TDS / TCS RATES FOR F.Y.2015-16

Section Nature of Payment Threshold Limit of Payment FY (2015-16) Form 15G/15H Applicable
192Income from SalarySenior Citizen (60 Years)

Rs. 3,00,000
Super Senior Citizen (80 Years)

Rs. 5,00,000
Others Rs. 2,50,000
Average rate of Tax +Education Cess (Surcharge if Salary > 1 Cr)
192APremature Withdrawal from EPF (wef 01.06.2015) (*If PAN not furnished Rate of TDS at Maximum Mariginal Rate of 34.608%)Rs. 30,00010%Yes
193Interest on Securities Rs. 5,00010%Yes

Notes:
1. Surcharges & Education Cess

Type of Payment SurchargeRate Education Cess (3.00%)
Salary (Resident & Non- resident)Upto 1cr

> 1 Crore
Nil

10%
Yes
Other Payments to ResidentsNoNilNo
Other Payments to Non-Residents
Payment to Non-Residents (other than Cos)Upto 1cr

> 1 Crore
Nil

10%
Yes
Payments to Foreign Co.Upto 1cr

> 1 Crore
Nil

2%
Yes

2. Nil Deduction entries of transporters also to be shown in Form 26Q.
3. TDS @ 20%(minimum) where PAN not furnished.
4. Benefit of Marginal Relief from surcharge shall be available where income exceeds 1 cr.

Fees and Penalties

SectionDescriptionFY (2014-15)
234EFee for late filing of TCS/ TCS return
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 ReturnMinimum Penalty : Rs. 10,000

Maximum Penalty : Rs. 1 lac

Interest on delay in deposit of tax after deduction

Stage of deductionRate per month or part of the month
From date when deductible till actual deduction 1.00%
From date of deduction till payment 1.50%