TDS Rate Chart For AY 2020-21 w.e.f 14/05/2020, TCS Rates for FY 2019-20 Excel, PDF Format

TDS Rate Chart For FY 2019-20 AY 2020-21, TCS Rates for FY 2019-20: TDS Rate Chart: TDS means “Tax Deducted at Source“. Here we provide TDS Rate Chart for AY 2020-21 OR FY 2019-20. TDS is one of the modes of collection of taxes, by which a certain percentage of amounts is deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government Account.

TDS is calculated and levied on the basis of a threshold limit specified by income tax department, which is the maximum level of income after which TDS will be deducted from your future income/payments.

TDS is deducted as per the Indian Income Tax Act, 1961. TDS is controlled by the Central Board for Direct Taxes and it is a part of the Indian Revenue Service Department.

New TDS rate chart reduced by 25% w.e.f 14/05/2020

TDS Rate Chart for FY 2020-21 Pre & Post 14th May 2020

Reduced rate from 14/05/2020 to 31/03/2021

Section Nature of Payment Existing Rate New 14/05/2020
193 Interest on Securities 10% 7.5%
194 Dividend 10% 7.5%
194A Interest other than interest on securities 10% 7.5%
194C Payment of Contractors and sub-contractors 1% (individual/HUF)2% (others) 0.75% (individual/HUF)1.5% (others)
194D Insurance Commission 5% 3.75%
194DA Payment in respect of life insurance policy 5% 3.75%
194EE Payments in respect of deposits under National Savings Scheme 10% 7.5%
194F Payments on account of re-purchase of Units by Mutual Funds or UTI 20% 15%
194G Commission, prize etc., on sale of lottery tickets 5% 3.75%
194H Commission or brokerage 5% 3.75%
194-I(a) Rent for plant and machinery 2% 1.5%
194-I(b) Rent for immovable property 10% 7.5%
194-IA Payment for acquisition of immovable property 1% 0.75%
194-IB Payment of rent by individual or HUF 5% 3.75%
194-IC Payment for Joint Development Agreements 10% 7.5%
194J Fee for Professional or Technical Services (FTS), Royalty, etc. 2% (FTS, certain royalties, call centre)10% (others) 1.5% (FTS, certain royalties, call centre)7.5% (others)
194K Payment of dividend by Mutual Funds 10% 7.5%
194LA Payment of Compensation on acquisition of immovable property 10% 7.5%
194LBA(1) Payment of income by Business trust 10% 7.5%
194LBB(i) Payment of income by Investment fund 10% 7.5%
194LBC(1) Income by securitisation trust 25% (Individual/HUF)30% (Others) 18.75% (Individual/HUF)22.5% (Others)
194M Payment to commission, brokerage etc. by Individual and HUF 5% 3.75%
194-O TDS on e-commerce participants 1%(w.e.f. 1.10.2020) 0.75%

2. Further, the rate of Tax Collection at Source (TCS) for the following specified receipts has also been reduced by 25% for the period from 14th May, 2020  to 31st March, 2021:-

Amendments introduced in 2019 budget.

Section Nature Pre- amendment Post amendment
194A Interest Payment from Bank Limit of Rs.10,000 Limit of 40,000
194I Rent Payment Limit of Rs. 180,000 Limit of Rs. 240,000

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act Following are the revised rate of TDS applicable for Financial Year 2019 -2020 Assessment Year 2020-21

TCS RATES FOR THE FY 2019-20

The Tax Collection at Source Rates for the Financial Year 2019-20 is tabulated below:

TCS Rate Chart for FY 2020-21 Pre & Post 14th May 2020

Further, the rate of Tax Collection at Source (TCS) for the following specified receipts has also been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:-

