Following is the tds rate for the financial year 2020-21
NATURE OF PAYMENT | SECTION | CUT OFF LIMIT | TDS Rate for Individual and HUF | TDS rate for others |
Premature payment by PF from EPF A/C (i.e. before 5 Years). | 192A | 50,000 | 10% | NA |
Payment of Interest by bank | 194A | 50,000 (Senior citizen) 40,000 (Others) | 14.05.20 – 7.50% Before – 10% | 14.05.20 – 7.50% Before – 10% |
Payment of Interest by others | 194A | 5,000 | 14.05.20 – 7.50% Before – 10% | 14.05.20 – 7.50% Before – 10% |
Payment to contractors | 194C | 30,000 Single bill or 1 lakh aggregate bill during the year | 14.05.20 – 0.75% Before – 1% | 14.05.20 – 1.50% Before – 2% |
Payment to Transport Covered u/s. 44E and submit declaration in Prescribed format.( i.e. owning less Than 10 goods carriages) | 194C | 0 | 0 | |
Payment to Transport not covered u/s. 44E (i.e. owning more than 10 goods Carriages) | 194C | 30,000 Single bill or 1 lakh aggregate bill during the year | 14.05.20 – 0.75% Before – 1% | 14.05.20 – 1.50% Before – 2% |
Payment of Insurance Commission to Agents by Insurance Company. | 194D | 15,000 | 14.05.20 – 3.75% Before – 5% | 14.05.20 – 7.50% Before – 10% |
Payment in respect of maturity of life Insurance Policy by Life Insurance Company. | 194DA | 1 Lakh | 14.05.20 – 3.75% Before – 5% | 14.05.20 – 3.75% Before – 5% |
Payment of commission or Brokerage | 194H | 15,000 | 14.05.20 – 3.75% Before – 5% | 14.05.20 – 3.75% Before – 5% |
Payment of rent on land, building, Furniture and fittings. | 194I | 240,000 | 14.05.20 – 7.50% Before – 10% | 14.05.20 – 7.50% Before – 10% |
Payment of rent on plant, machinery or Equipment. | 194I | 240,000 | 14.05.20 – 1.50% Before – 2% | 14.05.20 – 1.50% Before – 2% |
Payment of Professional Fees other Than call centers | 194J | 30,000 | 14.05.20 – 7.50% Before – 10% | 14.05.20 – 7.50% Before – 10% |
TDS rate Chart for FY 2020-21