TDS Rate Chart Released by Income Tax Dept for F.Y. 2024-25: Don’t Miss Out!

TDS Rate Chart - TDS - TDS Rate - Income Tax Dept - taxscan

The Income Tax Department has released the Tax Deduction at Source ( TDS ) rate chart for the Financial Year 2024-25. TDS system where tax is deducted by the payer at the time of making specified payments such as salary, interest, commission, rent, etc.

The individual or entity responsible for making the payment, known as the deductor, deducts a specific portion of tax from the payment amount before disbursing it to the payee, referred to as the deductee. The failure to pay the TDS attracts penalties.

TDS and How it works

TDS is applied on payments like interest and salary, among other things. Within the allotted period, it is deposited with the government. The deductor must disclose the specifics of TDS deducted and deposited in TDS returns, which must be filed on a periodic basis. A TDS certificate is given by the deductor to the deductee as evidence of the tax deduction. Details including the type of payment, the amount of tax withheld, and other pertinent data are included in this certificate.

When completing their income tax return, the deductee can claim credit for the amount of TDS deducted. The overall tax liability of the deductee for the fiscal year is subtracted from the amount of TDS that was deducted.

TDS Rate Chart for 2024-25

SectionNature of PaymentThresholdIndividual/HUF TDS ratesOthers TDS Rate
192SalariesRs. 2,50,000Slab ratesSlab rates
192APremature EPF withdrawalRs. 50,00010%10%
193TDS on interest on SecuritiesRs. 10,00010%10%
194Payment of DividendRs. 500010%10%
194AInterest issued by banks or post offices on depositsRs. 40,00010%10%
194AInterest issued by banks or post offices on deposits (For Senior citizens)Rs. 50,00010%10%
194AInterest by others apart from on securitiesRs. 5,00010%10%
194BAmounts that someone has won through lotteries, puzzles, or gamesAggregate of Rs- 10,00030%30%
194BBAmounts that someone has won from horse racesRs. 10,00030%  30%  
194CPayments to contractor sub- contractor — Single PaymentsRs. 30,0001%2%
194CPayments to contractor/sub–contractor Aggregate PaymentsRs. 1,00,0001%2%
194DPayment of insurance commission  Domestic CompaniesRs. 15,000NA5%
194DPayment of insurance commission to companies offer than domestic onesRs. 15,0005%NA
194DAMaturity of Life Insurance Policy  Rs. 1,00,0005%5%
194EEPayment of an amount standing to the credit of an Individual under NSS (National Savings Scheme)Rs. 250010%10%
194FPayment of repurchase of unit by UTI (Unit Trust of India) or any mutual fundNo Limit20%20%
194GPayments or commission  on sale of lottery ticketsRs. 15,0005%5%
194HCommission or brokerageRs. 15,0005%5%
194IRent of land or furnitureRs. 2,40,00010%10%
194IRent of plant and machineryRs. 2,40,0002%2%
194IAPayment for transfer of immovable property other than agricultural land50,00,0001%1%
194IBRent payment that is made by an individual or HUF  not covered under payment 194IRs. 50,000 (Per month)5%NA
194ICPayment that are made under Joint Development Agreement (JDA) to Individual /HUFNo Limit10%10%
194JFees paid for professional servicesRs. 30,00010%10%
194JAmount paid for technical servicesRs. 30,0002%2%
194J  Amounts paid as royalty for sale/distribution/exhibition of cinematographic filmsRs. 30,0002%2%
194KPayment of income for units of a mutual fund, for example- dividendsRs. 5,00010%10%
194LAPayment made for compensation for acquiring certain immovable propertyRs. 2,50,00010%10%
194LBPayment of interest on infrastructure bonds to Non-Resident IndiansNA5%5%
194LBA(1)Certain income distributed by a business trust a-nong its unit holderNA10%10%
194LDPayment of interest on rupee- denominated bonds, municipal debt security, and government securitiesNA5%5%
194MAmounts paid for contract, brokerage, commission or professional fee (other than 194C, 194H, 194J)Rs. 50,00,0005%5%
194NIn case cash withdrawal over a certain amount takes place from the bank, and ITR is filedRs. 1,00,00,0002%2%
194NIn case cash withdrawal takes place from a bank and one does not file ITRRs. 20,00,0002%2%
194OAmount paid for the sale of products/services by e-commerce service providers via their digital platformRs. 5,00,0001%1%
194QPayments made for the purchase of GoodsRs. 50,00,0000.10%0.10%
194STDS on the payment of any crypto or  other virtual assetNA1%1%
206AATDS for non-availability of PANNAAt the Higher rate of:   1.Specified rate as per the act   2. 20%   3. Rate in Force20%
206ABTDS on non-filers of Income tax returnNARate Higher of:   1.5%   2.Twice the rate mention in provision   3.Rate in force 

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