{"id":112284,"date":"2023-02-06T09:31:05","date_gmt":"2023-02-06T04:01:05","guid":{"rendered":"https:\/\/legalwindow.in\/?p=112284"},"modified":"2023-02-05T09:47:16","modified_gmt":"2023-02-05T04:17:16","slug":"tds-rate-chart-for-fy-2022-2023","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/tds-rate-chart-for-fy-2022-2023\/","title":{"rendered":"Concept of TDS and TDS Rate Chart for FY 2022-2023"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-112288 size-full\" title=\"TDS Rate Chart for FY 2022-2023\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1.png\" alt=\"TDS Rate Chart for FY 2022-2023\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-TDS-and-TDS-rate-chart-for-FY-2022-2023-1-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">It is not easy to handle such a Huge yet Amazing country like India, where diversity between cultures, religions, Class can be seen clearly. The government<\/span><span style=\"font-weight: 400;\">\u00a0of India<\/span><span style=\"font-weight: 400;\">, in its day-to-day routine, has been experimenting with new Ideas to generate different revenue sources for the country. We cannot deny that in doing so, our democratized government have got success; one such source revenue-generating instrument of government is Tax Deducted at Source or commonly referred to as \u201cTDS\u201d. Let us delve into this concept in great detail and we\u2019ll also look into TDS Rate Chart for FY 2022-2023.\u00a0<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#short\"><span style=\"font-weight: 400;\">Short Glimpse<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#at\"><span style=\"font-weight: 400;\">Concept of Tax Deducted at Source<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#by\"><span style=\"font-weight: 400;\">When and by whom TDS is deducted?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#and\"><span style=\"font-weight: 400;\">TDS&#8217;s Benefits and Merits<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#tds\"><span style=\"font-weight: 400;\">TDS Certificate and claiming of TDS<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">TDS Rate Chart for FY 2022-2023<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#late\"><span style=\"font-weight: 400;\">Penalty for Late Payment of TDS<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"short\"><b>Short Glimpse<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Every Year Government of India releases its various Tax Rates applicable to the citizens of the country, for the better functioning of the country and to collect tax from the very source of revenue, the TDS idea was established. According to this concept, a person (deductor) who is required to make a payment of a certain sort to another person (deductee) must withhold tax at source and deposit it into the Central Government&#8217;s account. Based on Form 26AS or a TDS certificate provided by the deductor, the deductee from whose income tax source deductions have been made is entitled to get credit for the amount so deducted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The TDS on payment for the transfer of virtual digital assets, the TDS on the sale of movable property (higher of the stamp duty valuation and sales consideration), the higher TDS rates for non-filers of ITR (reduced 1 year), and the TDS on benefits or perquisites of a business or profession are the major changes proposed in the Budget 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we shall delve into our topic of concern, we must discuss first TDS, so that we could have a better understanding of this concept.<\/span><\/p>\n<h2 id=\"at\"><b>Concept of Tax Deducted at Source<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A system known as Tax Deducted at Source (TDS) was instituted by the <\/span><span style=\"font-weight: 400;\">Income Tax Department<\/span><span style=\"font-weight: 400;\">. Under this system, the person in charge of making certain payments, such as salaries, commissions, professional fees, interest, rent, etc., is required to withhold a specific amount of tax before making the full payment to the recipient of the payment. The idea of TDS is to deduct tax at the source, as the name implies. TDS delivers consistent income for the government while easing the burden of tax filing for the deductee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Isn\u2019t it amazing how, our rulers have incorporated this concept of TDS for revenue generation, now, let us discuss by whom TDS is deducted?<\/span><\/p>\n<h2 id=\"by\"><b>When and by whom TDS is deducted?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The deduction of TDS depends upon the following factors:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any payment that fits the description in the <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\"> will have TDS taken off at the time of the transaction.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No TDS will be taken from your income whether you are an individual or a Hindu Undivided Family (HUF), and your records won&#8217;t be audited.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Though you pay rent as an individual or as a member of a HUF and the amount payable exceeds Rs. 50 000, a TDS of 5% will be levied even if your books are not the subject of a tax audit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You won&#8217;t need to apply for a Tax Deduction Account Number if you need TDS deducted at a rate of 5%. (TAN).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you have a job, your employer will take TDS deductions based on your income tax slab rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The bank with whom you have a working account will withhold TDS at a rate of 10%. If they do not have your PAN information, TDS at a rate of 20% will be taken.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the bulk of payments, TDS rates are established by the Income Tax Act, and the payer deducts TDS from the rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You won&#8217;t be required to pay any tax if you provide your employer with investment evidence and your total taxable income is below the total taxable level. Therefore, no TDS will be taken into account in this scenario.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can also give the bank Forms 15G and 15H if your total taxable income is below the total taxable limit. The bank won&#8217;t deduct any TDS from your interest profits in this situation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the bank withheld the TDS because you failed to provide your employer with the investment evidence, you can submit a return and receive a refund if your total taxable income is less than the total taxable limit.<\/span><\/li>\n<\/ul>\n<h2 id=\"and\"><b>TDS&#8217;s Benefits and Merits<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The essence of TDS is the concept of &#8220;pay as and when you earn.&#8221; TDS is a situation in which the taxpayers and the government both benefit. When paying with cash, credit, or a check, tax is subtracted and deposited with the central authorities.<\/span><\/p>\n<p><b>Merits of TDS: <\/b><span style=\"font-weight: 400;\">The following are the merits of TDS:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It stops individuals from evading paying taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TDS is a reliable stream of funding for the government.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The automated deduction of the necessary tax amount makes it more comfortable for the deductee.