{"id":24570,"date":"2023-05-24T00:14:51","date_gmt":"2023-05-23T18:44:51","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24570"},"modified":"2026-01-18T00:44:52","modified_gmt":"2026-01-17T19:14:52","slug":"new-tcs-rate-change-w-f-t-1-july-2023","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/","title":{"rendered":"New TCS Rate Change w.f.t. 1 July 2023\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eb03030e086\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eb03030e086\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#New_TCS_Rate_Change_wft_1_July_2023\" title=\"New TCS Rate Change w.f.t. 1 July 2023\u00a0\">New TCS Rate Change w.f.t. 1 July 2023\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TDS_Rate\" title=\"TDS Rate\">TDS Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#Overview_of_Tax_Deducted_at_Source_TDS_Forms\" title=\"Overview of Tax Deducted at Source (TDS) Forms\">Overview of Tax Deducted at Source (TDS) Forms<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TDS_Certificate_Form\" title=\"TDS Certificate Form\">TDS Certificate Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TDS_Return_Forms\" title=\"TDS Return Forms\">TDS Return Forms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TIN_Facilitation_Center_managed_by_NSDL_used_to_charge_the_Fee_for_TDS_and_TDS_return_Filling\" title=\"TIN Facilitation Center managed by NSDL used to charge the Fee for TDS and TDS return Filling:\">TIN Facilitation Center managed by NSDL used to charge the Fee for TDS and TDS return Filling:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TDS_and_TCS_Punishment_On_Non_compliance\" title=\"TDS and TCS Punishment On Non compliance\u00a0\">TDS and TCS Punishment On Non compliance\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#No_penalty_will_be_levied_for_late_payment_of_TDS_TCS_returns\" title=\"No penalty will be levied for late payment of TDS \/ TCS returns:\">No penalty will be levied for late payment of TDS \/ TCS returns:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#TDS_for_the_purchase_of_immovable_property\" title=\"TDS for the purchase of immovable property\">TDS for the purchase of immovable property<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/new-tcs-rate-change-w-f-t-1-july-2023\/#New_TDS_Rate_chart_apply_from_1_Oct_2024\" title=\"New TDS Rate chart apply from 1 Oct 2024\">New TDS Rate chart apply from 1 Oct 2024<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"New_TCS_Rate_Change_wft_1_July_2023\"><\/span><span style=\"color: #ff0000;\"><strong>New TCS Rate Change w.f.t. 1 July 2023\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-24567\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs.jpg\" alt=\"tcs change\" width=\"1076\" height=\"1544\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs.jpg 892w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs-209x300.jpg 209w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs-714x1024.jpg 714w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs-768x1102.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/tcs-800x1148.jpg 800w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"TDS_Rate\"><\/span><span style=\"color: #000080;\"><strong>TDS Rate<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-30976\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/tds-rate.jpeg\" alt=\"tds rate\" width=\"1182\" height=\"1410\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/tds-rate.jpeg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/tds-rate-252x300.jpeg 252w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/tds-rate-768x916.jpeg 768w\" sizes=\"(max-width: 1182px) 100vw, 1182px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Overview_of_Tax_Deducted_at_Source_TDS_Forms\"><\/span><span style=\"color: #ff0000;\">Overview of Tax Deducted at Source (TDS) Forms<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Certificate_Form\"><\/span><span style=\"color: #000080;\"><strong>TDS Certificate Form<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td><strong>Sr. No<\/strong><\/td>\n<td><strong>Form Number<\/strong><\/td>\n<td><strong>Description<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>1.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/form-16.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/form-16.pdf\">FORM- 16<\/a><\/td>\n<td>TDS Certificate of Salary<\/td>\n<\/tr>\n<tr>\n<td><strong>2.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/form-16-a.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/form-16-a.pdf\">FORM- 16 A<\/a><\/td>\n<td>TDS Certificate for Income other than Salary<\/td>\n<\/tr>\n<tr>\n<td><strong>3.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/form-no-24q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/form-no-24q.pdf\">FORM- 24Q<\/a><\/td>\n<td>Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of salary<\/td>\n<\/tr>\n<tr>\n<td><strong>4.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/form-no-26q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/form-no-26q.pdf\">FORM- 26Q<\/a><\/td>\n<td>Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of payments other than salary<\/td>\n<\/tr>\n<tr>\n<td><strong>5.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/form-no-27q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/form-no-27q.pdf\">FORM- 27Q<\/a><\/td>\n<td>Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of payments other than salary made to non-residents<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Return_Forms\"><\/span><span style=\"color: #000080;\"><strong>TDS Return Forms<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td><strong>Sr. No<\/strong><\/td>\n<td><strong>Form Name<\/strong><\/td>\n<td><strong>Description<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>1.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/tds-return-form-24q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tds-return-form-24q.pdf\">TDS Return Form 24Q<\/a><\/td>\n<td>Statement for tax deducted at source from salaries<\/td>\n<\/tr>\n<tr>\n<td><strong>2.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/tds-return-form-26q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tds-return-form-26q.pdf\">TDS Return Form 26Q<\/a><\/td>\n<td>Statement for tax deducted at source on all payments other than salaries.