TDS & TCS Rate Chart applicable from 14th May 2020
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In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:-
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TDS Rate Chart applicable from 14th May 2020
S. No | Section of the Income-tax Act | Nature of Payment | Existing Rate of TDS | Reduced rate from 14/05/2020 to 31/03/2021 |
1 | 193 | Interest on Securities | 10% | 7.50% |
2 | 194 | Dividend | 10% | 7.50% |
3 | 194A | Interest other than interest on securities | 10% | 7.50% |
4 | 194C | Payment of Contractors and sub-contractors | 1% (individual/HUF) | 0.75% (individual/HUF) |
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