What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

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TDS Rate Chart for FY 2024-25 (AY 2025-26)

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TDS Rate Chart for FY 2024-25 (AY 2025-26)

Aug 5, 2024

5 Mins

TDS, or Tax Deducted at Source, is a mechanism where tax is collected on income such as salary, rent, asset sales, dividends, etc., by requiring the payer to deduct tax at the time of making payment and deposit it to the government on behalf of the payee. Below is a comprehensive TDS rate chart summarizing the TDS provisions under the Income Tax Act.

Budget 2024 Updates

The Budget 2024 has reduced TDS rates on specific payments to facilitate business operations and improve taxpayer compliance. Here are the changes:

Section 194D: The TDS rate on payment of insurance commission for entities other than companies has been reduced from 5% to 2%, effective from April 1, 2025.
Section 194DA: The TDS rate on payments in respect of life insurance policies has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194G: The TDS rate on commission on the sale of lottery tickets has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194H: The TDS rate on payment of commission or brokerage has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194-IB: The TDS rate on rent payments by certain individuals or HUFs has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194M: The TDS rate on payments by certain individuals or HUFs has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194-O: The TDS rate on payments by e-commerce operators to e-commerce participants has been reduced from 1% to 0.1%, effective from October 1, 2024.
Section 194F: This section, which pertains to payment on account of repurchase of units by mutual funds or UTI, is proposed to be omitted effective from October 1, 2024.

TDS Rates in India

Below is the comprehensive list of TDS rates applicable for resident and non-resident payments as well as for domestic and foreign companies in India for FY 2023-24 and FY 2024-25:

Section 192: Payment of salary - TDS is deducted at normal slab rates based on the basic exemption limit of the employee.
Section 192A: Premature withdrawal from EPF exceeding Rs. 50,000 attracts a TDS rate of 10%.
Section 193: TDS on interest on securities varies - for debentures up to Rs. 5,000 and specific savings bonds up to Rs. 10,000, the rate is 10%.
Section 194: Payment of any dividend exceeding Rs. 5,000 has a TDS rate of 10%.
Section 194A: Interest from sources other than securities has a TDS rate of 10%, with limits of Rs. 50,000 for senior citizens and Rs. 40,000 for others.
Section 194B: Income from lottery winnings, card games, and similar activities exceeding Rs. 10,000 is subject to a TDS rate of 30%.
Section 194BA: Income from online games attracts a TDS rate of 30%.
Section 194BB: Income from horse race winnings exceeding Rs. 10,000 has a TDS rate of 30%.
Section 194C: Payment to contractors/sub-contractors attracts a TDS rate of 1% for individuals/HUFs and 2% for others, with thresholds of Rs. 30,000 per single transaction or Rs. 1,00,000 aggregate.
Section 194D: Insurance commission payments are subject to TDS at 10% for domestic companies and 5% for others, with a threshold of Rs. 15,000.
Section 194DA: Income from insurance payouts exceeding Rs. 1,00,000 has a TDS rate of 5%.
Section 194E: Payment to non-resident sportsmen/sports associations attracts a TDS rate of 20%.
Section 194EE: Payments from National Savings Scheme exceeding Rs. 2,500 have a TDS rate of 10%.
Section 194F: Payments for the repurchase of units by UTI or a mutual fund attract a TDS rate of 20%.
Section 194G: Payments related to the sale of lottery tickets exceeding Rs. 15,000 have a TDS rate of 5%.
Section 194H: Commission or brokerage payments exceeding Rs. 15,000 have a TDS rate of 5%.
Section 194-I: Rent payments for plant and machinery exceeding Rs. 2,40,000 have a TDS rate of 2%, while rent for land/building/furniture/fitting attracts a rate of 10%.
Section 194-IA: Payments for the transfer of immovable property other than agricultural land exceeding Rs. 50,00,000 have a TDS rate of 1%.
Section 194-IB: Rent payments by individuals or HUFs not covered under Section 194-I exceeding Rs. 50,000 per month attract a TDS rate of 5%.
Section 194-IC: Payments under Joint Development Agreements to individuals/HUFs have a TDS rate of 10%.
Section 194J: Payments for professional services, remuneration, or technical services exceeding Rs. 30,000 attract a TDS rate of 10% (for professional services, remuneration, and commission) or 2% (for technical services and royalty for films/call centers).
Section 194K: Payments of income for units of mutual funds attract a TDS rate of 10%.
Section 194LA: Payments related to compensation for acquiring certain immovable property exceeding Rs. 2,50,000 have a TDS rate of 10%.
Section 194LB: Payments of interest on infrastructure debt funds to non-residents have a TDS rate of 5%.
Section 194LC: Payments of interest on foreign currency loans by Indian companies/trusts attract a TDS rate of 5% or 4%

