Rates for deduction of tax at source Taxes shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, the withholding tax rates specified under the Double Taxation Avoidance Agreements shall also be considered.
Latest TDS Rates Chart for FY 2023-24 (AY 2024-25)Based on the above Budget 2023 changes, I have prepared the latest TDS Rates Chart for FY 2023-24 (AY 2024-25).
| Section | For Payment of | Threshold limit | TDS Rate % |
|---|---|---|---|
| 192 | Salary Income | Income Tax Slab | Slab rates (Based on old or new tax regimes) |
| 192 A | EPF – Premature withdrawal | Rs 50,000 | 10% (If no PAN, then @20%) |
| 193 | Interest on Securities | Rs. 2,500 | 10% |
| 194 | Dividend | Rs 5,000 | 10% |
| 194 A | Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit (Interest other than “Interest on securities” ) | Rs. 40,000 (Rs 50,000 for Senior Citzens) | 10% |
| 194 A | Interest other than “Interest on securities” (Other Than Bank Deposit/Post Office Deposit/Banking Co-Society Deposit) | Rs. 5,000 | 10% |
| 194 B | Winnings from lotteries, crossword puzzles, card games and other games of any sort (Aggregate winnings during FY and excludes online gaming). | Rs. 10,000 | 30% |
| 194 B | Winnings from online games | Nil | 30% |
| 194 BB | Winnings from horse races (Aggregate winnings during FY) | Rs. 10,000 | 30% |
| 194 D | Payment of Insurance Commission (Form 15G/H can be submitted) | Rs. 15,000 | 5% (Individuals) 10% (Companies) |
| 194DA | Payment in respect of Life Insurance Policy | Rs 1,00,000 | 5% |
| 194E | Payment to non-resident sportsmen/sports association | – | 20% |
| 194 EE | Payment of NSS Deposits | Rs 2,500 | 10% |
| 194 G | Commission on the Sale of lottery tickets | Rs 15,000 | 5% |
| 194 H | Commission or Brokerage | Rs 15,000 | 5% |
| 194 IA | Rent of Plant & Machinery | Rs. 2,40,000 | 2% |
| 194 IB | Rent of Land or building or furniture or fitting | Rs 2,40,000 | 10% |
| 194 IA | Payment on transfer of certain immovable property other than agricultural land | Rs. 50 lakh | 1% (TDS is to be deducted at the rate of 1% of such sum paid or credited to the resident or the stamp duty value of the such property, whichever is higher.) |
| 194 IB | Payment of rent by individual or HUF not liable to tax audit | Rs.50,000 per month | 5% |
| 194IC | Payment of monetary consideration under Joint Development Agreements | – | 10% |
| 194J | Fees for professional or technical services | Rs 30,000 | 2% (for technical services) (or) 10% (payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;) |
| 194LA | Payment of compensation on acquisition of certain immovable property | Rs 2,50,000 | 10% |
| 194 LB | Interest from Infrastructure Bond to NRI | NA | 5% |
| 194 M | Payment of commission (not being insurance commission), brokerage, contractual fee, or professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. | Rs.50,00,000 | 5% |
| 194N | Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office: | > Rs 1cr (if the person withdrawing the cash has filed income tax return for any or all three previous AYs.). > Rs.20 lakh (if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.) > Rs.3 Cr for cooperative banks | 2% and 5% (cash withdrawals exceeding Rs.1 Cr if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.) |
| 194Q | Purchase of goods (applicable w.e.f 01.07.2021) | Rs 50 lakh | 0.10% |
| 195 | Payment of any other sum to a Non-resident (NRI) | – | 20% (Income in respect of investment made by a Non-resident Indian Citizen). 10% (Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen, Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112, Income by way of long-term capital gains as referred to in Section 112A). 15% (Income by way of short-term capital gains referred to in Section 111A) 20% (Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A, Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC)) 30% on any other income |
| 206AB | TDS on non-filers of ITR at higher rates (applicable w.e.f 01.07.2021) | – | Higher of – 5% – Twice the rate in act – Twice the rate or rate in force |
| 194P | TDS on Senior Citizen above 75 Years (No ITR filing cases) | – | Slab Rates |
| 206AA | TDS rate in case of Non-availability of PAN | – | Higher of – As per act Twice the rate or rate in force 20% |
| 194R | TDS on benefit or perquisite of a business or profession | Rs.20,000 | 10% |
| 194S | TDS on payment for Virtual Digital Assets | “Specified Person” Payer– 50,000 Other Payers – 10,000 | 1% |