TDS / TCS RATES FOR F.Y.2015-16
| Section | Nature of Payment | Threshold Limit of Payment | FY (2015-16) | Form 15G/15H Applicable |
|---|---|---|---|---|
| 192 | Income from Salary | Senior 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) | |
| 192A | Premature Withdrawal from EPF (wef 01.06.2015) (*If PAN not furnished Rate of TDS at Maximum Mariginal Rate of 34.608%) | Rs. 30,000 | 10% | Yes |
| 193 | Interest on Securities | Rs. 5,000 | 10% | Yes |
Notes:
1. Surcharges & Education Cess
| Type of Payment | Surcharge | Rate | Education Cess (3.00%) |
|---|---|---|---|
| Salary (Resident & Non- resident) | Upto 1cr > 1 Crore | Nil 10% | Yes |
| Other Payments to Residents | No | Nil | No |
| 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
| Section | Description | FY (2014-15) |
|---|---|---|
| 234E | Fee 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 Return | Minimum Penalty : Rs. 10,000 Maximum Penalty : Rs. 1 lac |
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 | 1.00% |
| From date of deduction till payment | 1.50% |