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TMI BlogTax to be deducted at source.X X X X Extracts X X X X X X X X Extracts X X X X ..... to the continuance, renewal or revival of insurance policies). Any person. Rate: Rates in force. -- Threshold limit: ₹ 20,000 (ii) Income by way of commission [not being insurance commission referred to in serial number 1(i)] or brokerage. Specified person. Rate: 2% -- Threshold limit: ₹ 20,000 2. Rent (i) Income by way of rent. Person other than specified person. Rate: 2% -- Threshold limit: ₹ 50,000 for a month or part of a month (ii) Income by way of rent. Specified person. Rate: (a) 2%, for the use of any machinery or, plant, or equipment; and (b) 10%, for the use of any land, or building (including factory building), or land appurtenant to a building (including factory building), or furniture, or fittings. -- Threshold limit [for (a) and (b)]: ₹ 50,000 for a month or part of a month. Note 1.-- In serial number 2(i), the tax shall be deducted on such income at the time of- (a) credit of rent to the account of the payee; or (b) payment thereof in cash or by way of a cheque or a draft or any other mode, whichever is earlier, for the last month of the tax year or the last month of tenancy. 3. Payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n trust specified in section 221. Rate: 10% -- Threshold limit: Nil. 5. Interest income (i) Any income by way of Interest on securities Any person. Rate: Rates in force. -- Threshold limit: ₹ 10,000 (ii) Any income byway of interest other than interest on securities. (a) A banking company; or (b) a co-operative society carrying on the business of banking; or (c) a post-office for a deposit made under a scheme notified by the Central Government Rate: Rates in force. -- Threshold limit: (a) ₹ 1,00,000 in the case of a senior citizen; (b) ₹ 50,000 in case of person other than senior citizen. (iii) Any income being interest other than interest on securities. Specified person [other than person in Sl. No. 5(ii).C] Rate: Rates in force. -- Threshold limit: ₹ 10,000. Note 1.- In serial number 5(ii) and (iii), where the interest income credited or paid is in respect of- (a) time deposits with a banking company; or (b) time deposits with a co-operative society engaged in carrying on the business of banking; or (c) deposits with a public company formed and registered in India with the main object of carrying o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of operation of call centre; (b) 10% of such sum in cases other than (a) -- Threshold limit: [for (a) and (b)]: ₹ 50,000. Note.--In serial number 6 (i), if any sum is paid or credited for carrying out any work specified in section 402(47)(e), tax shall be deducted at source- (a) on the invoice value excluding the value of material, if such value is specified separately in the invoice; or (b) on the whole of the invoice value, if the value of material is not specified separately in the invoice. 7. Dividend Any dividends (including on preference shares) declared. Any domestic company. Rate: 10%. -- Threshold limit: Nil. Note.--The tax shall be deducted at source before making any distribution or payment of dividend. 8. Other cases (i) Any sum under a life insurance policy, including the sum allocated as bonus on such policy, other than the amount not includible in the total income under Schedule II (Table: Sl. No. 2). Any person. Rate: 2% on income comprised in such sum. -- Threshold limit: ₹ 1,00,000 (ii) Any sum for purchase of any goods. Any person, being a buyer. Rate: 0.1% of such sum exceeding ₹ 50,00,000. -- Threshold limit: ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by an e-commerce operator for- (i) hosting advertisements; or (ii) providing any other services, which are not in connection with the sale or services referred to in this serial number. Note 4.--In case of a transaction on which provisions of serial number 8(v) are applicable along with the provisions of serial number 8(vi) for deduction of tax, then tax on such transaction shall be deducted only under the provisions of serial number 8(vi). Note 5.-The provisions of serial number 8(iii) shall take precedence over any other provisions of this Chapter and tax shall be deducted under this provision. Note 6.-For serial numbers 8(iv) and (vi),- (a) where the consideration or benefit or perquisite is- (i) in exchange of another virtual digital asset where there is no part in cash, in respect of serial number 8(iv); or (ii) is wholly in kind; or (iii) is partly in kind and partly in cash, but such part in cash is not sufficient to meet the liability of deduction of tax in respect of the whole of such payment or benefit or perquisite, the person responsible for paying or providing shall ensure that the tax required to be deducted has been paid, before releasing such consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on or after the 1st April, 2020 but before the 1st July, 2023; or (b) 9%, where issued on or after the 1st July, 2023. 5. Any income by way of interest. Any non-resident (not being a company) or a foreign company. Any infrastructure debt fund referred to in Schedule VII (Table: Sl. No. 46). 5%. 6. Any distributed income referred to in section 223, being of the nature referred to in Schedule V (Table: Sl. No. 3). Any unit holder, being a non-resident (not being a company) or a foreign company. Any business trust. (a) 5%, in case of income of the nature referred to in Schedule V [Table: Sl. No. 3.B(a)]; and (b) 10%, in case of income of the nature referred to in Schedule V [Table: Sl. No. 3.B(b)]. 7 Any distributed income referred to in section 223, being of the nature referred to in Schedule V (Table: Sl. No. 4). Any unit holder, being a non-resident (not being a company) or a foreign company. Any business trust. Rates in force. 