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Don\u2019t forget to read our Articles on <\/span><a href=\"https:\/\/legalwindow.in\/tds-under-section-194q\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">TDS under Section 194Q of the Income Tax Act, 1961<\/span><\/a>,<span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">Guide to new TDS Section 194R of the Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\">, for better and updated knowledge on TDS.<\/span><\/p>\n<h2 id=\"tds\"><b>TDS Certificate and claiming of TDS<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On the IRS website, anyone can submit a TDS refund application. The individual must, however, file their <\/span><span style=\"font-weight: 400;\">Income Tax Returns<\/span><span style=\"font-weight: 400;\"> and request their TDS refund. After the taxpayer files the ITR, the Income Tax Department will process the TDS. Within six months, the bank will credit the money. On the official website of the Internal Revenue Service, customers may also track the progress of their refund.<\/span><\/p>\n<p><b>TDS Certificate: <\/b><span style=\"font-weight: 400;\">TDS certifications come in two different formats:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 16 and\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 16A\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By Section 203 of the Income Tax Act, 1961, the department must issue a certificate to the deductee. The deductor is required to give this form to the deducted. <\/span><span style=\"font-weight: 400;\">Salaried employees must receive Form 16 from their employers, which must provide a breakdown of the TDS deductions made. Form 16 includes the tax computation, the tax deduction, and the payment of TDS. By May 31 of the next fiscal year, employers must give this form to their staff members.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The deductor provides Form 16A for non-salaried classes, which contains details on computation, TDS deduction, and payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Legal Window will assist you in timely filing your <\/span><span style=\"font-weight: 400;\">TDS Return<\/span><span style=\"font-weight: 400;\"> so that your employee and others from whom TDS has been deducted may complete their form 26AS with the correct information. For TDS Working, contact our staff at <\/span><b>072407-51000 or by email at <\/b><a href=\"mailto:admin@legalwindow.in\" target=\"_blank\" rel=\"noopener\"><b>admin@legalwindow.in<\/b><\/a><b>.<\/b><\/p>\n<h2 id=\"for\"><b>TDS Rate Chart for FY 2022-2023<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">TDS Rate Chart for FY 2022-2023 is as follows:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Section<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Nature of Payment\u00a0<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Threshold (Rs.)\u00a0<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Individual \/ HUF TDS Rates (%)<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Others<\/b><b><br \/>\n<\/b><b>TDS Rate (%)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>192<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Salaries<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 2,50,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Slab Rates<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Slab Rates<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>192A<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Premature\u00a0 EPF withdrawal<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 50,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>193<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Government securities interest<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 10,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of dividend<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 5,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194A<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Interest by banks or post offices on deposits<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 40,000<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Rs. 50,000 (For senior citizens)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194A<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Interest by others apart from on securities<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 5,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194B<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amount won through lotteries, puzzles, or games<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 10,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194BB<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amount won from horse races<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 10,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194C<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payments to contractor or sub-contractor \u2013 Single Payments<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 30,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194C<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payments to contractor\/sub-contractor \u2013 Aggregate Payments<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 1,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194D<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of insurance commission to domestic companies<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 15,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194D<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of insurance commission to companies other than domestic\u00a0<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 15,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194DA<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Maturity of Life Insurance Policy<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 1,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194EE<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of an amount standing to the credit of an individual under NSS (National Savings Scheme)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 2500<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194F<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of repurchase of the unit by UTI (Unit Trust of India) or any mutual fund<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">No Limit<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194G<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payments or commissions on the sale of lottery tickets<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 15,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194H<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Commission or brokerage<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 15,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194I<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rent of land, building, or furniture<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 2,40,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194I<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rent of plant and machinery<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 2,40,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194IA<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment for transfer of immovable property other than agricultural land<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 50,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194IB<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rent payment that is made by an individual or HUF not covered under payment 194I<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 50,000 (per month)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194IC<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment made under Joint Development Agreement (JDA) to Individual\/HUF<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">No