TDS rate Chart for FY 2020-21

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%