|Section 192||Payment of Salary and Wages|
|Criterion of Deduction||TDS is deducted if the estimated income of the employee is taxable.|
Employer must not deduct tax on non-taxable allowances like conveyance allowance, rent allowance, medical allowance and deductible investments under sections like 80C, 80CC, 80D, 80DD, 80DDB, 80E, 80GG and 80U. No tax is required to be deducted at source if the estimated total income of the employee is less than the minimum taxable income.
|TDS Rate||As per Income Tax and Education Cess at the applicable rate on the estimated income of employee for the year.|
|Section No.||For Payment of||Criterion|
Total Payment During the Year
|Individual or HUF||Others|
|193||Interest on Debentures|
From 01.04.2012 to 30.06.2012
|194 A||Interest by banks or others||More than Rs. 10000/-||10%||10%|
|194 B||Winnings from Lotteries / Puzzle / Game||More than Rs. 10000/-||30%||30%|
|194 BB||Winnings from Horse Race||More than Rs. 5000/-||30%||30%|
|194 C (1)||Payment to Contractors||More than Rs. 30000/-||1%||2%|
|194 C (2)||Payment to Sub-Contractors / for Advertisements||More than Rs. 30000/-||1%||2%|
|194 D||Payment of Insurance Commission||More than Rs. 20000/-||10%||10%|
|194 EE||Out of deposits under NSS||More than Rs. 2500/-||20%||NA|
|194 F||Repurchase of units by Mutual Funds / UTI||More than Rs. 1000/-||20%||20%|
|194 G||Commission ons Sale of Lottery tickets||More than Rs. 1000/-||10%||10%|
|194 H||Commission or Brokerage||More than Rs. 5000/-||10%||10%|
|194 I||Rent of Land, Building or Furniture||More than Rs. 180000/-||10%||10%|
|194 I||Rent of Plant & Machinery||More than Rs. 180000/-||2%||2%|
|194 J||Professional / technical services, royalty||More than Rs. 30000/-||10%||10%|
|194 J (1)||Remuneration / commission to director of the company||-||10%||10%|
|194 J (ba)||w.e.f. 01.07.2012|
Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.
|194 L||Compensation on acquisition of Capital Asset||More than Rs. 100000/-||10%||10%|
|194 LA||Compensation on acquisition of certain immovable property||From 01.04.2012 to 30.06.2012|
More than Rs. 100000/-
More than Rs. 200000/-
All persons who are required to deduct tax at source or collect tax at source on behalf of Income Tax Department are required to apply for and obtain Tax Deduction or Tax Collection Account Number (TAN).
The certificate on Form No. 16 should be issued by the deductor by 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted. 2. In all other cases :
The certificate on Form No. 16A should be issued within fifteen days from the due date for furnishing the "statement of TDS" under rule 31A.
(a) Statement of deduction of tax under section 192 in Form No. 24Q
(b) Statement of deduction of tax under sections 193 to 196D in :
|Date of ending of the quarter of the financial year||Due date,if deductor is an office of the Government||Due Date for others|
|30th June||31st July of the financial year||15th July of the financial year|
|30th September||31st October of the financial year||15th October of the financial year|
|31st December||31st January of the financial year||15th January of the financial year|
|31st March||15th May of the financial year immediately following the financial year in which deduction is made||15th May of the financial year immediately following the financial year in which deduction is made.|
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