TDS rates for Financial Year 2022-23 (Assessment Year 23-24)

 

Rates for tax deduction at source under the Income Tax Act 1961 for the financial year 2022-23 (AY 2023-24)

 

Particulars	TDS Rates (in %)
Where the person is resident in India-
Section 192: Payment of salary	Normal Slab Rate
Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee in excess of Rs 50,000.	10
Section 193: Interest on securities
a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act;	10
b) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder;	10
c) any security of the Central or State Government in excess of Rs 10,000; [i.e. 8% Savings (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018]	10
d) interest on any other security in excess of Rs 5,000	10
Section 194: Income by way of dividend in excess of Rs 5,000	10
Section 194A: Income by way of interest other than "Interest on securities" TDS not deducted if interest does not exceed : ·                Rs 40,000 where interest paid by a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution, referred to in section 51 of that Act) or co-operative society engaged in carrying on the business of banking and by post office. ·                Rs 5,000 in any other case.	10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort in excess of Rs 10,000	30
Section 194BB: Income by way of winnings from horse races in excess of Rs 10,000	30
Section 194C: Payment to contractor/sub-contractor in excess of Rs 1,00,000
a) HUF/Individuals	1
b) Others	2
No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, where such contractor owns ten or less goods carriages at any time during the previous year and furnishes a declaration to that effect along with his Permanent Account Number, to the person paying or crediting such sum.
Section 194D: Insurance commission in excess of Rs 15,000	5
Section 194DA: Payment in respect of life insurance policy in excess of Rs 1,00,000 w.e.f. 1/9/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out	5
Section 194EE: Payment in respect of deposit under National Savings scheme in excess of Rs 2,500	10
Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India	20
Section 194G: Commission, etc., on sale of lottery tickets in excess of Rs 15,000	5
Section 194H: Commission or brokerage in excess of Rs 15,000	5
Section 194-I: Rent in excess of Rs 2,40,000
a) Plant & Machinery	2
b) Land or building or furniture or fitting	10
Section 194-IA: Payment on transfer of certain immovable property other than agricultural land where property value exceeding fifty lakh rupees.	1
Section 194-IB: Payment of rent by individual or HUF not liable to tax audit where rent amount exceeding fifty thousand rupees for a month or part of a month.	5
Section 194-IC: Payment of monetary consideration under Joint Development Agreements	10
Section 194J: Fees for professional or technical services in excess of Rs 30,000: i)  sum paid or payable towards fees for technical services ii)  sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films; iii)  Any other sum Note: With effect from June 1, 2017 the rate of TDS would be 2% in case of payee engaged in business of operation of call center.	2 2 10
Section 194K: Income in respect of units payable to resident person in excess of Rs 5,000	10
Section 194LA: Payment of compensation on acquisition of certain immovable property where property value exceeding fifty lakh rupees.	10
Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.	10
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]	10
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section 115TCA)	25 in case of Individual or HUF 30 in case of other person
Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted under Section 194M with effect from 1/09/2019 when aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh.	5
Section 194N: Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office: i) in excess of Rs. 1 crore ii) in excess of Rs. 20 lakhs* * for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired. The deduction of tax under this situation shall be at the rate of: a) 2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year; or b) 5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year.	2 2/5
Section 194-O: Payment or credit of amount by the e-commerce operator to e-commerce participant	1
Section 194P: Deduction of tax by specified bank in case of senior citizen having age of 75 or more	Tax on total income as per rate in force
Section 194Q: Payment for purchase of goods of the aggregate value exceeding Rs. 50 lakhs Note: TDS is deductible on sum exceeding Rs. 50 lakhs	0.1
Section 194R: Deduction of tax in case any benefit or perquisite is provided and aggregate value of such benefit/perquisite exceeds Rs. 20,000 Note: Benefit or perquisite should be arising from business or the exercise of a profession by such resident.	10
Section 194S: Payment on transfer of Virtual Digital Asset Note: No tax shall be deducted under this provision in the following circumstance: • If the consideration is payable by any person (other than a specified person) and its aggregate value does not exceed Rs. 10,000 during the financial year. • if the consideration is payable by a specified person and its aggregate value does not exceed Rs. 50,000 during the financial year. Specified person means: (a) An individual or a HUF, whose total sales, gross receipts or turnover does not exceed Rs. 1 crore in case of business or Rs. 50 lakhs in case of a profession, during the financial year immediately preceding the financial year in which virtual digital asset is transferred; (b) An individual or a HUF who does not have any income under the head profits and gains of business or profession.	1
Any Other Income	10