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TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments Some of the key incomes on which TDS is applicable are:
Section | Type of income | TDS Rate |
192 | Payment of salary | Normal slab |
192A | Payment of accumulated balance of provident fund which is taxable in the hands of an employee | 10% |
193 | Interest on securities | 10% |
194 | Dividend | 10% |
194A | interest other than interest on Securities | 10% |
194C | Payment to contractors | 1-2% |
194D | Insurance commission | 5% |
194EE | Payment in respect of deposit under National Savings scheme | 10% |
194F | Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India | 20% |
194 I | Rent | 2% (plant) 10% (Land or building) |
194 IA | Payment on transfer of certain immovable property other than agricultural land | 1% |
194 J | Fees for professional or technical services: | 2% |
194 N | Cash withdrawal | 2% |
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