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TDS and TCS Rates for the Financial Year 2012-2013


TDS(Tax Deducted at Source) / TCS(Tax Collected at Source) rates in the Union Budget 2012-13 have been amended for the Financial Year 2012-13 as the thing is common for every year as the financial stability of the Taxpayer changes. TCS( Tax collection rate chart ) for financial year 2012-13 is also given here under. There is a small degree of change in TDS rates and and cut off amount are done by the Finance Ministry in the Budget.TDS Rates Chart AY (2013-14) FY (2012-13) - Updated TDS Rates for Financial Year 2012-13 after Budget, which are as below. The below give TDS after all amendments done by the CBDT notifications and circulars. The TDS rates chart has mentioned for all payment and about payee status to deduct TDS.

We will update this post regularly,if there is any mistake, error then please point out this in comment section. TDS rate Chart for the A.Y. 2013-14,No changes in other than Salary . So you should consider TDS on salary.

TDS or TCS RATE CHART FINANCIAL YEAR 2012-2013

Sl. No.
Section Of Act
Nature of Payment in brief
Cut Off Amount
Rate %
01.04.12
01.07.12
HUF/IND
Others
1
192
Salaries
Salary income must be more then exemption limit after deductions.
Average Rate
2
193
Interest on debentures
2500
5000
10
10
3
194
Deemed dividend
-
-
10
10
4
194A
Interest other than Int. on securities (by Bank)
10000
10000
10
10
4A
194A
Interest other than Int. on securities (By others)
5000
5000
10
10
5
194B
Lottery / Cross Word Puzzle
10000
10000
30
30
6
194BB
Winnings from Horse Race
5000
5000
30
30
7
194C(1)
Contracts
30000
30000
1
2
8
194C(2)
Sub-contracts/ Advertisements
30000
30000
1
2
9
194D
Insurance Commission
20000
20000
10
10
10
194EE
Payments out of deposits under NSS
2500
2500
20
-
11
194F
Repurchase of units by MF/UTI
1000
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
1000
10
10
13
194H
Commission or Brokerage
5000
5000
10
10
14
194I
Rent (Land & building)
180000
180000
10
10
Rent (P & M , Equipment, furniture & fittings)
180000
180000
2
2
15
194J
Professional/Technical charges/Royalty & Non-compete fees
30000
30000
10
10
16
194J(1)(ba) 
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)
NA
NIL
10
10
17
194LA
Compensation on acquisition of immovable property
100000
200000
10
10
18
194LLA
Payment on transfer of certain immovable property other than agricultural land (Effective from 1 October 2012)
 (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012)
1
1


TCS Rates for the Financial Year 2012-13 is tabulated below

Sl.No. Nature of Goods Rates in %
01.04.2012 01.07.2012
1. Alcoholic liquor for human Consumption 1 1
2. Tendu leaves 5 5
3. Timber obtained under forest lease 2.5 2.5
4. Timber obtained by any mode other than a forest lease 2.5 2.5
5. Any other forest produce not being timber or tendu leaves 2.5 2.5
6. Scrap 1 1
7. Parking lot 2 2
8. Toll plaza 2 2
9. Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore  NA  1
11 Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)  NA  1

No Education Cess on payment made to resident

Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus Secondary & Higher Education Cess @ 1% is deductible at source in case of Non-Residents and Foreign Company.

Surcharge on Income-tax

Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.

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{ 3 Comments... read them below or add one }

Pranu Padval said...

Thanks Sir,

I will help of this chart for our company worked.

Regards,
Pranu P.

Pranu Padval said...

Hello Sir,

Our company paid online or e - mode sales tax of financial year 2011-2012 of IV quarter in challan no. MTR 6, fill up on tax cell of sum of amount but same amount wrongly repeated in deposit cell also, that means same amount fill up twice of IV quarter ( eg. Rs. 85,000/- + 85,000/- = 1,70,000/- but actual payment of IV quarter is Rs. 85000/-). So how to set off of this same amount (Rs. 85000/-) in next financial year of next quarter or how to return back to us? What is the exactly procedure of this?

Please cooperate in this, how to set-let this things.

Regards,
Pranu P.

Venkateswarlu Kake said...

Mr.Pranu, Contact your CTO Officer regarding the same as it would be vary based on the State as it is Indirect Tax. or mail me complete details to my e-mail id kshyam24@gmail.com.

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