Taxation TDS-TCS Section List for May/Nov 24 (refrence from BB sir compact book) - BY a student of BB sir:)

TAX DEDUCTED AT SOURCE (TDS)

OFU (only for
SECTION NATURE OF PAYMENT PAYER PAYEE TDS RATE % LIMIT
Understanding)
192 Salary any person Employee (R/NR) Slab rate Slab rate
192A Accumulated Bal. of PF any person Employee (R/NR) 10% 50000
Debenture:- 5000
193 Interest on Securities any person Resident person 10%
Govt sec.:- 10000
194 Dividend Domestic co. Resident person 10% 5000
any other person.:- 5000
any p. other thn Indv/HUF
Interest other thn security bank/post office:- 40000
194A [except: Last year T/O > 1Cr. or Resident person 10%
interest (resident senior
G/R > 50 L.]
citizen:-50000)
Winning from
Bade log 194B any person any person 30% 10000
lotteries,crossword puzzles etc.
Bohot bade log 194BB Winning from Horse Races any person any person 30% 10000
Bada Addict 194BA Winning from online games any person any person 30% 100 p.m.
any person other thn Payee- Contract if,
contract 194C Contract & Sub contract Indv,HUF,AOP,BOI [except: Last Resident person Ind/HUF:- 1% Single:- 30000
year T/O > 1Cr. or G/R > 50 L.] Others:- 2% Agg:- 1 Lakh
5%
Dalal 194D Insurance Commission any person Resident person 15000
if payee Domestic co. 10%
Commission on sale of lottery
Gambling 194G any person any person 5% 15000
tickets
any p. other thn Indv/HUF
House ka comm./
194H Commosion on brokerage [except: Last year T/O > 1Cr. or Resident person 5% 15000
Brockerage
G/R > 50 L.]
Death After 194DA Maturity of Life Ins. Policy any person Resident person 5% 1 Lakh
Rent of any p. other thn Indv/HUF
P&M,Equip:- 2%
I ko rent do 194I P&M,Equip,Building,Furniture & [except: Last year T/O > 1Cr. or Resident person 240000
Land,Building & Furni:- 10%
Land G/R > 50 L.]
Imm. prop Transfer of Imm. Property Higher of, Consideration or SDV 50
194IA any person (Buyer) any person (Seller)
Acquired (other thn Rural Agri Land) 1% of Consideration or SDV Lakh
Imm prop. bhade
194IB Rent of Imm. Property Indv/HUF (not covered u/s 194I Resident person 5% 50000 p.m.
(rent) pe
 Consideration under Joint
194IC any person Resident person 10% -
Develop. Agreement (JDA)
Normally - 10%
Fees for Professional service any p. other thn Indv/HUF 2% if, Call center,Tech.
30000 p.a. for each
Jani Dushman Fees for Technical service service (other thn Prof.
194J [except: Last year T/O > 1Cr. or Resident person service
(boss) Remuneration to Directors service), Royalty for sale
G/R > 50 L.] No limit for Director
Non-compete Fees Royalty distri. or exhibition of cine.
film
Income from UTI or Mutual
Kotak mutual fund 194K any person (UTI/MF) Resident person 10% 5000
Fund units
Laaa (mtlb land Compensation on compulsory
194LA any person Resident person 10% 250000
Acq) acquisition of Imm. property
Work pursuance Contract,
Indv/HUF
Mixer of section 194M Commision/Brokerage, Fees Resident person 5% 50 Lakh
(other thn 194C/194H,194J)
for Prof. service
bank se Note Cash withdraw from bank, 2% - >20 Lakh upto 1Cr. 1Cr.
194N Bank, co.op.bank, Post office any person
nikalna co.op.bank, Post office 5% - 1Cr. Co.op.society- 3Cr.
TDS by bank in case of Senior Resident Indv age
pension 194P Specified Bank Slab rate -
citizen 75yrs or more
Purchase of Goods more thn any person (Buyer) whose last Resident person 0.1% of sum in excess of 50
Q ? purchase kiya 194Q 50 Lakh
50 Lakhs in a PY year T/O more thn 10Cr. (Seller) Lakhs
Any benefit or perquisite, any p. other thn Indv/HUF
whether converted into money
194R [except: Last year T/O > 1Cr. or Resident person 10% 20000
or not, arising from bussi. or
prof. G/R > 50 L.]
MISCELLANEOUS PROVISIONS
196 TDS not applicable Govt.,RBI,Stat. Corp., MF, New pension Trust [Not applicable in case of GST ON SERVICE]
197 Lower Deduction Certif. from AO
Total income is below exemption limit :- 1) No TDS u/s 192A,193,194,194A,194D,194DA,194I,194K -declaration in form15G
197A
2) In case of resident senior citizen - form15H
198 TDS Deemed to be Income of payee EXCEPT paid by employer on non monetary perks or TDS u/s 194N
201 Assessee in Default Penalty u/s 221 can be max 100% of TDS amount.
201(1A) Interest on late deduction - 1% or late Payment of TDS- 1.5%
 TAX COLLECTION AT SOURCES (TCS)
OFU (only for
SECTION NATURE OF TRANSACTION TCS RATE % COLLECTOR (SELLER) COLLECTEE (BUYER) LIMIT
Understanding)
Sale of Goods any p. other thn 1) Buyer
Tendu leaves 5% who buys for personal
any p. other thn
consumption 2) Public sector
Timber & other forest products 2.50% Indv/HUF [except:
206C(1) co. 3) CG, SG, Embassy, High
Alcoholic liquor 1% Last year T/O > 1Cr.
comm., Legation, Consulate,
Scrap 1% or G/R > 50 L.]
trade representation and
Minerals being coal,lignite,iron 1% Clubs
Leasing or Licensing- any p. other thn
Parking lot or Indv/HUF [except: any person other thn public
206C(1C) 2%
Toll plaza or Last year T/O > 1Cr. sector co.
Mine or quarry or G/R > 50 L.]
any person other thn public
any p. other thn sector co. engaged in
business of carrying
Sale of Motor Vehicle of value Indv/HUF [except: 10 Lakhs on each
Ferrari car 206C(1F) 1% passengers, CG, SG,
exceeding 10 Lakhs Last year T/O > 1Cr. Embassy, High comm.,
purchase
or G/R > 50 L.] Legation, Consulate, trade
representation, Local autho.
1) Education (if taken from fin.
inst. rate- 0.5%) or Medical -
Remittance of money more 5% of amt in Excess of 7 Lakhs
Authorised dealer
than 7 Lakhs under LRS of RBI 2) Other purpose - 5% of amt in
Global 206C(1G) Excess of 7 Lakhs (upto
30/9/23) 20% rate w.e.f. 1/10/23
5% of sale value (upto 30/9/23)
Sale of overseas tour program
w.e.f 1/10/23 5% upto 7 lakhs Seller of OTTP
package (OTTP)
and 20% above 7 lakhs
any person other thn CG,
0.1% of Consideration in SG, Embassy, High comm.,
Sale of Goods [other thn export any p. whose last
excess of 50 Lakhs Legation, Consulate, trade
206C(1H) & covered u/s year T/O is more thn 50 Lkahs
if PAN or Aadhar not submitted representation, Local autho.
206C(1)/(1F)/(1G)] 10Cr.
thn 1% or a person importing goods
in india