Contents
Find out the TDS Rate FY 2022-23 PDF (Assessment Year 2023-24), Download Financial Year 2022-23 TDS Rate Chart
What is TDS?
The TDS(Tax Deducted at Source) concept was introduced with the goal of collecting tax from an income source at the very time when it is generated. According to the TDS concept, a person who is liable to make a certain type of payment to any other person should deduct the tax at the source and pay it to the central government account. If the income tax is deducted at the source, the deductor is entitled to a deductible amount credit based on Form 26AS or the TDS certificate issued by the deductor.
TDS system was introduced by the Income Tax Department, In the TDS system any person who is responsible for making certain payments, such as commissions, salaries, interest, rent, professional fees, etc., must deduct a certain percentage of the amount as tax before making any payment. Individuals can register to the TRACES website and access the record of TDS for verification or correction. In this article, we have published the TDS Rate FY 2022-23 PDF (AY 2023-24) for reference purposes.
TDS Rate Chart FY 2022-23(AY 2023-24)
| Nature of Payment | Basic Cut off (Rs) | Individual /Company and others New Rate %) | If No Pan or Invalid PAN (Rate %) |
| 192 – Salaries | Slab Rate | Slab Rates | 30% |
| 192A- Premature withdrawal from Employee Provident Fund (Note 1) | 50,000 | Individual: 10% Company: NA | 20% |
| 193 – Interest on securities (Note 2) | 2,500 | Individual: 10% Company: 10%` | 20% |
| 194 – Dividend other than the dividend as referred to in Section 115-O | 5,000 | Individual: 10% Company: 10% | 20% |
| 194A – Interest other than interest on securities – Banks Time deposits, Recurring deposit and Deposit in Co-op Banks (Note 3) | 40,000 (for individual) 50000 (for Senior Citizens) | Individual: 10% | 20% |
| 194B – Winning from Lotteries | 10,000 | Individual: 30% Company: 30% | 30% |
| 194BB – Winnings from Horse Race | 10,000 | Individual: 30% Company: 30% | 30% |
| 194C- Payment to Contractor – Single Transaction (Note 3) | 30,000 | Individual: 1% Company: 2% | 20% |
| 194C-Payment to Contractor – Aggregate During the Financial year (Note 3) | 1,00,000 | Individual: 1% Company: 2% | 20% |
| 194C- Contract – Transporter not covered under 44AE (Note 3 & 4) | 30,000 / 75,000 | Individual: 1% Company: 2% | 20% |
| 194C- Contract – Transporter covered under 44AE & submit declaration on prescribed form with PAN | – | – | 20% |
| 194D – Insurance Commission | 15,000 | Individual: 5% Company: 5% | 20% |
| 194DA Payment in respect of life insurance policy (Note 5) | 1,00,000 | Individual: 5% Company: 5% | 20% |
| 194E – Payment to Non-Resident Sportsmen or Sports Association | – | Individual: 20% Company: 20% | 20% |
| 194EE – Payments out of deposits under National Savings Scheme | 2,500 | Individual: 10% Company: 10% | 20% |
| 194F – Repurchase Units by MFs | – | Individual: 20% Company: 20% | 20% |
| 194G – Commission – Lottery | 15,000 | Individual: 5% Company: 5% | 20% |
| 194H – Commission / Brokerage (Note 3) | 15,000 | Individual: 5% Company: 5% | 20% |
| 194I – Rent – Land and Building – furniture – fittings (Note 3) | 2,40,000 | Individual: 10% Company: 10% | 20% |
| 194I – Rent – Plant / Machinery / equipment (Note 3) | 2,40,000 | Individual: 2% Company: 2% | 20% |
| 194IA -Transfer of certain immovable property other than agriculture land | 50,00,000 | Individual: 1% Company: 1% | 20% |
| 194IB – Rent – Land or building or both | 50,000 per month | Individual: 5% | 20% |
| 194IC – Payment of Monetary consideration under Joint development agreement | – | Individual: 10% Company: 10% | 20% |
| 194J – Professional Fees for technical services (w.e.f. from 1.4.2020) (Note 3 and 6) | 30,000 | Individual: 2% Company: 2% | 20% |
| 194J – Professional Fees in all other cases (Note 3) | 30,000 | Individual: 10% Company: 10% | 20% |
| 194K- Payment of any income in respect of Units of Mutual fund as per section 10(23D) or Units of administrator or from a specified company (Note 7) | – | Individual: 10% Company: 10% | 20% |
| 194LA – TDS on compensation for compulsory acquisition of immovable Property (Note 8) | 2,50,000 | Individual: 10% Company: 10% | 20% |
| 194 LBA (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. (Note 9) | Individual: 10% Company: 10% | 20% | |
| 194LB – Income by way of interest from infrastructure debt fund (non-resident) | – | Individual: 5% Company: 5% | 20% |
| 194LBB – Income in respect of investment in Securitisation trust. | – | Individual: 10% Company: 30% | 30% |
| 194LBC- Income in respect of investment made in a securitisation trust | – | Individual: 25% Company: 30% | 30% |
| 194 LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (Note 10) | – | Individual: 5% Company: 5% | 20% |
| 194LD – Interest on certain bonds and govt. Securities (Note 11) | – | Individual: 5% Company: 5% | 20% |
| 194M – Payment of 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. | 50,00,000 | Individual: 5% Company: 5% | 20% |
| 194N – Cash withdrawal in excess of Rs. 20 Lakh 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. | 20,00,000 | Individual: 2% Company: 2% | 20% |
| 194N – Cash withdrawal in excess of Rs. 1 crore 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. (Note 12) | 100,00,000 | Individual: 2% Company: 2% | 20% |
| 194O – Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. | – | Individual: 1% Company: 1% | 20% |
| 194P- TDS by specified bank to specified senior citizen | – | Rates applicable to particular slab of income including applicable Surcharge and Health & Education Cess | |
| 194Q- Purchase of goods | 50,00,000 | 0.1% | |
| 194R- Deduction of tax on benefit of perquisite in respect of business or profession (New Budget 2022) | Resident Indiviual: 20,000 | 10% | |
| 194S- Transfer of a virtual digital asset (New Budget 2022) | Resident Individual & HUF: 50,000 Others: 10,000 | 1% | |
| 195- Payment of any sum to Non resident | – | – | Higher of Rate in force or Double Taxation Avoidance Act rate |
| 196B – Income from units | – | Individual: 10% Company: 10% | 20% |
| 196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend) | – | Individual: 10% Company: 10% | 20% |
| 196D – Income of FIIs from securities | – | Individual: 20% Company: 20% | 20% |
Download TDS Rate FY 2022-23 PDF (AY 2023-24)
