Rate of Tax Collection at Source for the Financial Year 2022-23 - Income Tax - Ready Reckoner - Income Tax

Rates of Tax Collection at Source for the Financial Year 2022-23 (Rates are inclusive of Surcharge, Education Cess and Secondary Higher Education Cess) Section Particulars Resident / Non-Residents/Domestic Company 206C(1) Alcoholic liquor for human consumption 1% 206C(1) Tendu leaves 5% 206C(1) Timber obtained under a forest lease or other mode. 2.5% 206C(1) Any other forest product (not being timber or tendu leaves) 2.5% 206C(1) Scrap 1% 206C(1) Minerals, being coal or lignite or iron ore [w.e.f. 1.7.2012] 1% 206C(1C) Lease or license of Parking lot, toll plaza, mining quarrying 2% 206C(1F) Sale Value of Motor Vehicle whether in cheque or in any other mode of receipt 1% 206C(1G) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in a financial year if remitted amount is out of loan obtained from any financial institution u/s 80E for the purpose of pursuing any education 0.5% (applicable from 01.10.2020) Foreign remittance through Liberalised Remittance Scheme (LRS) of exceeding Rs. 7 Lakh in any other case 5% (applicable from 01.10.2020) 206C(1G) Selling of overseas tour package 5% (applicable from 01.10.2020) 206C(1H) Sale of goods (Other than those being exported) of value exceeding Rs. 50 Lakh in previous year whose total Sale/ gross receipts / turnover from business exceeds Rs 10 Crore during immediately financial year 0.1% (applicable from 01.10.2020) Non Residents Add:Surcharge / E.Cess / SHE.Cess 1.Surcharge: Non Resident Individual / HUF/AOP/BOI/Artificial Jurisdical Personal -10% if income exceeds ₹ 50 Lakhs but does not exceed 1 Crores -15% if income exceeds ₹ 1 Crores -25% if income exceeds ₹ 2 Crores -37% if income exceeds ₹ 5 Crores Non resident co-operative society / firm -12% Surcharge in case of Non Resident other than Foreign Company exceeds ₹ 1 Crore. -Non Resident company -2% Surcharge in case of foreign company and amount exceeds ₹ 1 Crore to ₹ 10 Crore. In case of more than ₹ 10 Crore, 5% surcharge is applicable. 2. Cess Health and Education Cess - 4% of Income Tax Note 1: TCS Rates on Non Furnishing of PAN u/s. 206CC As per section 206CC , notwithstanding anything contained in any other provisions of this Act, any person paying any sum or amount, on which tax is collectible at source under Chapter XVII-BB (herein referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:- (i) at twice the rate specified in the relevant provision of this Act; or (ii) at the rate of five per cent. Note 2: TCS Rates on Non Filing of ITR u/s. 206CCA w.e.f 01/07/2021 (Budget 2021 Amendment) 2.1 TCS Rate Proposed section 206CCA of the Act would apply on any sum or amount received by a person (herein referred to as collectee) from a specified person. The proposed TCS rate in this section is higher of the following rates twice the rate specified in the relevant provision of the Act; or the rate of 5% 2.2 TCS rate in case of Non Availability of PAN and not filing of ITR If the provision of section 206CC (i.e. PAN not available) of the Act is applicable to a specified person , in addition to the provision of this section, the tax shall be collected at higher of the two rates provided in this section and in section 206CC of the Act. 2.3 Collectee i.e. Specified Person Specified person proposes to means a person who has not furnished the return of income for assessment year relevant to the previous year immediately preceeding the financial year in which tax is required to be deducted, for which the time limit for furnishing return of Income u/s 139(1) has expired and aggregate of TDS/TCS in his case is Rs. 50,000/- or more in said previous year.