TDS / TCS RATES  FOR F.Y. 2012-13
   Section  Nature of Payment  Threshold Limit of Payment  01-04-2012 to 30-06-2012  01-07-2012 onwards
  192

Income from Salary

 Senior Citizen

 Rs. 2,50,000 Average rate of Tax + edu. Cess (no surcharge) Average rate of Tax + edu. Cess (no surcharge)

 Super Senior Citizen

 Rs. 5,00,000
 Others  Rs. 2,00,000
  193 Interest on Securities upto 30-06-2012
from 01-07-2012
 Rs. 2500
 Rs. 5000
10% 10%
  194A

Interest from a Banking Company

 Rs. 10,000 per annum

10% 10%
  194A

Interest other than from a Banking Co.

 Rs. 5,000 per annum

10% 10%
  194B

Winning from Lotteries & Puzzles

 Rs. 10,000 per annum 30% 30%
  194BB

Winning from Horse Races

 Rs. 5,000 per annum 30% 30%
  194C

Payment to Contractors; Sub-contractor; Advertising Contractors

 Rs. 30,000 per contract (or)  

Individual/HUF 1%

Others 2%

Individual/HUF 1%

Others 2%

 Rs. 75,000 per annum

  194D

Insurance Commission

 Rs.20,000 per annum

10% 10%
  194E

Non-resident Sportsman or Sports Association

  - 10% 20%
  194G

Commission on Sale of Lottery Tickets

 Rs.1000

10% 10%
  194H

Commission/Brokerage

 Rs. 5,000 per annum

10% 10%
  194-I

Rent on Plant / Machinery

 Rs. 1,80,000 per annum 2% 2%
  194-I

Rent Other then Plant / Machinery

 Rs. 1,80,000 per annum

10% 10%
  194J

Fees for Professional / Technical Services

 Rs. 30,000 per annum

10% 10%
  194LA Compulsory Acquisition of Property upto 30-06-2012      from 01-07-2012    Rs. 1Lac
Rs. 2 Lacs
10% 10%
  206C

Scrap

 -

1% 1%
  206C

Tendu Leaves

 -

5% 5%
  206C

Timber obtained under a forest lease or other mode

 -

2.50% 2.50%
  206C

Any other forest produce not being a Timber or tendu leave

 -

2.50% 2.50%
  206C

Alcoholic Liquor for Human Consumption

 -

1% 1%
  206C

Packing lot, toll plaza, mining & quarrying

 -

2% 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 (2%) Education Cess (3.00%)
Salary No Yes
Other Payments to Residents No No
Other Payments to Foreign Co. (Payment exceeds 1 cr.) Yes Yes
Other Payments to Foreign Co. (Payment upto 1 cr.) No Yes
Payments to Other Non-residents (Irrespective of amount) No Yes
 
     
  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.
 
  Fees and Penalties  
 
Section Description upto 30-06-212 01-07-2012 Onwards
234E Fee for late filing of  TCS/ TCS return Rs. 100 per day (not exceeding amount of tax)

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 upto 30-06-212 01-07-2012 Onwards
197A Eligible Age for Form 15H (Payment without TDS) 65 years. 60 years.
201/206C Interest on non-short deduction of  tax where deductee deposits advance/ self assessment tax Till TDS deposited 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 TDS deposited 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 No 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%

Click here to view TDS / TCS RATES  FOR F.Y. 2011-12

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