|
| Section |
Nature of Payment |
Threshold Limit of Payment |
FY (2014-15) |
| 192 |
Income from Salary
|
Senior Citizen (60 Years)
|
Rs. 2,50,000 |
Average rate of Tax + edu. Cess Surcharge if Salary > 1 cr |
|
Super Senior Citizen (80 Years)
|
Rs. 5,00,000 |
| Others |
Rs. 2,00,000 |
| 193 |
Interest on Securities |
Rs. 5000 |
10% |
| 194A |
Interest from a Banking Company
|
Rs. 10,000 per annum
|
10% |
| 194A |
Interest other than from a Banking Co.
|
Rs. 5,000 per annum
|
10% |
| 194B |
Winning from Lotteries & Cross Word Puzzles
|
Rs. 10,000 per annum |
30% |
| 194BB |
Winning from Horse Races
|
Rs. 5,000 per annum |
30% |
| 194C |
Payment to Contractors; Sub-contractor; Advertising Contractors
|
Rs. 30,000 per contract (or)
|
Individual/HUF 1%
Others 2%
|
|
Rs. 75,000 per annum
|
| 194D |
Insurance Commission
|
Rs.20,000 per annum
|
10% |
| 194E |
Non-resident Sportsman or Sports Association
|
- |
20% |
| 194G |
Commission on Sale of Lottery Tickets
|
Rs.1000
|
10% |
| 194H |
Commission/Brokerage
|
Rs. 5,000 per annum
|
10% |
| 194-I |
Rent on Plant / Machinery
|
Rs. 1,80,000 per annum |
2% |
| 194-I |
Rent Other then Plant / Machinery
|
Rs. 1,80,000 per annum
|
10% |
| 194-IA |
Payment on transfer of Non agricultural immovable property (wef 01.06.13) |
Rs. 50,00,000 |
1% |
| 194J |
Fees for Professional / Technical Services
|
Rs. 30,000 per annum
|
10% |
| 194J(1)(ba) |
Any remuneration or commission paid to director of the company (other than salary) |
|
10% |
| 194LA |
Compulsory Acquisition of Immovable Property |
Rs. 2,00,000 |
10% |
| TCS Rates |
| 206C |
Scrap
|
-
|
1% |
| 206C |
Tendu Leaves
|
-
|
5% |
| 206C |
Timber obtained under a forest lease or other mode
|
-
|
2.50% |
| 206C |
Any other forest produce not being a Timber or tendu leave
|
-
|
2.50% |
| 206C |
Alcoholic Liquor for Human Consumption
|
-
|
1% |
| 206C |
Packing lot, toll plaza, mining & quarrying
|
-
|
2% |
| 206C |
Purchase of Bullion/ Jewellery in cash |
Rs. 2 Lacs per transaction (Bullion)
Rs. 5 Lacs per transaction (Jewellery)
|
1% |
| 206C |
Purchase of coal lignite, Iron ore by a trader |
- |
1% |
| |
| Notes |
| 1. Surcharges & Education Cess |
| |
| Type of Payment |
Surcharge
|
Rate |
Education Cess (3.00%) |
| Salary (Resident & Non-resident) |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
10% |
| Other Payments to Residents |
No |
Nil |
No |
| Other Payments to Non-Residents |
|
|
|
| Payment to Non-Residents (other than Cos) |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
10% |
| Payments to Foreign Co. |
Upto 1cr |
Nil |
Yes |
| > 1 Crore |
2% |
| > 10 Crores |
5% |
|
|
2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.
3. Nil Deduction entries of transporters also to be shown in Form 26Q.
4. TDS @ 20% where PAN not furnished.
5. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.
|
| Fees and Penalties |
| Section |
Description |
FY (2014-15) |
| 234E |
Fee for late filing of TCS/ TCS return |
Rs 200 per day (not exceeding amount of tax)
|
| 271H(1)(a) |
Penalty for Late filing of TCS/TCS return beyond 1 year
|
Minimum Penalty : Rs. 10,000
Maximum Penalty : Rs. 1 lac
|
| 271H(1)(b) |
Penalty for providing incorrect information in TDS/TCS Return |
Minimum Penalty : Rs. 10,000
Maximum Penalty : Rs. 1 lac
|
| |
| Other Important Changes |
| Section |
Description |
FY (2014-15)
|
| 197A |
Eligible Age for Form 15H (Payment without TDS) |
60 years. |
| 201/206C |
Interest on non-short deduction of tax where deductee deposits advance/ self assessment tax |
Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. |
| 40(a)(ia) |
Disallowance of payment made without TDS where deductee deposits advance / self assessment tax |
Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. |
| 200A |
Appeal, Rectification against Intimation of TDS Return |
Yes |
|
Interest on delay in deposit of tax after deduction
| Stage of deduction |
Rate per month or part of the month
|
|
From date when deductible till actual deduction
|
1% |
|
From date of deduction till payment
|
1.5% |
|
M.G. Consultants
