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Check The New TDS & TCS Rates Applicable From April 1, 2021

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TDS and TCS rates for interest income, dividend income, rent payments, and other non-salary payments were lowered by 25% by the government in May 2020. The rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments rendered to residents have been lowered for the term from 14th May, 2020 to 31st March, 2021, in order to provide more funds at the taxpayers' hand to cope with the economic position resulting from the COVID-19 pandemic. Here are the TDS and TCS rates applicable from April 1, 2020.

Check The New TDS & TCS Rates Applicable From April 1, 2021
 

TDS - Tax Deducted at source, rates applicable from April 1, 2021

Nature of payment Section TDS rate w.e.f. April 1, 2021
Payment of accumulated balance of provident fund which is taxable in the hands of an employee. 192A 10%
Interest on securities and debentures 193 10%
Interest other than on securities by banks / post office 194A 10%
Income by way of interest other than "Interest on securities" 194A 10%
Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 194B 30%
Income by way of winnings from horse races 194BB 30%
Insurance commission 194D 5%
Payment in respect of life insurance policy 194DA 5%
Payment in respect of deposit under National Savings scheme 194EE 10%
Commission, etc., on sale of lottery tickets 194G 5%
Commission or brokerage 194H 5%
Rent of Plant & Machinery, Land or building or furniture or fitting 194I 2%
Payment on transfer of certain immovable property other than agricultural land 194IA 1%
Payment of rent by individual or HUF not liable to tax audit 194IB 5%
Payment of more than Rs 50 lakh to professional, commission, or brokerage 194M 5%
Cash withdrawals of more than Rs 20 lakh or Rs 1 crore, as case may be 194N 2%
Payment of Professional Fees etc. 194J 2%(FTS, certain royalties, call centre) 10%(others)
Purchase of goods (applicable w.e.f 01.07.2021) 194Q 0.10%
Rent for plant and machinery 194- I(a) 2%
Rent for immovable property 194-I(b) 10%

TCS - Tax collected at Source - Rates effective from 01st April 2021

Nature of receipts Section Rates in %
Sale of tendu leaves 206C(1) 5%
Sale of Timber obtained under a forest lease 206C(1) 2.50%
Sale of timber obtained by any other mode 206C(1) 2.50%
Sale of Any other forest produce not being timber/tendu leaves 206C(1) 2.50%
Sale of scrap 206C(1) 1%
Sale of Minerals, being coal or lignite or iron ore 206C(1) 1%
Grant of the license, lease, etc. of Parking lot 206C(1C) 2%
Grant of license, lease, etc. of Toll Plaza 206C(1C) 2%
Grant of license, lease, etc. of Mining and quarrying 206C(1C) 2%
Sale of motor vehicle above 10 lakhs 206C(1F) 1%
Sale of any other goods 206C(1H) 0.10%

Source: Income Tax Department

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