TDS Rate chart for FY 2023-24 (AY 2024-25) Ishita Ramani , 18 April 2023 Share Tax Deduction at Source (TDS) is a crucial compliance requirement for Income Tax Assessees. The Income Tax Law contains several sections that specify varying TDS rates, payment types, and threshold limits for TDS. The Budget 2023 has introduced some significant changes concerning TDS. These changes include a higher limit of 3 crore for TDS on cash withdrawal provided to co-operative societies, removing the minimum threshold of INR 10,000 for TDS related to online gaming, and reducing the TDS rate from 30% to 20% on the taxable portion of EPF withdrawal in non-PAN cases. This article presents a tabular representation of the various TDS rates applicable for the Financial Year (FY) 2023-2024 or Assessment Year (AY) 2024-2025, which spans from 01.04.2023 to 31.03.2024. Additionally, it also explains the changes proposed in Budget 2023 with respect to TDS.

The TDS Rate Chart for FY 2023-2024 / AY 2024-2025 includes several updates and changes. These changes are outlined below: Section 194BA: TDS introduced on income from online gaming, applicable from 1st April, 2024.

Section 196A: Non-residents earning income from mutual funds in India can provide a Tax Residency Certificate from April 1st, 2023, to avail the benefit of TDS as per the rate given in the tax treaty, instead of the flat rate of 20%.

Section 192A: The TDS rate on PF withdrawal for employees who do not have PAN has been reduced from the maximum marginal rate to 20%.

Section 193: There will be no exemption from TDS on interest from listed debentures. Thus, tax has to be deducted on interest on such specified securities.

Section 194N: The TDS threshold on cash withdrawal by co-operative societies has been increased. Starting April 1st, 2023, tax will be deducted on cash withdrawals exceeding Rs 3 crore, instead of the previous limit of Rs 1 crore.