The TDS rates for the FY 2023-24/FY 2024-25 can help you to determine your tax liability. So, make sure to read this blog till the end and do share with your friends, too!
TDS Rates for the FY 2023-24/FY 2024-25
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Amendments in the TDS Rates
Section 192A- Reduction in TDS rate on EPF withdrawal in case PAN is unavailable
If the individual withdrawing money from EPF (within 5 years) does not provide PAN, then the TDS will be deducted @20%. And, earlier this limit was 30%.
Section 193: Removal of exemption of TDS on interest from listed debentures
There is a removal of exemption of TDS on interest from listed debentures. Therefore, there will be a deduction on interest on such specified securities.
Section 194BA – TDS on Winnings from Online Games
From 1st July, 2023, now, even the winnings from online games will attract TDS. Having said that, through the Union Budget, there is an insertion of a new Section namely Section 194BA which deals with TDS on winnings from online games.
The rate of TDS applicable is 30%. Further, there is the removal of the threshold limit of Rs. 10,000.
Section 194N – Enhanced Limit for Co-operative Society
In case of cash withdrawals from cooperative society, there will be a deduction of TDS if the amount exceeds Rs. 3 crores. Earlier this limit was Rs. 1 crore.