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Everything You Need to Know About the TDS Rate Chart for FY 2024

Everything You Need to Know About the TDS Rate Chart for FY 2024
rohit
Rohit3 January 2024

Welcome to our comprehensive guide that sheds light on the TDS rate chart for the financial year 2024. As we enter the fiscal year 2024, understanding the intricacies of Tax Deducted at Source (TDS) becomes paramount.

Unravelling the complexities of TDS, this blog aims to empower you with the knowledge to navigate fiscal responsibilities confidently.

TDS Rate Chart for FY 2023-24

Here is the updated TDS rate chart for FY 2023-24:

Section Nature of Payment Threshold (In Rs) Individual / HUF TDS Rates (%)Other TDS Rates (%)
192SalariesRs. 2,50,00010%10%
192APremature EPF withdrawal*Rs. 50,00010%10%
193TDS on interest on securities***Rs. 10,00010%10%
194Payment of dividendRs. 5,00010%10%
194AInterest issued by banks or post offices on depositsRs. 40,000 Rs. 50,000 (For senior citizens)10%10%
194AInterest by others apart from on securitiesRs. 5,00010%10%
194BAmounts that someone has won through lotteries, puzzles, or gamesAggregate of Rs. 10,000**30%30%
194BBAmounts that someone has won from horse racesRs. 10,00030%30%
194CPayments to contractor or subcontractor – Single PaymentsRs. 30,0001%2%
194CPayments to contractor/sub-contractor – Aggregate PaymentsRs. 1,00,0001%2%
194DPayment of insurance commission to domestic companiesRs. 15,000NA10%
194DPayment of insurance commission to companies other than domestic onesRs. 15,0005%NA
194DAMaturity of Life Insurance PolicyRs. 1,00,0005%5%
194EEPayment of an amount standing to the credit of an individual under NSS (National Savings Scheme)Rs. 250010%10%
194FPayment of repurchase of the unit by UTI (Unit Trust of India) or any mutual fundNo Limit20%20%
194GPayments or commissions on the sale of lottery ticketsRs. 15,0005%5%
194HCommission or brokerageRs. 15,0005%5%
194lRent of land, building, or furnitureRs. 2,40,00010%10%
194lRent of plant and machineryRs. 2,40,0002%2%
194lAPayment for transfer of immovable property other than agricultural landRs. 50,00,0001%1%
194IBRent payment that is made by an individual or HUF not covered under payment 194IRs. 50,000 (per month)5%NA
194ICPayments that are made under the Joint Development Agreement (JDA) to Individual/HUFNo Limit10%10%
194JFees paid for professional servicesRs. 30,00010%10%
194JAmount paid for technical servicesRs. 30,0002%2%
194JAmounts paid as royalty for sale/ distribution/ exhibition of cinematographic filmsRs. 30,0002%2%
194KPayment of income for units of a mutual fund, for example- dividendsRs. 5,00010%10%
194LAPayment made for compensation for acquiring certain immovable propertyRs. 2,50,00010%10%
194LBPayment of interest on infrastructure bonds to Non-Resident IndiansNA5%5%
194LBA(1)Certain income distributed by a business trust among its unit holderNA10%10%
194LDPayment of interest on rupee-denominated bonds, municipal debt security, and government securitieNA10%10%
194MAmounts paid for contract, brokerage, commission or professional fee (other than 194C, 194H, 194J)Rs. 50,00,0005%5%
194NIn case cash withdrawal over a certain amount takes place from the bank, and ITR is filedRs. 1,00,00,0002%2%
194NIn case cash withdrawal takes place from a bank and one does not file ITRRs. 20,00,0002%2%
194OAmount paid for the sale of products/services by e-commerce service providers via their digital platformRs. 5,00,0001%1%
194QPayments made for the purchase of goodsRs. 50,00,0000.10%0.10%
194STDS on the payment of any crypto or other virtual assetNA1%1%
206AATDS for non-availability of PANNAAt a rate higher of:1. Specified rate as per the act2. 20%3. Rate in force20%
206ABTDS on non-filers of Income tax returnNARate higher of:1. 5%2.  Twice the mentioned rate in provision3. Rate in force

