TDS Rates in India FY 2018-19, AY 2019-20

Tax Deducted at source rate for Financial Year 2018-2019, Assessment Year 2019-2020 is as under:

 

 

 

 

 

1. TDS Rates FY 2018-19

Nature of Payment Section Threashold Individual / HUF Others
Salaries 192 As per Slab - -
Premature withdrawal of EPF 192A 50,000 10% -
Interest on Securities 193 10,000 10% 10%
Dividends 194 2,500 10% 10%
Interest (Banks) 194A 10,000 10% 10%
Interest (Other than Banks) 194A 5,000 10% 10%
Winning from Lotteries 194B 10,000 30% 30%
Winning from Horse Race 194BB 10,000 30% 30%
Contractor - Single Transaction 194C 30,000 1% 2%
Contractor - During Financial Year 194C 1,00,000 1% 2%
Transporter (Declaration with PAN) 194C - - -
Insurance Commission (15G-15H Allowed) 194D 15,000 5% 10%
Life Insurance Policy 194DA 100,000 1% 1%
Non-Resident Sports Men or Sports Association 194E   20% 20%
National Saving Scheme 194EE 2,500 10% 10%
Repurchase Units by MFs 194F   20% 20%
Commission - Lottery 194G 15,000 5% 5%
Commission - Brokerage 194H 15,000 5% 5%
Rent of Land and Building -Furniture & Fixtures 194I 1,80,000 10% 10%
Rent of Plant / Machinery / Equipment 194I 1,80,000 2% 2%
Rent by Individual (HUF) w.e.f 1.6.2017 194IB 50,000 PM 5% -
Transfer of immovable property other than agricultural land 1941A 50,00,000 1% 1%
Professional Fees / Technical Fees 194J 30,000 10% 10%
Payment to call centre operator 194J 30,000 2% 2%
Compensation on transfer of certain immovable property other than agricultural land 194LA 2,50,000 10% 10%
Income from Infrastructure Debt Fund 194LB   5% 5%

Note : TDS Rates without PAN : 20% flat (if TDS rate is lower than 20%)

 

 

 

2. TDS Deposit Due Dates

Month of Deduction Due date for Payment
April 7th May
May 7th June
June 7th July
July 7th August
August 7th September
September 7th October
October 7th November
November 7th December
December 7th January
January 7th February
February 7th March
March 30th April

 

 

 

3. TDS Return forms

TDS forms to be submitted Type of Deductee
Form 24Q Deductions made from salaried
Form 26Q Deductions made from Non salaried people
Form 27Q Deduction made from payment to NRI

 

 

4. Due Dates for filing TDS returns in India

Quarter Ending Due date to file return by all deductors
30th June 31st July
30th September 31st October
31st December 31st January
31st March 31st May

 

 

 

5. TDS on sale of Property

The buyer is required to deduct 1% TDS of the total sale consideration on immovable property other than agricultural land if the sale consideration exceeds Rs. 50 lakhs.

TDS will be deducted on the entire amount of sale

There is no need of obtaining TAN by the buyer except for purchase from NRI

If PAN is not available TDS will be deducted at the rate of 20%.

Buyer should also show PAN number.

TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted.

Buyer should issue TDS certificate to the seller. Buyer requires Form 26QB.

TDS is required to be deducted in all cases irrespective of the capital gains arising to seller.

In case of home loan, TDS is to be deducted at the time of making payment to the seller, not at the time of paying EMI to the bank.

In case of two or more buyers, separate Form 26QB is to be filled.

Both buyer and seller are required to file income tax return in the year of purchase.

In case there are two buyers and the share of each individual is less than Rs. 50 lakhs but aggregate value of land is more than Rs. 50 lakh, the same procedure of deducting the TDS will be followed by buyer.

 

6. Penalty on delayed deposit of TDS on property

In case TDS is not deducted by the buyer then he is required to pay interest at the rate of 1% per month as penalty on the amount not deducted.

In case TDS is deducted but not paid on time, then the buyer has to pay interest at the rate of 1.5% per month as penalty for delayed TDS payment.

 

7. Penalty for late filing form 26QB

In case buyer gets late in filing TDS return, a penalty of Rs. 200 per day would be levied

 

8. Refund of extra tax or Tax Deducted

If the tax liability of the assessee is less than the TDS amount, the difference amount can be claimed at the time of filing income tax return. The extra amount will be refunded to the bank account of the assessee.

 

 

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