<\/td>\n<\/tr>\n<tr>\n<td><strong>3.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/tds-return-form-27q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tds-return-form-27q.pdf\">TDS Return Form 27Q<\/a><\/td>\n<td>Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.<\/td>\n<\/tr>\n<tr>\n<td><strong>4.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/tds-return-form-27eq.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tds-return-form-27eq.pdf\">TDS Return Form 27EQ<\/a><\/td>\n<td>Statement of collection of tax at source.<\/td>\n<\/tr>\n<tr>\n<td><strong>5.<\/strong><\/td>\n<td><a href=\"https:\/\/carajput.com\/archives\/tds-return-form-27a.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tds-return-form-27a.pdf\">TDS Return Form 27A<\/a><\/td>\n<td>Form 27A is a control chart of quarterly TDS\/TCS statements to be filed by deductors\/collectors along with quarterly statements<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"TIN_Facilitation_Center_managed_by_NSDL_used_to_charge_the_Fee_for_TDS_and_TDS_return_Filling\"><\/span><span style=\"color: #000080;\">TIN Facilitation Center managed by NSDL used to charge the Fee for TDS and TDS return Filling:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23687\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/TDS.jpg\" alt=\"TDS filling fee\" width=\"1094\" height=\"348\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/TDS.jpg 698w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/05\/TDS-300x95.jpg 300w\" sizes=\"(max-width: 1094px) 100vw, 1094px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TDS_and_TCS_Punishment_On_Non_compliance\"><\/span><span style=\"color: #ff0000;\"><strong>TDS and TCS Punishment On Non compliance\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You will have to pay a fine equal to the amount deducted\/collected under the provisions of the Income Tax Act.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Prosecution (Sec 276B)<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">As per the prosecution (Sec 276B), if a person refuses to pay the payment to the Central Government, the TDS deducted by him under the provisions of Chapter XVII-B shall be entitled to obtain a strict penalty of at least three months, which may be expanded to seven years. The fine depends on the conditions or inquiry conducted by the appointed tax authority\/assessment officer.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Penalty (Section 234E)<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">The deductee of the TDS shall be liable to pay a fine of INR 200\/-per day before the full sum of the <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> is paid. However, the penalty shall not exceed the actual amount of the TDS.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Late Filing Fees :<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">For the delayed fee of TDS after deduction under Section 201(1A), you have to pay interest at a rate of 1.5 percent per month from the date of the deduction to the actual date of the deposit. It should also be remembered that interest is measured on a monthly basis rather than on a number of days. Half of a month will also be regarded as a whole month.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>What is important to remember here is that<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">The estimation of interest on the balance of the TDS owed starts on the day from which the TDS was withheld rather than the day from which it was due.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>PENALTIES (Section 271H)<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">Pursuant to this rule, the Assessing Officer may direct a person who has not filed a <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> payment on time with a minimum of INR 10,000, which may even be extended to INR 1,000,000.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_penalty_will_be_levied_for_late_payment_of_TDS_TCS_returns\"><\/span><span style=\"color: #ff0000;\"><strong>No penalty will be levied for late payment of <a style=\"color: #ff0000;\" href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS \/ TCS returns<\/a>:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>If the following conditions are met, no penalty will be levied (under section 271H) for late payment of <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS \/ TCS returns<\/a>:<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The tax deducted at the source must be paid to the credit of the government.<\/li>\n<li>No penalty will be levied if interest and late filing fees are paid to the Government&#8217;s credit.<\/li>\n<li>Before the one-year period expires, the <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS \/ TCS return<\/a> has been filed from the due date.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"TDS_for_the_purchase_of_immovable_property\"><\/span><span style=\"color: #000080;\"><strong>TDS for the purchase of immovable property<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>For the purchase of immovable property on which TDS applies, the return, together with the payment of TDS, must be made before the 30th of the following month. For example, TDS for property purchased in May must be deposited by 30 June.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"New_TDS_Rate_chart_apply_from_1_Oct_2024\"><\/span><a href=\"https:\/\/carajput.com\/archives\/new-tds-rate-chart-apply-from-1-oct-2024.pdf\"><span style=\"color: #000080;\"><strong>New TDS Rate chart apply from 1 Oct 2024<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>New TCS Rate Change w.f.t. 1 July 2023\u00a0 TDS Rate Overview of Tax Deducted at Source (TDS) Forms TDS Certificate Form Sr. No Form Number Description 1. FORM- 16 TDS Certificate of Salary 2. FORM- 16 A TDS Certificate for Income other than Salary 3. FORM- 24Q Quarterly statement of deduction of tax under sub-section(3) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24570"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24570"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24570\/revisions"}],"predecessor-version":[{"id":30977,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24570\/revisions\/30977"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}