|Section||Payment of Salary and Wages|
|Section 192||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 deductions allowed under sections like 80C to 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, Surcharge and Education Cess rates applicable on the estimated income of employee for the year.
|Section 192A|| Payment of accumulated balance of provident fund exceeding ₹ 50,000/-
(₹ 30,000/- upto 31.05.2016) which is taxable in the hands of an employee.
TDS Rate : 10%
|Section||For Payment of||On Payments Exceeding||Individual/HUF||Others|
|192A||Premature withdrawal from EPF||₹ 50,000/-||10%||Not Applicable|
|193||Interest on Securites||₹ 10,000/-||10%||10%|
|194||Dividend other than the dividend as referred to in Section 115-O||₹ 2,500/-||10%||10%|
|194 A||Interest payment by banks, Co-op. Societies or Post Offices||₹ 10000/-||10%||10%|
|194 A||Interest payment by others||₹ 5000/-||10%||10%|
|194 B||Winnings from Lotteries / Puzzle / Game||₹ 10000/-||30%||30%|
|194 BB||Winnings from Horse Race||₹ 10000/-||30%||30%|
|194 C||Payment to Contractors/sub-contractors||₹ 30,000/- for single payment and ₹ 1,00,000/- for aggregate payment during Financial Year.||1%||2%|
|194 D||Payment of Insurance Commission||₹ 15000/-||5%||5%|
|194 DA||Life Insurance Policy||₹ 1,00,000/-||1%||1%|
|194 EE||Payment of NSS Deposits||₹ 2500/-||10%||NA|
|194 F||Repurchase of units by Mutual Funds / UTI||No minimum||20%||20%|
|194 G||Commission on Sale of Lottery tickets||₹ 15,000/-||5%||5%|
|194 H||Commission or Brokerage||₹ 15,000/-||5%||5%|
|194 I||Rent of Land, Building or Furniture||₹ 180000/-||10%||10%|
|Rent of Plant & Machinery||₹ 180000/-||2%||2%|
|194 IA||Consideration for transfer of an immovable property other than agricultural land||₹ 50 lacs||1%||1%|
|194 IB||Payment of rent by individual or HUF not liable to tax audit (w.e.f. 01.06.2017||₹ 50,000/- per month||5%||NA|
|194 J||Professional / technical services, royalty||₹ 30000/-||10%||10%|
|194 LA||Compensation on acquisition of certain immovable property||₹ 250000/-||10%||10%|
|194 LBA||Income distribution by a Business Trust u/s 115UA||No minimum||10%||10%|
|194 LBB||Income distribution by a Investment Fund u/s 115UB||No minimum||10%||10%|
|194 LBC||Income distribution by a Securitisation Trust u/s 115TCA||No minimum||25%||30%|
|Any other Income||No minimum||10%||10%|
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).
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