TDS / TCS RATES FOR F.Y. 2012-13

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 Education Cess (3.00%) Salary No Yes Other Payments to Residents No No Other Payments to Foreign Co. (Payment exceeds 1 cr.) 2% Yes Other Payments to Foreign Co. (Payment upto 1 cr.) No Yes Payments to Other Non-residents (Irrespective of amount) No Yes Other Payments to Foreign Co. (Payment exceeds 10 cr.) 5% 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%