TDS Rate Chart For FY 2023-24 Excel/PDF Download(AY 2024-25)
TDS Rate Chart for FY 2023-24 in Excel/PDF Download: Every year millions of people search the internet for a new TDS Rate Chart applicable in India for the current financial year. This shows that people are no longer concerned with the income tax slabs only, they are even aware of the applicable TDS rates for various Income Tax Sections.
Regular changes are being taken place both in TDS Rate Chart and Income Tax Laws. Therefore it is very much important for you especially if you are engaged with finance-related jobs to get updated with each type of TDS laws for payment where TDS is applicable.
This post will help you in knowing the latest TDS Rate Chart FY 2023-24 and AY 2024-25. You will find a synopsis of the latest TDS Rate Chart FY 2023-24 along with a little analysis of each section for easy understanding.
However, before knowing the latest TDS Chart for FY 2023-24 in Excel Download let us see the below simple search questions by the users.
What is the TDS rate for 2023-24?
Look, the TDS rate is not fixed for any particular type of item or payment. It varies from item to item and so does the TDS rates. However, there are certain items of payments where there are no TDS rates, lower TDS rates and higher TDS rates, which you may find in the below TDS Rate Chart FY 2023-24 table.
What are the TDS guidelines for 2023?
The Govt. of India has made many TDS rule changes w.e.f 1st April 2023 to include more items of payments within its tax net. TDS net is getting widened day by day which you can see below.
Finance Budget 2023 has proposed several amendments to the existing TDS rules to provide more clarity and transparency in taxation matters. However, they state that it is for the purpose of reducing tax burden on the taxpayers.
Such new amended rules effective from 1st April 2023 are as follows.
- TDS on Online Gaming Winnings: Now, TDS is applicable without any threshold limit;
- TDS on Interest Payments on Listed Debentures: TDS shall be deducted now which was earlier not subjected to TDS;
- TDS on EPF Withdrawals: Now, TDS @20% shall be applicable if the person does not provide his PAN.
TDS rates for FY 2023-24 pdf download
TDS rates for FY 2023-24 pdf download: Download the file below:
TDS Chart for FY 2023 24 in Excel/PDF Download
TDS Chart for FY 2023-24 in Excel/PDF download: Download the file below:
TDS Rate Chart For FY 2023-24 Excel/PDF Download(AY 2024-25)
TDS Rate Chart For FY 2023-24 Excel/PDF Download(AY 2024-25) detailed analysis below:
| Nature of Payment | Section | Annual Threshold Limit (₹) | TDS Rates FY 2023-24 (Individual/ HUF) (%) | TDS Rates FY 2023-24 (Company)(%) |
| Salaries(New & Old Tax Regime) | 192 | No Limit | Slab Rate | N.A |
| Premature withdrawal from EPF A/C before 5 Years completion time as the subscriber | 192A | ₹50,000 | 10 | N.A |
| Payment of Interest on Securities by company | 193 | ₹10,000 | 10 | 10 |
| Payment of Dividend by a Company | 194 | ₹5,000 | 10 | 10 |
| Payment of Interest by Bank to Non-Sr. Citizen(below 60 Years of age) | 194A | ₹40,000 | 10 | N.A |
| Payment of Interest by Bank to Sr. Citizen | 194A | ₹50,000 | 10 | N.A |
| Interest other than on Securities(Not covered by Section 193) | 194A | ₹5,000 | 10 | 10 |
| Winning from Lotteries by a person | 194B | ₹10,000 | 30 | 30 |
| Winnings from online games | 194BA | No Limit | 30 | 30 |
| Winning from Horse Race by a person | 194BB | ₹10,000 | 30 | 30 |
| Winning from Lotteries/crossword puzzles-made in kind/cash not suffice to meet the tax liability and paid before | 194BP | ₹10,000 | 30 | 30 |
| Payment to Contractors (Non-Company Deductee) | 194C | ₹30,000 in a single bill or ₹1 Lakh aggregate bills during the year | 1 | 2 |
| Payment to Contractors (Company Deductee) | 194C | ₹30,000 in a single bill or ₹1 Lakh aggregate bills during the year | 1 | 2 |
| Payment to Transporter not covered U/S 44AE where the Transporter owns more than 10 goods carriages | 194C | ₹30,000 in a single bill or ₹75,000 aggregate bills during the year | 1 | 2 |
| Payment of Insurance Commission to agents by Insurance Company | 194D | ₹15,000 | 5 | 10 |
| Payment in respect of maturity of Life Insurance Policy by Life Insurance Company(Not exempted U/S 10(10D) | 194DA | ₹1 Lakh | 5 | 5 |
| Payment to NRI sportsman or association by any person or organization | 194E | No Limit | 20 | 20 |
| Payment out of deposit under National Saving Scheme (NSS) | 194EE | ₹2,500 | 10 | 10 |
| Payment for the repurchase of units by UTI or other Mutual Fund | 194F | No Limit | 20 | 20 |
| Payment of Lottery Commission | 194G | ₹15,000 | 5 | 5 |
| Payment of commission or Brokerage | 194H | ₹15,000 | 5 | 5 |
| Payment for Rent of Plant / Machinery / Equipment | 194I(a) | ₹2.40 Lakh | 2 | 2 |
| Payment for Rent of Land Building & Furniture | 194I(b) | ₹2.40 Lakh | 10 | 10 |
| Payment made on account of transfer of immovable property other than agriculture land | 194IA | ₹50 Lakh | 1 | 1 |
| Payment of Rent by Individuals or HUF not liable to Tax Audit and such rent is not covered U/S 194I | 194IB | ₹50,000 (p.m) | 5 | N.A |
| Payment of Professional Fees to Call Centers | 194J(a) | ₹30,000 | 2 | 2 |
| Payment of Professional Fees(other than call Centers) | 194J(b) | ₹30,000 | 10 | 10 |
| Payment of dividend by mutual Funds | 194K | ₹5,000 | 10 | 10 |
| Payment of compensation for compulsory acquisition of immovable property(other than agricultural land) | 194LA | ₹2.50Lakh | 10 | 10 |
| Certain payments such as Commission, Brokerage, Contractual Fees, Professional Fees by Individual/HUF (not liable to deduct TDS U/S 194C, 194H, and 194J) | 194M | ₹50 Lakh | 5 | 5 |
| Cash withdrawal in excess of 1 crore during the previous year from 1 or more account with a bank or co-operative society (wef 01.09.2019) | 194N | ₹1 Crore | 2 | 2 |
| Payment or Credit of amount by the e-commerce operator to the e-commerce Participant | 194O | ₹5 Lakh | 1% | 1% |
| TDS on Payment of pension or interest to Senior citizens more than 75 years age | 194P | Basic Exemption Limit | Slab Rate | N.A |
| TDS on Purchase of Goods exceeding Rs. 50 Lakhs (Applicable From 01.07.21) | 194Q | In Excess of ₹ 50 Lakhs | 0.1 | 0.1 |
| Benefits or perquisites of business or profession | 194R | ₹20,000 | 10 | 10 |
| Benefits or perquisites of business or profession where such benefit is provided in kind or where part in cash is not sufficient to meet tax liability and tax required to be deducted is paid before such benefit is released | 194RP | ₹20,000 | 10 | 10 |
| Payment of consideration for transfer of virtual digital asset(VDA) | 194S | ₹50,000 for Specified Person ₹10,000 for Others | 1 1 | 1 1 |
){kind=link}