TDS Rate Chart for FY 2023-24: New rates of Tax Deducted at source (TDS) under Income Tax Act, 1961 and many new TDS section are announced. Self assessment tax is paid after the end of financial year, while advance tax is paid during the financial year. TDS is deducted when income is accrued or received by the assesse and adjusted with the income tax liability at the time of filing the Income Tax Return.
TDS Rate Chart for FY 2023-24
| Section | For Payment of | Threshold limit | TDS Rate % |
| 192 | Salary Income | Income Tax Slab | Slab rates |
| 192A | EPF – Premature withdrawal | Rs. 50,000 | 10% (20% in case of no PAN) |
| 193 | Interest on Securities | Rs. 5,000 – Debentures Rs. 10,000 – Govt securities | 10% |
| 194 | Dividend | Rs. 5,000 | 10% |
| 194A | Interest by banks / post office other than on securities | Rs. 50,000 – Senior Citizens Rs. 40,000 – Others | 10% |
| 194A | Interest by others other than on securities | Rs. 5,000 | 10% |
| 194B | Winnings from Lotteries / Puzzle / Game | Rs. 10,000 | 30% |
| 194BA | Income from online games | NA | 30% |
| 194BB | Winnings from Horse Race | Rs. 10,000 | 30% |
| 194C | Contract | Rs. 30,000 (Single Transaction) Rs. 1,00,000 (Aggregate of Transactions) | 1% (Individuals/HUF) 2% (Others) |
| 194D | Payment of Insurance Commission | Rs. 15,000 | 5% (Individual) 10% (Others) |
| 194DA | Maturity of Life Insurance Policy | Rs. 1,00,000 | 5% |
| 194E | Payment to non-resident sportsmen/sports association | NA | 20% + Surcharge+ Cess |
| 194EE | Payment in respect of deposit under National Savings scheme | Rs. 2,500 | 10% |
| 194F | Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India | NA | 20% |
| 194G | Commission on Sale of Lottery tickets | Rs. 15,000 | 5% |
| 194H | Commission or Brokerage | Rs. 15,000 | 5% |
| 194I | Rent of Land, Building or Furniture | Rs. 2,40,000 | 10% |
| 194I | Rent of Plant & Machinery | Rs. 2,40,000 | 2% |
| 194IA | Transfer of Immovable Property , other than Agricultural land | Rs. 50 Lakh | 1% |
| 194IB | Payment of rent by individual or HUF not liable to tax audit | Rs. 50,000 (per month) | 5% |
| 194IC | Payment of monetary consideration under Joint Development Agreements | NA | 10% |
| 194J | Fees for professional or technical services | NA- Director Others- Rs. 30,000 | 2% (Technical services) 10% (Professional services) |
| 194K | Income in respect of units (UTI/MF) | NA | 10% |
| 194LA | Payment of compensation on acquisition of certain immovable property | Rs. 2,50,000 | 10% |
| 194LB | Interest from Infrastructure Bond to NRI | NA | 5% |
| 194LC | Payment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds | NA | 4% (Long-term Bond or Rupee Denominated Bond listed on RSE in IFSC) 5% (Others) |
| 194LD | Interest on Rupee denominated bond, municipal debt security and govt. Securities | NA | 5% |
| 194M | Contract, commission, brokerage or professional fee (other than 194C, 194H or 194J) | 50 Lakh | 5% |
| 194N | Cash withdrawal from bank and ITR filed | Rs. 3 cr (Cooperative society) Rs. 1cr – Others | 2% |
| 194N | Cash withdrawal from bank and ITR not filed | Rs. 20 Lakh | 2% |
| 194N | Cash withdrawal from bank and ITR not filed | Rs. 3 cr -Cooperative society Rs. 1cr | 5% |
| 194O | E-commerce sale | Rs. 5 lakh | 1% (5%, in case of no PAN) |
| 194P | TDS on Senior Citizen above 75 Years (No ITR filing cases) | – | Slab Rates |
| 194Q | Purchase of goods | Rs. 50 lakh | 0.10% |
| 194R | Benefits or perquisites arising from business or profession | Rs. 20,000 | 10% |
| 194S | TDS on payment for Virtual Digital Assets or crypto currency | Rs 50,000 (Specified Persons) Rs 10,000 (Others) | 1% |
| 206AA | TDS rate in case of Non availability of PAN | – | Higher of : –As per act –Twice the rate in force –20% |
| 206AB | TDS on non-filers of ITR at higher rates | – | Higher of – 5% – Twice the rate or rate in force |
Read Also: AIS: Income Tax department App to check high value transactions and TDS
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
