22 July 2009
I have read the ajor changes are going to be taken place as per Mr.Prakash Somani's file on current rates of TDS.Is it true? If yes then is it going to applicable from 01.10.09.Do we realy have to not to deduct the Tax at source on payment made to any transporter if he gives his PAN? Also don't we have to levy Surcharge & cess on tax deducted? Please clarify my doubts urgently
22 July 2009
rates of tds under section 194 C to be changed from 1 october 2009 rate 1 % for individual and huf and 2 % other than individual and huf Payment to a transport operator Nil (2% if no PAN is quoted for payments made up to 31.3.2010 and 20% thereafter) also rate of tds under section 194 I has been changed 2 % on plant & machinery 10 % on land & building