8 Any income, other than that proportion of income which is exempt under Schedule V (Table: Sl. No. 2), in respect of units of an investment fund specified in section 224. Any unit holder, being a non-resident (not being a company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl.No. Nature of Income or sum Payer Rate Threshold limit A B C D 1 Any income by way of winnings (other than winnings from serial number 2) from-- (a) any lottery; or (b) crossword puzzle; or (c) card game and other game of any sort; or (d) gambling or betting of any form or nature whatsoever Any person. Rate: Rates in force. -- Threshold limit: ₹10,000 in case of a single transaction. 2 Any income by way of winnings from online game. Any person. Rate: Rates in force. -- Threshold limit: Net winnings as per Note 1. 3 Any income by way of winnings from any horse race. Any person, being a bookmaker or a person to whom a licence has been granted by the Government under any law for the time being in force for horse racing in any race course or for arranging for wagering or betting in any race course. Rate: Rates in force. -- Threshold lilmit: ₹10,000 in case of a single transaction. 4 Any income, credited or paid to a person, who is or has been stocking, distributing, purchasing or selling lottery tickets, by way of commission, remuneration or prize (by whatever name called) on such tickets. Any person. Rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e referred to in Schedule V [Table: Sl. No. 3.B(b)], if the special purpose vehicle referred to in the said clause has not exercised the option under section 200. 6. Interest on securities referred to in section 393(1)[Table: Sl. No. 5(i)]. (a) Interest payable on-- (i) National Development Bonds; (ii) such debentures, issued by such institution or authority or person as the Central Government may, by notification, specify in this behalf; (iii) any security of the Central Government or a State Government, other than-- (A) 8% Savings (Taxable) Bonds, 2003; or (B) 7.75% Savings (Taxable) Bonds, 2018; or (C) Floating Rate Savings Bonds, 2020 (Taxable); or (D) any other security of the Central Government or State Government as the Central Government may, by notification, specify in this behalf; (b) interest payable to-- (i) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956, in respect of any securities owned by it or in which it has full beneficial interest; or (ii) the General Insurance Corporation of India or to any of the four companies, formed by virtue of the schemes made under section 16(1) of the General Insu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1974 (45 of 1974); (ii) in respect of deposits under any scheme framed by the Central Government and notified by it in this behalf; (iii) in respect of deposits (other than time deposits made on or after the 1st July, 1995) with a banking company; (iv) by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, the aggregate of the amounts of such income does not exceed ₹50,000 during the tax year; (v) or payable by an infrastructure capital company; or infrastructure capital fund; or infrastructure debt fund; or a public sector company; or scheduled bank in relation to a zero coupon bond issued on or after the 1st June, 2005 by such company or fund or public sector company or scheduled bank; (vi) as referred to in Schedule V (Table: Sl. No. 3); (vii) by a firm to a partner of the firm. 8 Payments to contractors referred to in section 393(1)[Table: Sl. No. 6(i)]. (a) When-- (i) any sum credited or paid or likely to be credited or paid during the tax year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages; and (ii) that contractor ow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both during the tax year does not exceed ₹5,00,000; and (c) the e-commerce participant has furnished the Permanent Account Number or Aadhaar number to the e-commerce operator. 12 Payment on transfer of virtual digital asset referred to in section 393(1)[Table: Sl. No. 8(vi)] Where value or aggregate value of such consideration during the tax year does not exceed-- (a) ₹50,000, when payable by an individual or a Hindu undivided family,- (i) whose total sales, gross receipts or turnover from the business carried on by him or profession exercised by him does not exceed ₹1,00,00,000 in case of business or ₹50,00,000 in case of profession, during the tax year immediately preceding the tax year in which such virtual digital asset is transferred; (ii) not having any income under the head "Profits and gains of business or profession"; (b) ₹10,000, when payable by any person other than the person referred to in clause (a). 13 Income from units of a business trust referred to in section 393(2)(Table: Sl. No. 6). Income of the nature referred to in Schedule V [Table: Sl. No. 3.B(b)], if the special purpose vehicle referred to in the said clause ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or shares owned by it or in which it has full beneficial interest; or (C) any other income accruing or arising to it. (6) The deduction of tax shall not be made under provisions referred to in column C of the Table below, in the case of a person as specified in column B, if such person furnishes to the person responsible for paying any income or sum of the nature referred to in such provisions, a written declaration in duplicate in such form and manner as prescribed that the tax on such person's estimated total income of the tax year in which such income or sum is to be included in computing his total income shall be nil. Table DECLARATION FOR NO DEDUCTION AT SOURCE Sl.No. Person Provisions for tax deduction at source A B C 1. An individual, who is a resident of India. Dividend referred to in section 393(1)(Table: Sl. No. 7). 2. (a) An individual, resident of India, who is of the age of sixty years or more at any time during the tax year; (b) any person (not being a company or a firm). (a) Payment of accumulated balance due to an employee referred to in section 392(7); (b) Insurance Commission referred to in section 393(1)[Table: Sl. No. 1(i)]; (c) rent referr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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