TDS RATE CHART FY 2021-22-Final

TDS/TCS Rate Chart for FY 2021-22
TDS Rate Chart

Section Nature of Payment Threshold Limit TDS Rate
192 Salaries - Slab Rate

192A Premature withdrawal from EPF 50,000 10%
Interest on securities - 8% Savings (Taxable) Bonds,
193 2003 or 7.75% Savings (Taxable) Bonds, 2018 during 10,000 10%
the financial year
Interest on securities - Interest on securities for
money issued by or on behalf of any local
193 authority/statutory corporation, listed debentures of 5,000 10%
a company (other than demat form), any other
interest on securities
194 Dividends 5,000 10%
Interest (Banking co., co-operative society engaged
194A 40,000 10%
in banking, post office)
Interest (Any other person) 10%
194A No TDS on payment of interest by an infrastructure 5,000
debt fund w.e.f. 01.04.2021
194B Winning from lotteries 10,000 30%
194BB Winning from Horse race 10,000 30%
194C Contractor – Single Payment/ Consolidated 30,000 for single
payment /100,000
- Individual/HUF for aggregate 1%
- Others payment 2%
194D Insurance commission
- Other than Company 15,000 5%
- Company 10%
194DA Maturity of Life insurance policy 100,000 5%
194EE NSS 2,500 10%
194F Repurchase units by MFs - 20%
194G Commission-Lottery 15,000 5%
194H Commission/Brokerage 15,000 5%
194I Rent of - Plant/Machinery /Equipment 2%
240,000
- Land and Building/Furniture & Fixture 10%
Transfer of certain immovable property other than
194IA 50,00,000 1%
agriculture land
194IB Rent by Individual/HUF 50000 per
month
Payment under Joint Development Agreements to
194IC - 10%
Individual/HUF
194J Professional Fees and Director's fees 30,000 10%
194J Technical Fees and Payment to call center operator 30,000 2%
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Section Nature of Payment Threshold Limit TDS Rate
Payment of any income in respect of

(a) units of a mutual fund as per section 10(23D); or 5,000
194K 10%
(b) the units from the administrator; or
(c) units from specified company
Compensation on transfer of certain immovable
194LA 2,50,000 10%
property other than agriculture land
Income by way of interest from infrastructure debt
194LB - 5%
Fund to foreign company
194LBA Income from units of business trust -
- interest received or receivable from a special
- 10%
purpose vehicle; or
- dividend referred to in sub-section (7) of
- 10%
section 115-O
194LBA Distribution of rental income to unit holders - 10%
194LBB Income in respect of units of investment fund -
- Other than Company - 10%
- Company - 10%
194LBC Income in respect of investment in securitization -
fund
- Individual/HUF - 25%
- Company - 30%
- Other Person - 30%
Certain payments by Individual/HUF (REFER NOTE 1) 50,00,000
194M 5%
194N Cash Withdrawals where no defaults in return filings 1,00,00,000 2%
Cash Withdrawls(first proviso of
194N section 194N) (REFER NOTE 2)
- Amount is more than Rs.20 lakhs but up to Rs. 20,00,000 2%

1 crore
- Amount exceeds Rs. 1 crore 1,00,00,000 5%
Applicable for e-commerce operator for the sale of 5,00,000
194-O goods or provision of services facilitated by it N.A.
through its digital or electronic facility or platform
Purchase of Goods by a person (REFER NOTE 3) 50,00,000 0.1%
194Q (w.e.f. 01st July 2021)
NOTE 1: Payment means payment made to resident individual for carrying out any contractual work or
providing any professional services in financial year exceeds Rs.50 lakhs
NOTE 2: In case the individual receiving the money has not filled income tax returns for three years
immediately preceding the year
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NOTE 3: TDS on purchase of goods (w.e.f. 01.07.2021)
• TDS under this section is only required to be deducted by those person (i.e. buyer) whose total sales
or gross receipts or turnover from the business carried on by him exceed Rs. 10 Crores during the
financial year immediately preceding the financial year in which the purchase of goods is carried
out.
• Tax is required to be deducted by such person, if the purchase of goods by him from the seller is of
the value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year.
NOTE 4: New Section 206AB: Higher rate for deduction of TDS for non-filers of income-tax return
(w.e.f . 01.07.2021)
• The specified person is –
o a person who has not filed the returns of income for both of the two assessment years
relevant to the two previous years which are immediately before the previous year in which
tax is required to be deducted or collected, as the case may be and
o A person whose TDS is Rs. 50,000 or more in each of these two previous years
• TDS rate in this section is higher of the followings rates:

