY	JR_DELA11111D_24Q_Q3_2010-11
Intimation through email	TAN_Date of filing original statement (in DDMMYYYY format)	DELA_13102013
Password Formats for Tax Payers
Registration	It should contain a minimum of 8 alpha numeric characters with at least one letter in upper case	Password123
Form 26 AS	Date of Birth (in DDMMYYYY format)	If your date of birth is 01-Feb-1980, password will be 01021980
Form 16B	Date of Birth (in DDMMYYYY format)	If your date of birth is 01-Feb-1980, password will be 01021980

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. Refund can be claimed by the deductee on filing of return of income.
3. 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. One Challan Can be deposited for all Sections ?
2. How to File Nil TDS return Online
3. How to download Consolidated FVU
4. TDS on Job work(194C) Tds on Job work has been relaxed read new definition u/s 194C.
5. TDS on Cold Storage (194C clarification)
6. No TDS on service tax on all section (circular -01/2014 dated 13.01.2014)
7. TDS on Rent (various circulars by department on tds on rent )
8. E-payment of TDS mandatory from 01.04.2008
9. E-Payment Auto Filler for Tds Challan 
10. E-Payment From Other Banks Account Allowed
11. TDS challan ITNS 281 In excel & 
12. How to Fill TDS CHALLAN-ITNS 281
13. How To pay Income Tax/Tds Online FAQ
14. Nil TDS on Transporter and others to be reported in ETDS quarterly returns
15. 1% TDS on transfer of property u/s 194IA wef 01.06.2013
16. TDS on rent section 194-1 brief notes, circular, notification and case laws
17. 42 Important points related to TDS/TCS deduction and etds return filing

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Download TDS -TCS Rate Chart & TDS Related Due Dates Fy 2015-16
TDS-TCS Rates Chart FY 16-17-Due Date of TDS-TCS Deposit/Return filing -Interest-Penalty