TDS & TCS Rate for the FY 2021-22
During the FY 2020-21, Concession of 25% in TDS /TCS rate was offered. This 25% concession is not available for the FY 2021-22 onward.
The new TDS / TCS rate for the FY 2021-22 is as under:
| Section | Nature of Payment Covered | Categories of payer | Limit | TDS Rate |
| 194 | Dividend | All Companies | 5000 | 10% |
| 194A | Interest on Deposits/ Loans (Other than Bank) | ALL Co,/LLP/FIRM and INDI/HUF TO > 1 CR | 5000 | 10% |
| 194C | Payment to contractor/sub-contractor: | All Companies, LLP/FIRM and Individual /HUF TO > 1 CR | a) Single Transaction: 30,000 & Aggregate of Transactions: 1,00,000 | |
| a) HUF/ Individuals | 1% | |||
| b) Others | 2% | |||
| 194H | Commission or brokerage | ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR | 15000 | 5% |
| 194-I | Rent: | ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR | ||
| 194-I(a) Plant & Machinery | 240000 | 2% | ||
| 194-I(b) Land or building or furniture or fitting | 240000 | 10% | ||
| 194-IA | Payment on transfer of certain immovable property other than agricultural land | If Value is higher than 50 lacs | 50 Lakh | 1% |
| 194J | Fees for professional or technical services: | ALL Co,/LLP/FIRM and Individual /HUF TO > 1 CR | ||
| i) sum paid or payable towards fees for technical services | 30,000 | 2.00% | ||
| ii) sum paid or payable towards Professional Fees | 30,000 | 10.00% | ||
| 194Q (Newly Introduced) |
Purchase of goods ( Applicable from 1-7-2021 (Applicable to the buyers only) |
All Assessee having TO > 10 cr and if the purchase of goods by him from the seller is of the value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year. | 0.10% | |
| 194A | Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit to senior Citizen | Banks / Post-office | 50000 | 10% |
| Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit to Other than Senior Citizen | 40000 | 10% | ||
| 192 | Salary | ALL | If Taxable Income more than 2.5 lacs | |
TCS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22
| Section | Section Name | Applicable To | Limit | TCS Rate |
| 206C(1H) | Sale of Goods | All Assessee having TO > 10 cr and if the Sale of goods by him to any buyer is of the value or aggregate of such value exceeding Rs. 50 Lakhs in the previous year. (TCS U/s 206C(1H) is not applicable if the buyer has done TDS/TCS under other provisions of this Act) |
0.10% | |
| 206C(1) | Sale of Any Scrap | ALL Co,/LLP/FIRM and INDI/HUF TO > 1 CR | no limit.. All scrap sale | 1% |
| 206C(1F) | Motor Vehicle (any mode of payment) | Seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding Rs. 10 lacs | 1% | |
