Please note that, the below-mentioned rates may get
changed in case there are any amendment before the budget approved by President
of India.
TAXBYMANISH
The Rate Chart for the Financial Year 2015-16 i.e. Assessment Year
2016-17 is tabulated below.
No Education 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.
Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :
|
Sl. No.
|
Section Of Act
|
Nature of Payment in brief
|
Cut Off Amount
|
Rate %
|
||
|
HUF/IND
|
Others
|
|||||
|
1
|
192
|
Salaries
|
Average Rate
|
|||
|
2
|
193
|
Interest on debentures
|
5000
|
10
|
10
|
|
|
3
|
194
|
Deemed dividend
|
-
|
10
|
10
|
|
|
4
|
194A
|
Interest other than Int on securities (by
Bank)
|
10000
|
10
|
10
|
|
|
4A
|
194A
|
Interest other than Int. on securities (By
others)
|
5000
|
10
|
10
|
|
|
5
|
194B
|
Lottery / Cross Word Puzzle
|
10000
|
30
|
30
|
|
|
6
|
194BB
|
Winnings from Horse
Race
|
5000
|
30
|
30
|
|
|
7
|
194C(1)
|
Contracts *
|
30000
|
1
|
2
|
|
|
8
|
194C(2)
|
Sub-contracts/
Advertisements *
|
30000
|
1
|
2
|
|
|
9
|
194D
|
Insurance Commission
|
20000
|
10
|
10
|
|
|
10
|
194EE
|
Paymentsout of
deposits under NSS
|
2500
|
20
|
-
|
|
|
11
|
194F
|
Repurchase of units
by MF/UTI
|
1000
|
20
|
20
|
|
|
12
|
194G
|
Commission on sale
of lottery tickets
|
1000
|
10
|
10
|
|
|
13
|
194H
|
Commission or
Brokerage
|
5000
|
10
|
10
|
|
|
14
|
194I
|
Rent (Land &
building)
|
180000
|
10
|
10
|
|
|
Rent (P & M ,
Equipment, furniture & fittings)
|
180000
|
2
|
2
|
|||
|
15
|
194J
|
Professional/Technical
charges/Royalty & Non-compete fees
|
30000
|
10
|
10
|
|
|
16
|
194J(1)(ba)
|
Any
remuneration or commission paid to director of the company(Effective from 1 July 2012)
|
NIL
|
10
|
10
|
|
|
17
|
194LA
|
Compensation on
acquisition of immovable property
|
200000
|
10
|
10
|
|
|
18
|
194IA
|
Payment
on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a)
Value exceeds INR 50) (Effective from 1 June 2013)
|
1
|
1
|
||
|
19
|
194LBA
|
on income distributed by business trust to its holders ( Sec 194LBA
–
wef 1.6.15)
|
|
|
10
|
10
|
TCS
RATES FOR THE FY 2015-16
The Tax Collection at
Source Rates for the Financial Year 2015-16 is tabulated below:
|
Sl.No.
|
Nature
of Goods
|
Rates
in %
|
|
|
1.
|
Alcoholic liquor for
human Consumption
|
1
|
|
|
2.
|
Tendu leaves
|
5
|
|
|
3.
|
Timber obtained
under forest lease
|
2.5
|
|
|
4.
|
Timber obtained by
any mode other than a forest lease
|
2.5
|
|
|
5.
|
Any other forest
produce not being timber or tendu leaves
|
2.5
|
|
|
6.
|
Scrap
|
1
|
|
|
7.
|
Parking lot
|
2
|
|
|
8.
|
Toll plaza
|
2
|
|
|
9.
|
Mining &
Quarrying
|
2
|
|
|
10
|
Minerals,
being coal or lignite or iron ore
|
1
|
|
|
11
|
Bullion
or jewellery (if the sale consideration is paid in cash exceeding INR 2
lakhs)
|
1
|
|
No Education 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.
Surcharge on Income-tax - Surcharge on Income-tax is not deductible/collectible
at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in
respect of payment of income other than salary.
Due date for furnishing TDS return for the last quarter of the
financial year has been modified to 15th May (from earlier 15th June).
The revised due dates for furnishing TDS return are
|
Sl.
No.
|
Date
of ending of the quarter of the financial year
|
Due
date
|
|
1.
|
30th June
|
15th July
of the financial year
|
|
2.
|
30th September
|
15th October
of the financial year
|
|
3.
|
31st December
|
15th January
of the financial year
|
|
4.
|
31st March
|
15th May of the
financial year immediately following the financial year in which deduction is
made
|
Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :
|
Sl.
No.
|
Category
|
Periodicity
of furnishing TDS certificate
|
Due
date
|
|
1.
|
Salary (Form No.16)
|
Annual
|
By 31st day
of May of the financial year immediately following the financial year in
which the income was paid and tax deducted
|
|
2.
|
Non-Salary(Form No.16A)
|
Quarterly
|
Within fifteen days
from the due date for furnishing the ‘statement of TDS’
|
Due Date for Payment
of March 2015 -The time limit for
deposit of TDS for the entire month of March is rationalized to 30 April
instead of two separate time limits viz. 7 April for TDS up to 30 March and 31
May for TDS as of 31 March.
*- Annual limit of Rs.
75000/-. And no TDS in case truck owner
have less than 10 trucks and have a PAN
Number.
** - Refer DTAA and section 195
read with section 9 and section 115 in case of foreign payment.
In case you have any
further clarification, feel free to contact me at taxbymanish@yahoo.com or else you can view more articles &
news related to Indian tax & finance athttp://taxbymanish.blogspot.in/.
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