21. TDS TCS SECTIONS & RATES TDS / TCS applicable even if tax audit is not applicable Old Provision Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted ifthe person making the payment isan individual or HUF whose books are nat required to be audited as per section 444B,_ New Provision |As per the amendment made by the Finance act 2020, every person is required to deduct TDS if during the previous year the turnover lor gross receipts is more than Rs. crore in case of assessee caring business or Rs.50 Lakhs in case of assessee carrying profession. "This is applicable from AY 2021-22" TDS RATES SECTION [SECTON NAME TRPLCABLETO Thi Rare 794 [ovidend Al companies 5060 TH 790k [Dwidend fom Wotual Fund company —| — Al MF companiez 5000 103 194A Interest on Deposits/ Loans (Other than | ALLCo,/LLP/FIRM and ‘5000 1054] sank INOVHUE TO > 16k TBAC_Pamantveconvactoraub cantar ALLCo/LA/FRM and | Single Transaction 30,000 Aagresate fa) HUF] individuals IND/HUF TO >1.0R (of Transactions: 1,00,000 Ti [b) Others 2H Ter WaT TT BOATS Re RET OR PSHE TE TS ET MO TDC Payment to Warsporer ALLCo,/LLP/FIRM and | S8H Transaction: 20.900 Aeeregate a] Ua INOUHUETO> Lak | of Tansectons: 100.000 oni rr bes ransportrnaing 10 or ret 4 iba | commision orbrorerage 5000 ES ALLCo/ALPFIRM. and INDI/HUF TO > 1 CR ioe Rens }194-K(a) Plant & Machinery ALLCO,/LLP/FIRM and 240000 2%) 5b) Land or bung or future oF | INOWMUFTO > 18 20000 1094 ring TSE |Paymenton vanaf ofan iunieninn Soe a Immovabe property ther han i jagricultural land Z NOTE = FOR 1A sles we coieration Samp Gly whichever is Higher, wilbe ake for deducing TOS Tal |For fr professional or technica arc i) sum paid or payable towards fees for | ALLCo,/LLP/FIRM and 30,000 2.00%} [technical services INDI/HUF TO > 1.CR I) sum paid or payable towards 3a ToD Professional ees TBE [purchase of goods Appcable Tom L-7-| — A Arsesso having TURNOVER 10 cae nan FY andthe Ta ont purchase of gods by him rom the sels ofthe value or agregnteof such vale exceeding Rs 50 Lakin curren FY TBaA eres on Bank Deposit Pon Oe san00 4 Depost/Banking Co-Sciety Deposit to enor citen Interest on Bank Deposit/Post Office Banks / Postottie, 40000 10%] Deposit/Banking Co-Society Deposit to lOther than Senior Citizen