The TDS rates vary on the type of taxpayer and the income bracket. Further, the payments where the TDS rates are applicable are salary, commission, winnings from lotteries, etc. The rate chart of TDS for FY 2021-22 AY 2022-23 | Assessment Year 2022-23 are as follows:
TDS Rate Chart For FY2021-22 | AY 2022-23
[wpdatatable id=131]
After you have read about Rate Chart Of TDS For FY 2021-22 AY 2022-23
Also Read:
Tax Deduction at Source On Purchase Of Goods Under Section 194Q
Important points related to TDS
As per section 206AA, in case of non-furnishing of PAN/Aadhaar by deductee, TDS will be charged at normal rate or 20% (5% in case of section 194-O), whichever is higher.
In addition to the above point, as per new section 206AB, where tax is required to be deducted at source under the provisions of Chapter XVIIB, on any sum or income or amount paid, or payable or credited, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N by a person to a specified person, the tax shall be deducted at the higher of the following rates.
- Twice the rate specified in the relevant provision of the Act; or
- Twice the rate or rates in force; or
- The rate of five per cent.
Also Read: Which Section Is Applicable – Section 194Q Or Section 206C(1H)?
Furthermore, provision of section 206AA (Non furnishing of PAN/Aadhaar) shall be override on the provision of section 206AB. Thereafter, deduction of tax shall take place at higher of the two rates under section 206AA and in section 206AB.
[These change will be applicable from 1st July, 2021.]
If you have any questions, then simply drop a message in the chatbox or leave a comment in the comment box. You can also drop us a message on Whatsapp, Facebook, Instagram, LinkedIn and Twitter. For more updates on tax, financial and legal matters, join our group on WhatsApp and Telegram!
Pingback: Extended Due Dates of Income Tax: AY 2021-22 | TaxHelpdesk
Pingback: TDS on Purchase of Goods under Section 194Q | TaxHelpdesk