New TDS rate applicable from 01.04.2010
This query is : Resolved
01 April 2010
From 01.04.2010 TDs need to be deducted if PAN not provided @ 20% or normal rate whichever is higher?
Is this also applicable for Salary u/s 192?
If it is applicable please guide how it will be calculated?
Is this also applicable for Salary u/s 192?
If it is applicable please guide how it will be calculated?
01 April 2010
yes it's also applicable for salary u/s 192
01 April 2010
Yes, It is given that it will cover all the sec.
01 April 2010
No.it is not covered for salary under sec.192.you need to deduct normal tax slabs
02 April 2010
Rate of TDS in case PAN is not furnished is governed by Section 206AA. The said section applies to all cases of TDS, including TDS on salary, ie. Section 192.
Hence, TDS on salary shall be deducted at normal rate or 20%, whichever is higher, if PAN not furnished.
Hence, TDS on salary shall be deducted at normal rate or 20%, whichever is higher, if PAN not furnished.
02 April 2010
Yes.Correct agreed
02 April 2010
Rate of 20% or the normal rate, which ever is higher.
In case of salary, the rate of tax is to be arrived at by way of computation. The ratio of tax deductible to Net salary should be taken as normal rate. The higher of this normal rate 20% will be applicable for the purpose of withholding tax.
In my view, the rate of TDS upto taxable salary of Rs. 1600000/- shall be 20%. Normal rate in excess thereof.
In case of salary, the rate of tax is to be arrived at by way of computation. The ratio of tax deductible to Net salary should be taken as normal rate. The higher of this normal rate 20% will be applicable for the purpose of withholding tax.
In my view, the rate of TDS upto taxable salary of Rs. 1600000/- shall be 20%. Normal rate in excess thereof.
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