TDS RATES CHART FOR FY 2015-16 AY 2016-17

Rates of TDS for F.Y. 2015-2016 or A.Y. 2016-17 are given below. TDS is to be deducted on specified payment as prescribed by Income Tax Act by persons who are liable to deduct TDS. (Deducter/Payer) at prescribed rates by Income Tax Act. So It is the duty of the deductor to deduct TDS as given in Income Tax Act. Each payment has its own rate of  percentage to deduct TDS

Every deductor need to deduct TDS as prescribed in Income Tax Act (not more than that and not lower than that). No doubt, there is no penalty to deduct more or wrongly deduction of TDS. However, deductor will issue TDS certificate (Form 16/Form 16A) as per actual deduction. The payee should claim the refund as per TDS certificate whether is wrongly deduction or higher deduction as the case may be.

However, TDS can be adjusted against any other payment made or credited if TDS has been wrongly deducted from a payment on which there is no liability to deduct TDS. However, the penalty for non-deposit of TDS will be imposed by Income Tax Department.

So TDS rates plays very important part for payer and payee to get easily and timely income tax refund.

TDS RATES FOR A.Y.2016-17 (F.Y.2015-16)

Section	Payment Nature	Payment in excess of	TDS Rate for Individiual	TDS Rate for Others
194A	Interest from a Banking Company	10,000 p.a.	10%	10%
194A	Interest other than from a Banking Co.	5,000 p.a.	10%	10%
194C	Contractors (including Advertising & Sub-Contractor)	30,000 (per payment) or 75,000 p.a.	1%	2%
194C	Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages	Nil	Nil	Nil
194D	Insurance Commission	20,000 p.a.	10%	10%
194H	Commission or Brokerage	5,000 p.a.	10%	10%
194I	Rend of Land & Building	1,80,000 p.a.	10%	10%
194I	Rent of Plant & Machinery and Other Equipments	1,80,000 p.a.	2%	2%
194IA	Transfer of Immovable Property other than Agriculture Land	50,00,000	1%	1%
194J	Payment for Professional Services, Technical Services & Royalty	30,000 p.a.	10%	10%
194J(1)(ba)	Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192	–	10%	10%

TDS RATES FOR A.Y.2015-16 (F.Y.2014-15)

Section	Payment Nature	Payment in excess of	TDS Rate for Individiual	TDS Rate for Others
194A	Interest from a Banking Company	10000	10%	10%
194A	Interest other than from a Banking Co.	5000	10%	10%
194C	Contractors (including Advertising & Sub-Contractor)	30000 (per payment) or 75000 p.a.	1%	2%
194C	Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages	Nil	Nil	Nil
194D	Insurance Commission	20000	10%	10%
194H	Commission or Brokerage	5000	10%	10%
194I	Rend of Land & Building	180000	10%	10%
194I	Rent of Plant & Machinery and Other Equipments	180000	2%	2%
194IA	Transfer of Immovable Property other than Agriculture Land	5000000	1%	1%
194J	Payment for Professional Services, Technical Services & Royalty	30000	10%	10%
194J(1)(ba)	Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192	–	10%	10%

IMPORTANT NOTES ON TDS RATES CHART FOR FY2015-16

Payee should give his PAN to Payer so that payer can put in TDS certificate and in TDS returns. It will help indirectly to payee for gettin refund easily and fastly.

But Now w.e.f 1.4.2010 payee must tell his PAN to the payer or deductor otherwise TDS will be deducted @ 20% or the applicable rate, whiever is higher. It is the duty of payer to ensure that PAN of payee should be correct by asking PAN copy.

Check the following notes before going to Chart of TDS Rates for F.Y. 2015-16.

• In transport business’s contracts, TDS liability will not arise if payee furnish his PAN.
• w.e.f. 1-7-2012 TDS exemption limit on compensation on acquisition of immovable property is Rs. 2,00,000 as given in table give below earlier it was Rs. 1 Lakh.
• Due date of TDS payment is up to 7th day from the closing date of month in which Tax has deducted and 30th April if paid or credit in the month of march otherwise Interest of late deposit  will be liable @ 1.5% for each month of delay.

TDS Rates Chart for F.Y.2015-16 or A.Y.2016-17 (if you want to download this chart in excel or PDF, Please subscribe our email and reply for download with Subject line of  “TDS chart required” or like our Facebook page CA GROUPS and send message on it or mail us at @ cagroups4all@gmail.com.)

Written By: CA GROUPS