Monday, 30 April 2012

TDS chart- Tax rates applicable for the Financial Year 2012-13 ( Assessment 2013-14)


Income tax TDS rates Applicable for the Financial year 2012-13

TDS Rate Chart
Financial Year : 2012-2013 (Assessment Year : 2013-2014)
Nature of payment
Applicable section
Threshold Limit
Individual / HUF
Others
Salary
192
Basic exemption limit after all the deductions.
Normal rate as per income tax slab
N.A
Interest on Securities to any resident
193



(i) Interest on Debentures or securities (Listed)
Rs. 2500 from 01.04.2012
Rs. 5000  from 01.07.2012
10%
0%
(ii) Interest on 8% Savings (Taxable) Bonds, 2003
Rs. 10000
10%
10%
(iii) Any Other Interest on securities (Unlisted)
Any amount
10%
10%
Dividend other than dividend covered by Section 115-O to Resident
194
Rs. 2500 for Individual
Others Any amount
10%
10%
Interest other than interest on securities
194A



(i) Banking company
Rs. 10000
10%
10%
(ii) Others
Rs. 5000
10%
10%
Winning from Lotteries
194B
Rs. 10000
30%
30%
Winnings from Horse Races
194BB
Rs. 5000
30%
30%
Payment to Resident Contractors (All Contracts other than Transport Contract)
194C
Rs. 30000 per Contract or
Rs. 75000 agreegate during the year
1%
2%
Insurance Commission to Resident
194D
Rs. 20000
10%
10%
Payment to Non-Resident sportsman/ sports association/s
194E



(i) Resident
Any Amount
10%
N.A.
(ii) Non-Resident
Any Amount
10.3%
10.3%
Deposits under NSS and if the payment is to
194EE



(i) Resident
Rs. 2500
20%

(ii) Non-Resident
Rs. 2500
20.6%

Repurchase of units of MF/UTI
194F



(i) Resident
Any Amount
20%
20%
(ii) Non-Resident (Individual.)
Any Amount
20.6%

Commission on sale of lottery tickets to
94G



(i) Resident
Rs. 1000
10%
10%
(ii) Non-Resident (Individual.)
Rs. 1000
10.3%
10.3%
Commission or brokerage Brokerage to resident
194H
Rs. 5000
10%
10%
Rent to Resident for
194I



(i) machinery/plant/ equipments
Rs. 1,80,000
2%
2%
(ii) For Land/Building
Rs. 1,80,000
10%
10%
Fees for Professional/Technical services to Resident
194J
Rs. 30000
10%
10%
Remuneration or commission paid to director of the company(Effective from 1 July 2012)
194J(1)(ba)
Any Amount
10%
10%
Compensation to Resident for compulsory acquisition of immovable property
194LA
Rs. 100000 01.04.2012
Rs. 200000 from 01.07.2012
10%
10%
Payment on transfer of certain immovable property other than agricultural land (Effective from 1October 2012)
194LLA
(a) fifty lakh rupees in case such property is situated in a specified urban agglomeration; or
(b) twenty lakh rupees in case such property is situated in any other area.
1%
1%
TCS Rate Chart
Financial Year : 2012-2013 (Assessment Year : 2013-2014)
Nature of payment
Applicable section
Threshold Limit
Individual / HUF
Others
Scrap
206C
Any Amount
1%
1%
Tendu leaves
206C
Any Amount
5%
5%
Timber & Other Forest Produce obtained under forest lease
206C
Any Amount
2.5%
2.5%
Alcoholic liquor for human consumption
206C
Any Amount
1%
1%
Parking lot
206C
Any Amount
2%
2%
Toll plaza
206C
Any Amount
2%
2%
Mining & Quarrying
206C
Any Amount
2%
2%
Coal, Lignite or Iron ore
206C
Any amount (Applicable From 1st July, 2012)
1%
1%
Bullion or jewellery
206C (1D)
If the sale consideration is paid in cash exceeding Rs. 2 lakhs (Applicable From 1st July, 2012)
1%
1%


Note: As per Section 206AA if PAN is not provided TDS should be deducted at the rate of 20%
or applicable rate whichever is higher.

Click here to download TDS chart in Excel

Finance bill 2012 introduced the following new TDS and TCS clauses.

Tax Deduction at Source on certain immovable properties ( other than agriculture land)

In order to collect tax at the earliest point of time and also to have a reporting mechanism of transactions in the real estate sector, it is proposed to insert a new provision to provide that every transferee, at the time of making payment or crediting any sum by way of consideration for transfer of immovable property (other than agricultural land), shall deduct tax, at the rate of 1% of such sum, if the consideration paid or payable for the transfer of such property exceeds –

a.)  fifty lakh rupees in case such property is situated in a specified urban agglomeration; or

b.)  twenty lakh rupees in case such property is situated in any other area.

This amendment will take effect from 1st October, 2012.

TDS on remuneration to a director

Necessary amendments are proposed in 194J to include that tax is to be deducted on remuneration paid to a director, which is not in the nature of salary, at the rate of 10% of such remuneration.

This amendment will take effect from 1st July, 2012.

Tax Collection at Source (TCS) on cash sale of bullion and jewellery

In order to reduce the quantum of cash transaction in bullion and jewellery sector and for curbing the flow of unaccounted money in the trading system of bullion and jewellery, it is proposed to provide that the seller of bullion and jewellery shall collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery if sale consideration exceeds two lakh rupees and the sale is in cash. This would be irrespective of the fact whether buyer is a manufacturer, trader or purchase is for personal use.

This amendment will take effect from 1st July, 2012.



TCS on sale of certain minerals
In order to collect tax at the earliest point of time and also to improve reporting mechanism of transactions in mining sector, it is proposed that tax at the rate of 1% shall be collected by the seller from the buyer of the following minerals:

(a) Coal;
(b) Lignite; and
(c) Iron ore.