TDS Rate Charts Where the Company is a Domestic Company

Here is a detailed table for TDS rate charts for a domestic company registered in India: 

ParticularsTDS Rate 
Section 192: Payment of salarySection 192A: Premature withdrawal from EPFNormal Slab Rate 10%
Section 193: Interest on securitiesa) any security of the Central or State Government;b) any debentures or securities for money issued by any local authority or a corporation established by a Central, State or Provincial Act;c) any debentures (listed on a recognised stock exchange) issued by a company where such debentures are ;d) interest on any other securitya) 10%b) 10%c) 10%d) 10%
Section 194: Payment of any dividend10%
Section 194A: Income in the form of interest (other than interest on securities).10%
Section 194B: Income by way of lottery winnings, card games, crossword puzzles, and other games of any type30%
Section 194BB: Income by way of horse race winnings30%
Section 194C: Payment to contractor/sub-contractor.a) Individuals/HUFb) Othersa) 1%b) 2%
Section 194D: Insurance commission10%
Section 194DA: Payment of any sum for a life insurance policy. w.e.f. 1st September 2019, the insurer shall deduct tax (TDS) on the income portion comprised in the insurance payout.5%
Section 194EE: Payment of amount standing to the credit of a person under the National Savings Scheme (NSS)10%
Section 194F: Payment due to repurchase of a unit by Unit Trust of India (UTI) or a Mutual Fund20%
Section 194G: Payments such as commission, etc., on the sale of lottery tickets5%
Section 194H: Commission or brokerage5%
Section 194-I: Rent ona) Plant and Machineryb) Land/building/furniture/fitting w.e.f 1st April 2019, tax deduction limit on rent is increased to Rs 2.4 lakhs p.a. from Rs 1.8 lakhs p.a.a) 2%b) 10%
Section 194-IA: Payment in consideration of transfer of certain immovable property other than agricultural land.1%
Section 194-IC: Payment under Joint Development Agreements (JDA) to Individual/HUF10%
Section 194J: Any sum paid by way of:a) Fee for professional services;b) Remuneration/fee/commission to a director;c) For not carrying out any activity about any business;d) For not sharing any know-how, patent, copyright, etc.e) Fee for technical services, andf) Royalty towards the sale or distribution, or exhibition of cinematographic films.g) Fees for technical services but payee is engaged in the business of operation of call centera) 10%b) 10%c) 10%d) 10%e) 2%f) 2%g) 2%
Section 194K: Payment of any income for units of a mutual fund as per section 10(23D) or from the administrator or specified company10%
Section 194LA: Payment in respect of compensation on acquisition of certain immovable property.10%
Section 194LBA(1): Certain income distributed by a business trust to its unitholder10%
Section 194LBB: Certain income paid for units of an investment fund to a unitholder.10%
Section 194LBC: Income from investment in securitisation fund10%
Section 194M: Certain payments by Individual/HUF (Limit- Rs 50 Lakhs)5%
Section 194N: Cash withdrawal exceeding a certain amount (limit- Rs 1 crore). In case Rs 20 lakh or more is withdrawn by the person who has not filed an ITR for the last three years, for which the due date of filing the ITR has expired, the TDS rates shall be applicable as per the below slab:a) amount more than Rs.20 lakh but up to Rs. 1 croreb) amount exceeding Rs. 1 crorea) 2%b) 5%
Section 194O: For the sale of goods or provision of services by the e-commerce operator through its digital or electronic facility or platform.1%
Section 194Q: Payments to residents for the purchase of goods if the aggregate value of goods exceeds Rs 50 lakhs.(TDS is deductible on value exceeding Rs 50 lakhs)0.1%
Any Other Income10%
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