Scribd Logo
Upload

Welcome to Scribd!

  • 413 views

    Rates of TDS

    Uploaded by

    sudhanshu88g1
    The document outlines new tax deduction at source (TDS) rates and tax collection at source (TCS) rates that took effect from October 1, 2009 per the Finance Act 2009. For TDS, the rates for interest, rent, professional fees, commission, and contract payments were changed for individuals, HUFs, and other payees. No surcharge or cess would be added for TDS on payments made to resident taxpayers. The TCS rates for scrap, tendu leaves, timber, alcohol, and mining were also provided.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd

    Rates of TDS

    Uploaded by

    sudhanshu88g1
    413 views30 pages
    The document outlines new tax deduction at source (TDS) rates and tax collection at source (TCS) rates that took effect from October 1, 2009 per the Finance Act 2009. For TDS, the rates for interest, rent, professional fees, commission, and contract payments were changed for individuals, HUFs, and other payees. No surcharge or cess would be added for TDS on payments made to resident taxpayers. The TCS rates for scrap, tendu leaves, timber, alcohol, and mining were also provided.

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document outlines new tax deduction at source (TDS) rates and tax collection at source (TCS) rates that took effect from October 1, 2009 per the Finance Act 2009. For TDS, the rates for interest, rent, professional fees, commission, and contract payments were changed for individuals, HUFs, and other payees. No surcharge or cess would be added for TDS on payments made to resident taxpayers. The TCS rates for scrap, tendu leaves, timber, alcohol, and mining were also provided.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    413 views30 pages

    Rates of TDS

    Uploaded by

    sudhanshu88g1
    The document outlines new tax deduction at source (TDS) rates and tax collection at source (TCS) rates that took effect from October 1, 2009 per the Finance Act 2009. For TDS, the rates for interest, rent, professional fees, commission, and contract payments were changed for individuals, HUFs, and other payees. No surcharge or cess would be added for TDS on payments made to resident taxpayers. The TCS rates for scrap, tendu leaves, timber, alcohol, and mining were also provided.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 30

    NEW TDS RATES FROM 01.10.

    2009 PASSED IN FINANCE


    ACT(2) 2009 PASSED ON 19.08.2009

    Particulars NEW TDS RATES%

    Section Nature of CUT OFF INDL/HU OTHER


    Payment AMOUNT  F

    194A Rs. 10,000/- 10


    p.a

    Interest from
    a Banking
    Company
    194A Rs. 5,000/- 10
    p.a

    Interest
    other than
    from a
    Banking Co.
    194C Payment to Rs.20,000/- 1 2
    per contract
    sub- or Rs.
    contrctor/Ad 50,000/- p.a
    vertisement
    contracts

    194C other Rs.20,000/- 1 2


    per contract
    Contractors  or Rs.
    50,000/- p.a

    194C transport contractors Nil *


    engaged in business of
    plying, hiring or leasing
    goods carriages.
    194H Commission Rs. 10
    or Brokerage 2,500/-
    p.a

    194I Rs. 10
    1,20,000/
    - p.a

    Rent other
    than Plant,
    Mach.& Eqp.
    194I Rs. 2
    1,20,000/
    - p.a
    Rent of Plant
    , Machinery
    &
    Equipments
    194J Professional Rs.20,000 10
    Charges /-p.a

    * 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 is to be added from 01.04.2009


    on tax deducted on non-salary payments made to
    resident taxpayers. It means that surcharges & cess is
    not be included in basic TDS rates various situation are
    tabulated in table given below

    VARIOUS SITUATION SURCHARGE CESS


    APPLICABILITY
    SUR
    STATUS PAYMENT CHARGE CESS
    Resident Corporate Other than N N
    Salaries

    Resident Non-corporate Other than N N


    Salaries

    Resident Non- Corporate Salaries N Y


    Non-Resident Corporate <= 1 crore N Y
    Non-Resident Corporate > 1 crore Y Y
    Non-Resident Non-Corporate N Y
    http://taxclubindia.com/NEWS/2009/09/tds-rates-2009-10-changes-in-tds-rates/

    http://www.simpletaxindia.org/2009/07/new-tds-rate-fy-09-10-after-budget.html

    TCS RATES FOR FINANCIAL YEAR

    Particulars TCS RATES%


    Section Nature of CUT OFF INDL/HU OTHER
    Payment AMOUNT  F

    206C Scrap - 1.00% 1.00%


    206C Tendu - 5.00% 5.00%
    Leaves
    206C Timber - 2.50% 2.50%
    obtained
    under a
    forest lease
    or other
    mode

    206C Any other - 2.50% 2.50%


    forest
    produce not
    being a
    Timber or
    tendu leave

    206C Alcoholic - 1.00% 1.00%


    Liquor for
    Human
    Consumptio
    n

    206C Paking lot, - 2.00% 2.00%


    toll plaza,
    mining &
    quarrying

    NEW TDS RATES FROM 01.04.2009 to 30.09.2009 PROPOSED IN BUDGET 2009 PRESENTED ON 06/07/2009
    Particulars
    Rates in % 
    Section
    Nature of Payment
    Criteria for Deduction (payment in excess of)
    Payment to Individual. Or HUF
    payment to other 
    194A
    Interest from a Banking Company
    Rs. 10,000/- p.a
    10
    194A
    Interest other than from a Banking Co.
    Rs. 5,000/- p.a
    10
    194C
    Contractors, (Advertising Contracts) & payment to sub-contrctor
    Rs.20,000/- per contract or Rs. 50,000/- p.a
    1
    1
    194C
    Contractors & CF Agents (Others)
    Rs.20,000/- per contract or Rs. 50,000/- p.a
    2
    2
    194H
    Commission or Brokerage
    Rs. 2,500/- p.a
    10
    10
    194I
    Rent other than Plant, Mach.& Eqp.
    Rs. 1,20,000/- p.a
    15
    20
    194I
    Rent of Plant , Machinery & Equipments
    Rs. 1,20,000/- p.a
    10
    10
    194J
    Professional Charges
    Rs.20,000/-p.a
    10
    10
    No surcharge and cess is to be added from 01.04.2009 on tax deducted on non-salary payments

    Read more: http://www.simpletaxindia.org/2009/07/new-tds-rate-fy-09-10-after-budget.html#ixzz0
    Under Creative Commons License: Attribution
    on non-salary payments made to resident taxpayers.It means that Surcharges & cess is not be included i

    -after-budget.html#ixzz0Yj3Z1agC 
    & cess is not be included in basic TDS rates ,while deduction tds , in case of payments to resident person
    ayments to resident person/domestic company only .So in case of payment to Non resident and non -om
    Non resident and non -omestic company surcharge and Cess is also to be included while calculating TDS
    luded while calculating TDS amount .

    You might also like