Transactions covered under TDS or TCS with date of applicability
|Nature of Transaction
( w .e .f)
|TDS on Payment from accumulated balance due to an employee w.e.f 01-06-2015
|Interest on securities.
|TDS on interest other than interest on securities.
|TDS on wining from lottery, cross word puzzle.
|TDS on wining from horse race.
|TDS on payment to contractors.
|TDS on insurance commission to agents by insurance company.
|Deduction from payment in respect of Life Insurance Policy w.e.f 01-10-2014.
|TDS on payment to non resident sports man or sports association.
|TDS on payment in respect of deposit under national saving scheme.
|TDS on payment on account of repurchase of units by mutual funds or UTI.
|TDS on commission on sale of lottery ticket.
|TDS on commission or brokerage.
|TDS on rent.
|TDS on payment in respect of transfer of immovable property other than agriculture land.
|TDS in respect of Payment of rent by individuals or Hindu undivided family not subject to tax audit.
|1st June, 2017
|TDS on payment of monetary consideration under joint development agreement (JDA)
|1st of April 2017
|TDS on fee for professional, technical service, remuneration to non salary director, royalty and non compete fee referred, under section 28(va).
|TDS on payment as compensation on acquisition of immovable property.
|TDS on income by way of interest from infrastructure debt fund referred under section 10(47).
|Deduction from certain income from units of a business trust w.e.f 01-06-2015.
|TDS on Income in respect of Units of Investment Fund
|TDS on Income in respect of investment in securitization trust with effect from 01-06-2016 new section inserted by finance act 2016.
|TDS on interest income from Indian company to non resident in respect of borrowings in foreign currency under loan agreement or infrastructure bond between 1-7-2012 to 1-7-2017 where borrowings rate of interest approved by central government.
|TDS on interest of Rupee denominated bond of Indian company or government securities payable FII or QFI between 1-6-2013 to 1-7-2017 @ 5%.
|Payment exceeding ₹ 50 lakh for any work/ commission /fee for professional or technical service by certain individuals or Hindu undivided family not otherwise not covered in tax audit u/s 44AB.
|Cash withdrawal from bank/post office/co-operative bank exceeding certain limit.
|Payment by e-commerce operator or customer to e-commerce participant for supply through digital platform of e-commerce operator.
|Deduction of tax in case of specified senior citizen age above 75 years and having person income and interest income from the same bank – Full tax due to be deducted and no need to file ITR.
|Deduction of tax at source on payment of sum exceeding ₹ 50 lakh for purchase of goods from a person if purchaser turnover/gross receipts/sale of preceding FY is ₹ 10 crore.
|TDS on payment to non resident or to a foreign company.
|TDS on income from units referred under section 115AB(off shore funds) where units purchase in foreign currency, TDS @ 10% on income including long term capital gain.
|TDS on income by way of interest, dividend and long term capital gain in respect of share/ GDR/ bonds of Indian company to non resident referred under section 115AD @ 10%.
|TDS on income of FII from securities referred under section 115AD(1)(a) @ 20%.
|Special provision for deduction of tax at source at higher rate for non-filers of ITR (income-tax return) for last 2 AY before due date
|Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, Minerals, being coal or lignite or iron ore etc. No TCS if a declaration by purchaser that such goods to be utilised for the purposes of manufacturing, processing or producing articles or things or for the purposes of generation of power and not for trading purposes.
|TCS by every person, who grants a lease or a licence or enters into a contract or otherwise transfers any right or interest either in whole or in part in any parking lot or toll plaza or mine or quarry, to another person
|Sale of motor vehicle where consideration for sale of a motor vehicle of the value exceeding ₹10 lakh .
|authorised dealer for foreign exchange if the amount or aggregate of the amounts being remitted by a buyer exceeds ₹ 7 lakh in a financial year
|TCS on sale of goods exceeding ₹ 50lakh in a year to a person if seller turnover/gross receipts/sale during preceding FY exceeds ₹ 10 crore.
* refer note 6.
|Special provision for collection of tax at source at higher rate for non-filers of ITR(income-tax return) for last two AY s till due date of ITR.
- Section 194H was applicable between 1.10.1991 and 31.3.2000 also.
- Similar provision under 18(2) of the Indian Income Tax Act, 1922.
- Similar provision under 18(3) of the Indian Income Tax Act, 1922
- Similar provision under 18(3D) of the Indian Income Tax Act, 1922
- Similar provision under Section 18(3B) of the Indian Income Tax Act, 1922.
- From 01-07-2021 new section 194Q inserted where TCS is required to be deducted.