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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 paymentSectionTDS rate w.e.f. April 1, 2021
Payment of accumulated balance of provident fund which is taxable in the hands of an employee.192A10%
Interest on securities and debentures19310%
Interest other than on securities by banks / post office194A10%
Income by way of interest other than "Interest on securities"194A10%
Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort194B30%
Income by way of winnings from horse races194BB30%
Insurance commission194D5%
Payment in respect of life insurance policy194DA5%
Payment in respect of deposit under National Savings scheme194EE10%
Commission, etc., on sale of lottery tickets194G5%
Commission or brokerage194H5%
Rent of Plant & Machinery, Land or building or furniture or fitting194I2%
Payment on transfer of certain immovable property other than agricultural land194IA1%
Payment of rent by individual or HUF not liable to tax audit194IB5%
Payment of more than Rs 50 lakh to professional, commission, or brokerage194M5%
Cash withdrawals of more than Rs 20 lakh or Rs 1 crore, as case may be194N2%
Payment of Professional Fees etc.194J2%(FTS, certain royalties, call centre) 10%(others)
Purchase of goods (applicable w.e.f 01.07.2021)194Q0.10%
Rent for plant and machinery194- I(a)2%
Rent for immovable property194-I(b)10%

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

Nature of receiptsSectionRates in %
Sale of tendu leaves206C(1)5%
Sale of Timber obtained under a forest lease206C(1)2.50%
Sale of timber obtained by any other mode206C(1)2.50%
Sale of Any other forest produce not being timber/tendu leaves206C(1)2.50%
Sale of scrap206C(1)1%
Sale of Minerals, being coal or lignite or iron ore206C(1)1%
Grant of the license, lease, etc. of Parking lot206C(1C)2%
Grant of license, lease, etc. of Toll Plaza206C(1C)2%
Grant of license, lease, etc. of Mining and quarrying206C(1C)2%
Sale of motor vehicle above 10 lakhs206C(1F)1%
Sale of any other goods206C(1H)0.10%

Source: Income Tax Department

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