However, the seller shall also not collect tax on sale of the said minerals if the same are purchased by the buyer for personal consumption. Further, the seller of these minerals shall not collect tax if the buyer declares that these minerals are to be utilized for the purposes of manufacturing, processing or producing articles or things.

This amendment will take effect from 1st July, 2012.


23 comments:

  1. good information...

    kindly clarify whether the TDS is applicable on purchase of all kind of software after the budget 2012 amendments...

    ReplyDelete
  2. Quality artiсles is &X74;he crucial &X74;&X6f; interest the viewеrѕ to go too see the web page, that's
    what this site is providing.

    Feel free to surf to my web page; garcinia Cambogia for weight

    ReplyDelete
  3. Link exchange is nothing else but it is only placing the other
    person's website link on your page at proper place and other
    person will also do similar in support of you.


    Here is my webpage; X Rebirth télécharger

    ReplyDelete
  4. Wow! At last I got a website from where I know how to genuinely
    take helpful data concerning my study and knowledge.

    Feel free to surf to my web site; แทงบอล

    ReplyDelete
  5. Wonderful article! Thhis is the kind of
    іnformatiоn that are meant to
    be share&X64; across &X74;he internet. Disgrace
    on the seаrch e&X6E;gines for no lоnger p&X6f;sitioning
    this submit upper! Come o&X6e; over and discus&X73; wi&X74;h mу
    site . Tha&X6E;ks =)

    Here iѕ my webpage :: doudoune canada goose

    ReplyDelete
  6. In order to cope inside a fast-paced market, new applications are
    required. You can run your online business perfectly in case you become cordial for the customers.
    The business degree raises one's social standing: in simple terms, it
    opens for you doors that might have otherwise remained closed
    to you.

    my weblog :: the.zoohoo.sk

    ReplyDelete
  7. This info is what I'm interested in, thanks

    Feel free to visit my site :: increase website traffic

    ReplyDelete
  8. Hi there! Someone in my Facebook group shared this website with us
    so I came to look it over. I'm definitely enjoying the information. I'm book-marking and
    will be tweeting this to my followers! Superb blog and terrific design.

    Also visit my web blog ... homepage ()

    ReplyDelete
  9. Couple Tshirts If you want a distinctive gift for a couple
    afterward these couple t-shirts are your reply! These reactions can be brought on by avoidance want,
    anxiety or sensory overload.

    Review my webpage :: billiga nike free run sverige 2014 rea

    ReplyDelete
  10. Greetings, I believe your blog might be having internet browser compatibility problems.
    Whenever I take a look at your site in Safari, it looks fine however, when opening
    in Internet Explorer, it's got some overlapping issues.

    I simply wanted to give you a quick heads up! Apart from that,
    great blog!

    my site; افضل شركات مكافحة حشرات بالرياض

    ReplyDelete
  11. I am no longer positive the place you're getting your information, but great topic.

    I must spend a while finding out more or understanding more.
    Thank you for excellent information I used to be looking for this information for my
    mission.

    My web site - bladeless lasik

    ReplyDelete
  12. A ten gallon terгarium іs enough tо accommodate tաo
    dragons. But if you do not haѵe the time to do that, you could always go on the web and broաse by tɦe
    webpagеѕ which sell bearded dragon, to check out the best bargain available.
    In the ѕhades іs the best option, the habitat
    can not be warmer than 35 degreeѕ іn the shade.



    Feel free to visit my blߋg: bearded dragon secret manual Pdf

    ReplyDelete
  13. If some one wants expert view on the topic of blogging and site-building after that i recommend him/her to pay
    a quick visit this blog, Keep up the good job.

    Feel free to surf to my webpage :: erectile dysfunction ()

    ReplyDelete
  14. What's up, of course this paragraph is in fact good and
    I have learned lot of things from it on the topic of blogging.
    thanks.

    Also visit my weblog: garcinia cambogia extract reviews (Pligg247.com)

    ReplyDelete
  15. Hey there. Great website. I wanted to ask, though, where did you get the theme?

    Or did you produce it for yourself? I'm putting
    up my own website and am shopping around for a theme as great as this one.

    Many thanks.

    My blog post: http://www.youtube.com

    ReplyDelete
  16. Hi there are using Wordpress for your blog
    platform? I'm new to the blog world but I'm trying
    to get started and create my own. Do you need any html coding knowledge to
    make your own blog? Any help would be really appreciated!


    my homepage xtreme no review

    ReplyDelete
  17. No matter if some one searches for his required thing, therefore he/she
    wants to be available that in detail, so that thing is maintained over here.


    my weblog: hack game of war fire age ()

    ReplyDelete
  18. I read this article completely on the topic of the comparison of hottest and earlier technologies, it's remarkable article.


    Here is my site: افضل شركة كشف تسربات المياه بالرياض

    ReplyDelete
  19. I am a lecturer aat a prominent school annd ɦave mmadе your site a compulsory
    read amingst mʏ students. It will help them considerably with thеir ϲurrentt
    esѕay assignment.

    My web blog :: e cig liquid refill & 50 ml bottle

    ReplyDelete
  20. About the GameThe aimm of Las Vegas Royalty, they do not prevent onlone gambling in a foreign place is good, all-around good luck charms, and most of the Mississippi Council on Compulsive Gambling FCCG.
    Don't risk that you can bet on baseball games.
    They are similar to check your locality's laws concerning wagers
    before going cold.

    my homepage; sportsbet free bet ()

    ReplyDelete
  21. Hello everyone, it's my first pay a visit at this web site, and post is
    actually fruitful designed for me, keep up posting these types of articles or reviews.


    Review my weblog ... شركة تخزين اثاث

    ReplyDelete