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April 1, 2020

Download Latest TDS Rate Chart for Financial Year 2020-21 and Assessment Year 2021-22

by facelesscompliance in Budget, Income Tax

Download Latest TDS Rate Chart for Financial Year 2020-21 and Assessment Year 2021-22

Update as on 14 May 2020

The finance minister today has announced the 20 Lakh crore stimulus package in which it was announced that the current TDS rates shall be reduced by 25% from tomorrow till March 31 2021

The TDS rate in the table below is applicable only from 1 April 2020 to 13 May 2020. For Rates from 14 May 2020 to 31 March 2020 click on below link

The Table below are the rates applicable from 1 April to 13 May 2020

The Major Changes and new TDS section introduced in Finance Act 2020 with effect from 1st April 2020

Nature of paymentBasic cut off (Rs.) (Old)Basic cut off (Rs.) (New)Rate % (old)Rate % (New)If NO Pan or Invalid Pan (Rate %)
194J – Professional Fees for technical services (w.e.f. from 1.4.2020)300003000010220
194K- Payment of any income in respect of Units of Mutual fund as per section 10(23D) or Units of administrator or from a specified company1020
194N – Cash withdrawal in excess of Rs. 20 lakhs during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office.20 Lakhs20 Lakhs220
194N – Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office.1 Crore220
194O- Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform.120

New Turnover limit for the purpose of Tax deducted at Source (TDS) applicability as per Finance Act 2020

TDS was applicable to individual and HUF if there accounts are liable to Audit in section 44AB in previous year. The Finance Act 2020, says All individuals & HUF will be liable to deduct TDS if, the turnover had cross Rs. 1 Crore in case of business and Rs. 50 Lakhs in case of profession in previous year. These amendment shall take effect from 1st April 2020.

Rates of TDS applicable for Financial Year 2020-21 Assessment Year 2021-22

Nature of PaymentBasic Cut off (Rs.)Individuals and HUF (Rate %)Company / Firm / LLP / Co-op Society / Local Authority (Rate %)If No Pan or Invalid PAN (Rate %)
192 – SalariesSlab RateSlab RatesSlab Rates30
192A- Premature withdrawal from Employee Provident Fund50000NA1020
193 – Interest on securities101020
194 – Dividend other than the dividend as referred to in Section 115-O2500101020
194A – Interest other than interest on securities – Others40000 (for individual)101020
194A – Banks (Time deposits)40000 (for individual) 50000 (for Senior Citizens only)101020
194A – Banks (Recurring deposit)40000 (for individual) 50000(for Senior Citizens only)101020
194A – Deposit in Co-op Banks40000 (for individual) 50000(for Senior Citizens only)101020
194B – Winning from Lotteries10000303030
194BB – Winnings from Horse Race10000303030
194C- Payment to Contractor – Single Transaction300001220
194C-Payment to Contractor – Aggregate During the Financial year 1000001220
194C- Contract – Transporter not covered under 44AE30000 / 750001220
194C- Contract – Transporter covered under 44AE & submit declaration on prescribed form with PAN20
194D – Insurance Commission150005520
194DA Payment in respect of life insurance policy1000001120
194E – Payment to Non-Resident Sportsmen or Sports Association202020
194EE – Payments out of deposits under National Savings Scheme2500101020
194F – Repurchase Units by MFs202020
194G – Commission – Lottery 150005520
194H – Commission / Brokerage150005520
194I – Rent – Land and Building – furniture – fittings240000101020
194I – Rent – Plant / Machinery / equipment240,0002220
194IA -Transfer of certain immovable property other than agriculture land50,00,0001120
194IB – Rent – Land or building or both50000 per month520
194IC – Payment of Monetary consideration under Joint development agreement101020
194J – Professional Fees for technical services (w.e.f. from 1.4.2020)300002220
194J – Professional Fees in all other cases30000101020
194K- Payment of any income in respect of Units of Mutual fund as per section 10(23D) or Units of administrator or from a specified company101020
194LA – TDS on compensation for compulsory acquisition of immovable Property250000101020
194 LBA (1)- Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders. 10100
194LB – Income by way of interest from infrastructure debt fund (non-resident)5520
194LBB – Income in respect of investment in Securitisation trust.103040
194LBC- Income in respect of investment made in a securitisation trust253040
194 LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India5520
194LD – Interest on certain bonds and govt. Securities5520
194M – Payment of Commission, brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.50,00,00055 
194N – Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office.20,00,00022 
194N – Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office.100,00,00022 
194O- Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform.11 
195- Payment of any sum to Non residentHigher of Rate in force or Double Taxation Avoidance Act rate
196B – Income from units101020
196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)101020
196D – Income of FIIs from securities202020

Due dates for TDS payment for Financial Year 2020-21 and Assessment Year 2021-22

MonthDue date for Government deductorsDue date for other deductors (Company, Individual, HUF etc)
April7th May 20207th May 2020
May7th June 20207th June 2020
June7th July 20207th July 2020
July7th August 20207th August 2020
August7th September 20207th September 2020
September7th October 20207th October 2020
October7th November 20207th November 2020
November7th December 20207th December 2020
December7th January 20217th January 2021
January7th February 20217th February 2021
February7th March 20217th March 2021
March7th April 202130th April 2021

Due dates for TDS quarterly Returns for Financial Year 2020-21 and Assessment Year 2021-22

QuarterPeriodDue Date
Q11 April 2020 – 30 June 202031st July 2020
Q21 July 2020 – 30 September 202031st October 2020
Q31 October 2020 – 31 December 202031st January 2020
Q41 January 2020 – 31 March 202131st May 2021

Interest on late payment and Late deduction of TDS:

As per section 201(1A) Interest at the rate of 1% per month or part of the month on amount of TDS from the date of tax was deductible till the date of tax actually deducted shall be charged for late deduction.

Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged.

Interest on late payment of TDS: Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24th March 2020:

For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.

Fees for default in filing of TDS/ TCS return:

Fees is payable at Rs. 200 per day for each day during which the failure continues. The amount of fees cannot exceed than the amount of TDS

Download Latest TDS rates chart for Financial Year 2020-21 and Assessment Year 2021-22