Rates of TDS for F.Y. 2016-2017 or A.Y. 2017-18 are given below. TDS is to be deducted onspecified payment as prescribed by Income Tax Act by persons who are liable to deduct TDS. (Deducter/Payer) at prescribed rates by Income Tax Act. So It is the duty of the deductor to deduct TDS as given in Income Tax Act. Each payment has its own rate of percentage to deduct TDS.
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Every deductor need to deduct TDS as prescribed in Income Tax Act (not more than that and not lower than that). No doubt, there is no penalty to deduct more or wrongly deduction of TDS. However, deductor will issue TDS certificate (Form 16/Form 16A) as per actual deduction. The payee should claim the refund as per TDS certificate whether is wrongly deduction or higher deduction as the case may be.
However, TDS can be adjusted against any other payment made or credited if TDS has been wrongly deducted from a payment on which there is no liability to deduct TDS. However, thepenalty for non-deposit of TDS will be imposed by Income Tax Department.
So TDS rates plays very important part for payer and payee to get easily and timely income tax refund.
TDS Rates Chart w.e.f 1-6-2016 (Include All Changes UptoDate)
TDS Changes w.e.f. 1-6-2016
The following are the changes in TDS rated and threshold limit to deduct TDS. These changes will applicable w.e.f. 1st June, 2016.
TDS Rates for A.Y.2016-17 (F.Y.2015-16)
| Payment & Section | Limit | TDS Rates for Individiual |
|---|---|---|
| Interest from a Banking Company - 194A | 10,000 p.a. | 10% (Individuals) 10% (Others) |
| Interest other than from a Banking Co. - 194A | 5,000 p.a. | 10% (Individuals) 10% (Others) |
| Contractors (including Advertising & Sub-Contractor) - 194C | 30,000 (per payment) or 75,000 p.a. | 1% (Individuals) 2% (Others) |
| Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages - 194C | Nil | NIL (Individuals) NIL (Others) |
| Insurance Commission -194D | 20,000 p.a. | 10% (Individuals) 10% (Others) |
| Commission or Brokerage -194H | 5,000 p.a. | 10% (Individuals) 10% (Others) |
| Rent of Land & Building - 194I | 1,80,000 p.a. | 10% (Individuals) 10% (Others) |
| Rent of Plant & Machinery and Other Equipments - 194I | 1,80,000 p.a. | 2% (Individuals) 2% (Others) |
| Transfer of Immovable Property other than Agriculture Land - 194IA | 50,00,000 | 1% (Individuals) 1% (Others) |
| Payment for Professional Services, Technical Services & Royalty -194J | 30,000 p.a. | 10% (Individuals) 10% (Others) |
| Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192 - 194J(1)(ba) | - | 10% (Individuals) 10% (Others) |
Download TDS Rates Chart (PDF Format)
The below is image format for above TDS chart:
TDS Rates for A.Y.2015-16 (F.Y.2014-15)
| Payment & Section | Limit | TDS Rates for Individuals |
|---|---|---|
| Interest from a Banking Company - 194A | 10000 | 10% (Individuals) 10% (Others) |
| Interest other than from a Banking Co. - 194A | 5000 | 10% (Individuals 10% (Others) |
| Contractors (including Advertising & Sub-Contractor) - 194C | 30000 (per payment) or 75000 p.a. | 1% (Individuals) 2% (Others) |
| Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages - 194C | Nil | Nil (Individuals) Nil (Others) |
| Insurance Commission - 194D | 20000 | 10% (Individuals 10% (Others) |
| Commission or Brokerage - 194H | 5000 | 10% (Individuals 10% (Others) |
| Rend of Land & Building - 194I | 180000 | 10% (Individuals 10% (Others) |
| Rent of Plant & Machinery and Other Equipments - 194I | 180000 | 2% (Individuals 2% (Others) |
| Transfer of Immovable Property other than Agriculture Land - 194IA | 5000000 | 1% (Individuals 1% (Others) |
| Payment for Professional Services, Technical Services & Royalty - 194J | 30000 | 10% (Individuals 10% (Others) |
| Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192 - 194J(1)(ba) | - | 10% (Individuals 10% (Others) |
Important Notes on TDS Rates Chart for F.Y. 2015-16
Payee should give his PAN to Payer so that payer can put in TDS certificate and in TDS returns. It will help indirectly to payee for gettin refund easily and fastly.
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