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NEW TDS RATES FY 09-10 ONWARDS
Posted @ July 12, 2012, 9:00 pm under (GST & TDS Returns)
NEW TDS RATES FY 09-10 ONWARDS
TDS rates effective from 01.10.2009
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No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers. so now onwards(01.10.2009) Tax should be deducted on Basic rate only given in respective section. No education cess or Surcharge is to be deducted except in the case of salary where Tax should be deducted after including the Education cess. Surcharge on individual and HUF assessee has already been abolished for full year fy 2009-10.
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The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010
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NEW TDS RATES FROM 01.10.2009 PROPOSED IN BUDGET 2009
PRESENTED ON 06/07/2009
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Particulars
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NEW TDS RATES% IF DEDUCTEE IS
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Section
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Nature of Payment
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CUT OFF AMOUNT
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INDIVIDUAL and HUF
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OTHER
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194A
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Interest from a Banking Company
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Rs. 10,000/- p.a
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10.00
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20.00
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194A
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Interest other than from a Banking Co.
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Rs. 5,000/- p.a
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10.00
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20.00
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194C
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Payment to sub-contrctor/Advertisement contracts
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Rs.20,000/- per contract or Rs. 50,000/- p.a
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1.00
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2.00
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194C
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other Contractors
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Rs.20,000/- per contract or Rs. 50,000/- p.a
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1.00
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2.00
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194C
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transport contractors engaged in the business of plying, hiring or leasing goods carriages.
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Nil *
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194H
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Commission or Brokerage
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Rs. 2,500/- p.a
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10.00
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194I
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Rent other than Plant, Mach.& Eqp.
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Rs. 1,20,000/- p.a
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10.00
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194I
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Rent of Plant , Machinery & Equipments
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Rs. 1,20,000/- p.a
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2.00
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194J
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Professional Charges
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Rs.20,000/-p.a
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10.00
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* The nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 1% for an individual/ HUF transporter and 2% for other transporters upto 31.3.2010
** The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010
***No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers.
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