(i) Twice the rate specified in the relevant provision of the Act; or
(ii) Twice the rate or rates in force; or
(iii) The rate of five per cent
• If the provision of section 206AA (Non availability of PAN number) of the Act is applicable to a
specified person, in addition to the provision of this section, the tax shall be deducted at higher of
the two rates provided in this section and in section 206AA (20%) of the Act.
• This section shall not apply where the tax is required to be deducted under sections 192, 192A,
194B, 194BB, 194LBC or 194N of the Act.
NOTE 4: Section 194P – Deduction of tax in case of specified senior citizen
In order to provide relief to senior citizens (Age of 75 years or more), New section inserted to
provide relaxation from filling Income tax return if –
• Senior citizen resident in India, age of 75 years or more during the previous year.
• He has pension income and no other income
• He shall furnish declaration to specified bank giving details of deduction allowable under Chapter
VI-A and after allowing rebate u/s 87A specified bank deduct income tax on basis of rates in force.
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TCS Rate Chart
Section Nature of Payment Threshold Limit TCS Rate
206C(1) Scrap
- 1%
Tendu Leaves
206C(1) - 5%
206C(1) Timber obtained - 2.5%
206C(1) Alcoholic Liquor for Human Consumption - 1%
206C(1) Minerals, being coal or lignite or iron ore - 1%
206(1C) Parking Lot, Toll Plaza, Mining & Quarrying - 2%
206(1F) Sale of Motor Vehicle 10,00,000
1%
206C(1G) Overseas Tour Program Package - 5%
Remittance under Liberalised Remittance Scheme 7,00,000 0.5%
of the Reserve Bank of India for education loan
206C(1G)
taken from financial institution mentioned under
section 80E
Remittance under LRS (for purpose other than for 7,00,000
purchase of overseas tour package or for 5%
206C(1G)
education loan taken from financial institution
mentioned under section 80E)
206C(1H) Sale of Goods by a person (REFER NOTE 1) 50,00,000 0.1%
NOTE 1: TCS on Sale of goods
• TCS under this section is only required to be deducted by those person (i.e. seller) whose total sales
or gross receipts or turnover from the business carried on by him exceed Rs. 10 Crores during the
financial year immediately preceding the financial year in which the sale of goods is carried out.
• Tax is required to be collected by such person, if the sale of goods by him to the buyer is of the
value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year
• In case of transaction on which TDS u/s.194Q is applicable w.e.f. 01/07/2021, then TCS
u/s.206C(1H) not applicable
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NOTE 2: Section 206CCA - Higher Rate of TCS for Non-Filer of ITR
• The specified person is –
o a person who has not filed the returns of income for both of the two assessment years
relevant to the two previous years which are immediately before the previous year in which
tax is required to be deducted or collected, as the case may be and
o A person whose TCS is Rs. 50,000 or more in each of these two previous years
• TCS rate in this section is higher of the followings rates:

(i) Twice the rate specified in the relevant provision of the Act; or
(ii) The rate of five per cent
• If the provision of section 206CC (i.e. PAN not available) of the Act is applicable to a “specified
person”, in addition to the provision of this section, the tax shall be collected at higher of the two
rates provided in this section and in section 206CC of the Act.
Contact us for more information:

MGM BizServ India Private Limited
Office No. 107-108, The Pentagon Building,
Above Axis Bank, Sahakarnagar, Pune 411009
Phone: +91 020 2422 7497 / 2423 0782
Mail: info@mgmbiz.in
Disclaimer: Copyright © MGM BizServ India Private Limited All Rights Reserved. This document is subject to amendments
and clarifications provided by the Regulatory Authorities from time-to-time. The information provided in this document
is for information purpose only and should not be construed as legal advice on any subject matter. The Firm expressly
disclaims all liability in respect to actions taken or not taken based on any or all the contents of this document.
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TDS/TCS Rate Chart for FY 2021-22

TDS Rate Chart

192 Salaries - Slab Rate

Section Nature of Payment Threshold Limit TDS Rate

Payment of any income in respect of

- Amount is more than Rs.20 lakhs but up to Rs. 20,00,000 2%

NOTE 3: TDS on purchase of goods (w.e.f. 01.07.2021)

• The specified person is –

• TDS rate in this section is higher of the followings rates:

NOTE 4: Section 194P – Deduction of tax in case of specified senior citizen

TCS Rate Chart

Section Nature of Payment Threshold Limit TCS Rate

NOTE 1: TCS on Sale of goods

NOTE 2: Section 206CCA - Higher Rate of TCS for Non-Filer of ITR

• The specified person is –

• TCS rate in this section is higher of the followings rates:

Contact us for more information:

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