Section Nature of Receipts Existing Rate New from 14/05/2020
206C(1) Sale of
(a) Tendu Leaves 5% 3.75%
(b)Timber obtained under a forest lease 2.5% 1.875%
(c) timber obtained by any other mode 2.5% 1.875%
(d) Any other forest produce not being timber/tendu leaves 2.5% 1.875%
(e) scrap 1% 0.75%
(f) Minerals, being coal or lignite or iron ore 1% 0.75%
206C(1C) Grant of license, lease, etc. of(a) Parking lot 2% 1.5%
(b) Toll Plaza 2% 1.5%
(c) Mining and quarrying 2% 1.5%
206C(1F) Sale of motor vehicle above 10 lakhs 1% 0.75%
206C(1H) Sale of any other goods 0.1%(w.e.f 01.10.2020) 0.075%

3. Therefore, TDS on the amount paid or credited during the period from 14th May, 2020 to 31st March, 2021 shall be deducted at the reduced rates specified in the table in para 1 above. Similarly, the tax on the amount received or debited during the period from 14th May, 2020 to 31st March, 2021 shall be collected at the reduced rates specified in the table in para 2 above.

4. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%.

5. Legislative amendments in this regard shall be proposed in due course.

Due dates for deposit of TDS are as under

Deductions made in the month of March On or before 30th April
Deductions made other than month of March and tax on perquisites opted to be deposited

by employer

On or before seven days from the close of the

month

Due dates for TDS quarterly Returns

Due dates for TDS quarterly Returns
Quarter Period Due Date
Q1 1 Apr – 30 June 31st July
Q2 1 July – 30 Sept 31st Oct
Q3 1 Oct – 31 Dec 31st Jan
Q4 1 Jan – 31 Mar 31st May

 Notes and Important points to be kept in Mind 

  • TDS is not applicable on service tax part if service tax is shown separately
  • TCS (Tax Collection at Source) : Tax to be collected at source at the rate of 1 % on purchase of luxury cars exceeding value of Rs. 10 lakh and purchase of goods and services in cash exceeding Rs. 2 lakh. (Budget 2016 Proposal)
  • TDS (Tax Deduction at Source):6% withholding tax to be deducted from the payment to a foreign company with no permanent establishment, for online advertisement. Ceiling limit for this purpose will be Rs. 1 Lakh. Levy will only apply to Business to Business
  • Upon self-certification, no tax will be deducted on rental payments if the income of the payee does not exceed the maximum amount not chargeable to
  • An Individual or a Hindu Undivided Family whose total sales ,gross receipts or turnover  from business or profession carried on by him exceeds the monetary limits under Sec.44AB during the preceding financial year shall also be liable to deduct tax
  • Section 206AA of the Income-tax Act so as to provide that TDS shall not be deducted at a higher rate in case of non-residents not having PAN, subject to prescribed
  • Deduction at lower or nil rate requires certificate u/s.197,which will take effect from the day it is issued. It cannot be used
  • Interest and penalty will be applicable as per section 201 and section 271c. Imprisonment can be in cases of continuous failure ranging from 3 months to 7 years
  • Failure to file quarterly TDS Returns in time- late fee @ Rs. 200/- per day (maximum of TDS amount) Section 234E

TDS Rate Chart For FY 2019-20 AY 2020-21. Here we provide all past years TDS Rate Chart like – TDS Rates For F.Y 2015-16 And AY 2016-17, TDS Chart for AY 2018-19, Download TDS Rate Chart for AY 2020-21 etc…. Here We are providing Latest TDS Rates for AY 2020-21. Scroll Down Below and check all Latest TDS Rate chart issued by Income tax Department. Download latest TDS Rate Chart. TDS/TCS Rates Chart for FY 2019-20 / AY 2020-21 . Download TAX Deducted at Source Rates Chart in pdf format. All TDS Rates are available at one place. Recently we are providing Various due dates for Indian taxes . You can also Download Latest Income Tax Slab Rates AY 2020-21 & All Years. Now check more details about “TDS Rate Chart For FY 2019-20 AY 2020-21” from below….

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