TDS Rate Chart for FY 2021-22 | AY 2022-23

TDS (TAX DEDUCTED AT SOURCES)

Tax Deducted at Source (‘TDS’) is form of direct taxation. TDS aims to collect tax at source of income. This act as check mechanism for person getting income to disclose income and corresponding tax. TDS Rate Chart for FY 2021-22

The receipt of income is liable to tax on the gross amount even though he gets the net amount after deducting TDS. The amount deducted at sources is adjustable against final tax liability.

TDS RATE CHART WHERE RECEIPENT IS RESIDENT

TDS RATE CHART WHERE RECEIPENT IS NON-RESIDENT INDIAN (NRI’s)

Notes

• Under Sections 194LBA, 194LBB, 194LBC, and 195, tax is deductible at the above rates or the rates specified in ADT agreement
• If any assessee makes a declaration in Form 15G / 15H, then no TDS will be deducted u/s 192A, 193, 194, 194A, 194D, 194DA, 194I, 194EE. TDS Rate Chart for FY 2021-22.

Section 206C(10A) for lower deduction of tax

The relevant provision of section 206C(10A) of the Income Tax Act has been reproduced below:

In case the provisions of sub-section (1) [except the goods referred at serial number (i) in the TABLE], (1C), (1F) or (1H) require collection of tax at source during the period commencing from the 14th day of May 2020 to the 31st day of March, 2021, then, notwithstanding anything contained in these sub-sections the collection of tax shall be made at the rate being the three-fourth of the rate specified in these sub-sections.