Under Tax deduction at source scheme ,as prescribed in income tax act every person is responsible for payment of any specified sum to any person is required to deduct tax at source and deposit it with central govt with in specified time. if prescribed limit of payment do not exceed there is no need for deduction of tax
In the Budget 2010-11 , it is proposed to increase the threshold limit in sections 194B,194BB,194C,194D,194H,194I,and 194 J to reduce the tax burden of tax payers. There is no change in tax rate only change is on threshold limit of tax deduction.
However we would like to provide you a complete chart of TDS applicable for the financial year 2010-11. The amendment on threshold limit is proposed to take effect from 1st july 2010
| Sr No | Section | Nature of payments | % TDS | Payment Threshhold | ||
| Company,firm.Co-op Society,Local authority | HUF , Individual | up to 30.06.10 | wef 01.07.10 | |||
| 1 | 193 | Interest on securities | 10 | 10 | - | - |
| 2 | 194 | Dividents | 10 | 10 | - | - |
| 3 | 194A | Interest from a banking company | 10 | 10 | 10000 | 10000 |
| 4 | 194A | Interest other than interest on securities | 10 | 10 | 5000 | 5000 |
| 5 | 194B | Winning from Lotteries or Crossward Puzzles | 30 | 30 | 5000 | 10000 |
| 6 | 194BB | winning from Horse races | 30 | 30 | 2500 | 5000 |
| 7 | 194C | Payment to Contractors , Sub contractors | 2 | 1 | 20000 for Single transaction | 30000 for Single transaction |
| 50000 for aggregate of transactions during the Financial year | 75000 for aggregate of transactions during the Financial year | |||||
| 8 | 194D | Insurance Commission | 10 | 10 | 5000 | 20000 |
| 9 | 194E | Payment to non resident Sportsman/Sports association | 10 | 10 | - | - |
| 10 | 194EE | Payment in respect of national savings scheme | 20 | 20 | 2500 | 2500 |
| 11 | 194F | Payment on account of re-purchase of units of mutual Fund | 20 | 20 | - | - |
| 12 | 194G | Sale of Lottory Tiket | 10 | 10 | 1000 | 1000 |
| 13 | 194H | Commission on brokerage | 10 | 10 | 2500 | 5000 |
| 14 | 194I | Rent for the use of land , building, furniture and fixtures | 10 | 10 | 120000 | 180000 |
| 15 | 194I | Rent-For the use of Machinery,plant equipment | 2 | 2 | 120000 | 180000 |
| 16 | 194J | Fees for Professional , techenial services | 10 | 10 | 20000 | 30000 |
| 17 | 194LA | Payment of compensation on acquisition ofcertain immovable property | 10 | 10 | 100000 during the FY | 100000 during the FY |
Please note the following points while deducting TDS
- Rate of TDS will be minimum 20% or normal rate whichever is higher in all cases if pan number is not quoted by deductee wef from April1 2010
- In the case of transporter no TDS is required to deduct if Pan number is submitted by transporter.
- Surcharge and cess is not applicable in case of payment made to resident w.e.f 01.04.2010
- Interest on late payment of TDS has been increased from 12 to 18 % per annum wef 1 st july 2010
Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
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hi tds rate
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Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
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we have given commission of Rs.10L in April month but till date we have not paid tds on the same. Will you please guide me how much should be the interest amount and what are the rates applicable and for how many months we have calculated for late payment
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please send us the ammendments email if any in TDS, Income tax and ESIC, PF,Profession Tax and Sales tax alongwith annual return dates to be filled
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Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
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Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
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Saju Reply:
March 23rd, 2011 at 11:29 am
Hi sanjay please subscribe our daily news letter , so that you can stay up to date
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now 1st april, 2011 – payment to contaractor ( freight charges ) applicable for tds ??????
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Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
Dhokare D S
9881155934
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kindly send the new tds,epf,esi,service tax,exise duty, vat detail and rates on my email
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Kindly send the New TDS,EPF,ESIC,SERVICE TAX,EXCISE DUTY,VAT details and rates update on my email.
[Reply]
Kindly send the New TDS, EPF, ESI,Service Tax, Excise duty, Vat details and rates update me day to day on my email.
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hello sir kindly update the latest amentment and TDS,ESI, EPF , Service tax , Excise Duty,VAT for my email
thanks
Regards
VASAN CONSULTANCY
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hello sir kindly update the latest amentment and TDS,ESI, EPF , Service tax , Excise Duty,VAT for my email
thanks
Regards
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