Limit<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194J<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Fees paid for professional services<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 30,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194J<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amount paid for technical services<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 30,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194J<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amounts paid as royalty: sale\/distribution\/exhibition of cinematographic films<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 30,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194K<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of income for units of a mutual fund, for example- dividends<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 5,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194LA<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment for compensation for acquiring certain immovable property<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 2,50,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194LB<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of interest on infrastructure\u00a0 bonds to Non-Resident Indians<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194LBA(1)<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Certain income distributed by a business trust among its unit holder<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194LD<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payment of interest on rupee-denominated bonds, municipal debt security, and government securities<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194M<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Amounts paid for the contract, brokerage, commission, or professional fee (other than 194C, 194H, 194J)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 50,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194N<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">In case cash withdrawal over a certain amount takes place from the bank, and ITR is filed<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 1,00,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194N<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">In case cash withdrawal takes place from a bank and one does not file ITR<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 20,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194O<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amount paid for the sale of products\/services by e-commerce service providers via their digital platform<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 5,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194Q<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Payments made for the purchase of goods<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 50,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">0.10%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">0.10%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>194S<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">TDS on the payment of any crypto or other virtual asset<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>206AA<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">TDS for non-availability of PAN<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">At a rate higher of<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Specified rate as per the act<\/span><\/p>\n<p><span style=\"font-weight: 400;\">20%<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rate in force<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>206AB<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">TDS on non-filers of Income tax return<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rate higher of:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5%<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Twice the mentioned rate in the provision<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rate in force<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"late\"><b>Penalty for Late Payment of TDS<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/incometaxindia.gov.in\/Pages\/default.aspx\" target=\"_blank\" rel=\"noopener\">Income Tax Department<\/a> applies the following penalties for failure to submit or delays in filing your TDS return or statements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under Section 272A (2) of the Income Tax Act, a penalty of Rs. 100 would be assessed for each day that the returns are not filed, up to the TDS amount.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 234E of the Income Tax Act imposes a penalty of Rs. 200 for each day that the returns are not filed, up to the TDS amount.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 271H of the Income Tax Act imposes a penalty of between Rs. 10,000 and Rs. 1 lakh if the deductor fails to file the TDS return by the due date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the deductor gives inaccurate information about the PAN, the amount of TDS, etc. According to Section 271H of the Income Tax Act, there would be a fine of between Rs. 10,000 and Rs. 1 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the taxpayer fails to pay the TDS by the deadline, interest will also be assessed in addition to the fine.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If any or all of the tax is not withheld at source, 1.5 percent interest per month will be charged starting on the day the tax was deductible and continuing until the day the tax is withheld.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/tds-returns\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-110560 size-full\" title=\"TDS Return \" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/TDS-Return-Starting-from-10000-..png\" alt=\"TDS Return \" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/TDS-Return-Starting-from-10000-..png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/TDS-Return-Starting-from-10000-.-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/TDS-Return-Starting-from-10000-.-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/TDS-Return-Starting-from-10000-.-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"takeaway\"><b>Takeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The phenomenon of TDS is used to lessen the possibility of income recipient avoidance. Additionally, the country&#8217;s economy might become more transparent. <\/span><span style=\"font-weight: 400;\">A deductee&#8217;s tax filing burden is lessened thanks to Tax Deducted at Source. It guarantees that the government will get consistent tax income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are sure enough that this article has succeeded in explaining the TDS, in case you further counter any issue, connect to us at <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is not easy to handle such a Huge yet Amazing country like India, where diversity between cultures, religions, Class can be seen clearly. The government\u00a0of India, in&hellip;<\/p>\n","protected":false},"author":4,"featured_media":112289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-112284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TDS Rate Chart for FY 2022-2023 &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"This article briefly describes the TDS Rate Chart for FY 2022-2023, TDS&#039;s Benefits and Merits, &amp; When and by whom TDS is deducted?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/tds-rate-chart-for-fy-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TDS Rate Chart for FY 2022-2023 &#187; 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