Budget 2024 Updates

The Budget 2024 has reduced TDS rates on specific payments to facilitate business operations and improve taxpayer compliance. Here are the changes:

Section 194D: The TDS rate on payment of insurance commission for entities other than companies has been reduced from 5% to 2%, effective from April 1, 2025.
Section 194DA: The TDS rate on payments in respect of life insurance policies has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194G: The TDS rate on commission on the sale of lottery tickets has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194H: The TDS rate on payment of commission or brokerage has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194-IB: The TDS rate on rent payments by certain individuals or HUFs has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194M: The TDS rate on payments by certain individuals or HUFs has been reduced from 5% to 2%, effective from October 1, 2024.
Section 194-O: The TDS rate on payments by e-commerce operators to e-commerce participants has been reduced from 1% to 0.1%, effective from October 1, 2024.
Section 194F: This section, which pertains to payment on account of repurchase of units by mutual funds or UTI, is proposed to be omitted effective from October 1, 2024.

TDS Rates in India

Below is the comprehensive list of TDS rates applicable for resident and non-resident payments as well as for domestic and foreign companies in India for FY 2023-24 and FY 2024-25:

Section 192: Payment of salary - TDS is deducted at normal slab rates based on the basic exemption limit of the employee.
Section 192A: Premature withdrawal from EPF exceeding Rs. 50,000 attracts a TDS rate of 10%.
Section 193: TDS on interest on securities varies - for debentures up to Rs. 5,000 and specific savings bonds up to Rs. 10,000, the rate is 10%.
Section 194: Payment of any dividend exceeding Rs. 5,000 has a TDS rate of 10%.
Section 194A: Interest from sources other than securities has a TDS rate of 10%, with limits of Rs. 50,000 for senior citizens and Rs. 40,000 for others.
Section 194B: Income from lottery winnings, card games, and similar activities exceeding Rs. 10,000 is subject to a TDS rate of 30%.
Section 194BA: Income from online games attracts a TDS rate of 30%.
Section 194BB: Income from horse race winnings exceeding Rs. 10,000 has a TDS rate of 30%.
Section 194C: Payment to contractors/sub-contractors attracts a TDS rate of 1% for individuals/HUFs and 2% for others, with thresholds of Rs. 30,000 per single transaction or Rs. 1,00,000 aggregate.
Section 194D: Insurance commission payments are subject to TDS at 10% for domestic companies and 5% for others, with a threshold of Rs. 15,000.
Section 194DA: Income from insurance payouts exceeding Rs. 1,00,000 has a TDS rate of 5%.
Section 194E: Payment to non-resident sportsmen/sports associations attracts a TDS rate of 20%.
Section 194EE: Payments from National Savings Scheme exceeding Rs. 2,500 have a TDS rate of 10%.
Section 194F: Payments for the repurchase of units by UTI or a mutual fund attract a TDS rate of 20%.
Section 194G: Payments related to the sale of lottery tickets exceeding Rs. 15,000 have a TDS rate of 5%.
Section 194H: Commission or brokerage payments exceeding Rs. 15,000 have a TDS rate of 5%.
Section 194-I: Rent payments for plant and machinery exceeding Rs. 2,40,000 have a TDS rate of 2%, while rent for land/building/furniture/fitting attracts a rate of 10%.
Section 194-IA: Payments for the transfer of immovable property other than agricultural land exceeding Rs. 50,00,000 have a TDS rate of 1%.
Section 194-IB: Rent payments by individuals or HUFs not covered under Section 194-I exceeding Rs. 50,000 per month attract a TDS rate of 5%.
Section 194-IC: Payments under Joint Development Agreements to individuals/HUFs have a TDS rate of 10%.
Section 194J: Payments for professional services, remuneration, or technical services exceeding Rs. 30,000 attract a TDS rate of 10% (for professional services, remuneration, and commission) or 2% (for technical services and royalty for films/call centers).
Section 194K: Payments of income for units of mutual funds attract a TDS rate of 10%.
Section 194LA: Payments related to compensation for acquiring certain immovable property exceeding Rs. 2,50,000 have a TDS rate of 10%.
Section 194LB: Payments of interest on infrastructure debt funds to non-residents have a TDS rate of 5%.
Section 194LC: Payments of interest on foreign currency loans by Indian companies/trusts attract a TDS rate of 5% or 4%