TDS Rate for the FY 2023-24 anf AY 2024-25

TDS Rates for the Financial Year 2023-24 ( Assessment Year 2024-25)


In the realm of taxation, the concept of Tax Deducted at Source (TDS) holds immense importance. TDS is a mechanism employed by the government to collect taxes at the very source of income generation. This mechanism not only ensures consistent revenue collection but also helps in preventing tax evasion. As an integral component of the Indian taxation system, TDS affects individuals and businesses alike.

In this blog or article, we dive into the TDS Rate Chart, which provides a structured framework for deducting taxes from various types of transactions. Whether you're a salaried employee, a freelancer, or a business owner, understanding the TDS rates applicable to different transactions is crucial to ensure compliance and avoid penalties.

TDS Section Nature of Transaction Limit (Rs) TDS Rates
192 Salary Basic exemption limit As per applicable Income tax slab rates
192A Premature Withdrawal of EPF 50,000 10% rate of TDS if PAN is provided. Without PAN is 20%.
193 Interest on securities 2,500 10%
194 Dividend 5,000 10%
194A Interest on bank deposits or post office deposits Senior Citizens- 50,000
Others- 40,000
10% for both
194A Interest other then interest on securities and interest on bank deposits. 5,000 10%
194B Income from lottery winnings, puzzles, crosswords, card games, etc. 10,000 30%
194BA Earnings from online games Nil 30%
194BB Income from horse race 10,000 30%
194C Payment to subcontractor/contractor Single transaction- 30,000
Aggregate transactions- 1,00,000
◾HUF/Individuals: 1%
◾Others: 2%
194D Insurance commission to:
◾a) Individuals
◾b) Companies


194DA Payment made towards life insurance policy 1,00,000 5%
194E Payment to non-resident sports association/ sportsmen Not specified 20%
194EE Payment to National Savings Scheme 2,500 10%
194F Payment for the re-purchase of the unit by Mutual Fund or UTI Not specified 20%
194G Commission on selling lottery tickets 15,000 5%
194H Commission/brokerage 15,000 5%
194-I Rent:
194-I(a) ◾plant and machinery 2,40,000 2%
194-I(b) ◾land/building/furniture/fitting 2,40,000 10%
194-IA Payment on transfer of immovable property except agricultural land 50,00,000 1%
194-IB Rent paid by HUF/Individual who is not required to conduct tax audit 50,000 per month 5%
194-IC Payment under JDA, Joint Development Agreements Not specified 10%
194J Fees paid for -

◾Technical services
◾Royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films


194J Professional services or technical service 30,000 10%
194K Earnings from units payable to a resident Not specified 10%
194LA Compensation for acquiring an immovable property 2,50,000 10%
194LB Interest paid to Non-resident on Infrastructure Debt Fund Not specified 5%
194N Cash withdrawal exceeding a specific amount 1 crore 2%
194N Cash withdrawal from multiple bank accounts during the previous year
◾Amount exceeding 1 crore (exceeding 20 lakhs for people not filing ITR for previous 3 years) 1 Crore 2%
◾Aggregate cash withdrawal exceeding 20 lakhs 20 lakhs 2%
◾Aggregate cash withdrawal exceeding 1 crore 1 crore 5%
194O Payment to e-commerce participant by e-commerce operator 5,00,000 1%
5% in case PAN is not provided
194P TDS for senior citizens aged over 75 years Basic exemption limit Normal tax slab rates
194Q Purchase of goods after 1.07.2021 50,00,000 0.10%
194R (Introduced in budget 2022) TDS deducted on benefit or Perquisite to a business or profession 20,000 10%
194S Payment of virtual digital assets Specified Persons- 50,000
Others- 10,000

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