Saturday, May 28, 2016

TDS and TCS New Rates w.e.f.01.06.2016


Section: 192A 
Particulars: Payment of EPF due to an employee
Old limit: Rs.30,000
New Limit: Rs.50,000

Section: 194BB
Particulars: Winnings from Horse Race
Old limit: Rs.5,000
New Limit: Rs.10,000

Section: 194C
Particulars: Payment to Contractors  
Old limit: Rs.75,000
New Limit: Rs.100,000

Section: 194D
Particulars: Insurance Commission  
Old limit: Rs.20,000
New Limit: Rs.15,000

Section: 194G 
Particulars: Commission on sale of lottery tickets  
Old limit: Rs.1,000
New Limit: Rs.15,000

Section: 194H
Particulars: Commission or brokerage  
Old limit: Rs.5,000
New Limit: Rs.15,000

Section: 194LA
Particulars:  Payment of Compensation on acquisition of certain Immovable Property  
Old limit: Rs.200,000
New Limit: Rs.250,000



Changes in TDS Percentages w.e.f: 01.06.2016

Section: 194DA
Particulars: Payment in respect of Life Insurance Policies  
Old Rate : 2%  
New Rate : 1%

Section: 194EE
Particulars: Payments in respect of NSS Deposits  
Old Rate : 20%
New Rate : 10%

Section: 194D
Particulars: Insurance Commission
Old Rate : Rate in force (10% )
New Rate : 5%

Section: 194G
Particulars: Commission on sale of lottery tickets
Old Rate: 10%
New Rate: 5%

Section: 194H
Particulars: Commission or brokerage
Old Rate: 10%
New Rate: 5%


Changes in TCS rates w.e.f: 01.06.2016

Section: 206C
Particulars: Sale of Motor Vehicle > Rs.10 lacs
Old Percentage: -
New Percentage: 1%

Section: 206C
Particulars: Sale goods/Services in cash > 2 lakhs (other than bullion and jewellery) – other than payments on which TDS made
Old Percentage: -
New Percentage: 1%



Read Also:
F.Y: 2016-17 due dates of Service Tax, TDS, TCS, Central Exxcise, CST, VAT, PT, ESIC, PF 
F.Y:2016-17 Income Tax Full Due Dates List.


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