TDS rate of Interest other than Interest on Securities

This query is : Resolved

Baljinder Singh (Querist)
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05 November 2009 Dear Sir,

I have gone through IT ready Reckoner Taxmann, there is mention TDS rate 10% on Interest other than Interest on Securities. But When I go through so many web site and also CAclub india there is mentione TDS 20% for receipent of any other than Individual/HUF instead of 10%.

I am very confuse on what % of TDS rate applicable. Pls confirm me correct rate of TDs applicable on Interest other Interest on Securities w.e.f. 1.10.2009.

Regards

BALJINDER SINGH

Zeeshan

Zeeshan (Expert)
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07 November 2009 Baljinder its simple.
1. if the recipient is individual/huf then 10%.
2. if the recipient is other than indl/huf then 20%.

it means suppose you are paying interest to a company then tds will be deducted @ 20% as it is other than individual.

Baljinder Singh

Baljinder Singh (Querist)
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07 November 2009 Dear Sir,

I have discuss with our CA, he advise us to deduct tds 10% on both cases.

So, can you pls provide me any notification, which will help to fight with our CA.

Regards,

Baljinder Singh

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UMA SHANKER SHARDA

UMA SHANKER SHARDA (Expert)
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14 November 2009 w.e.f. 01.10.2009, it is 10% for both the cases. there is no need to fight with your CA, he is right. You can check it at Income Tax site also.

Zeeshan

Zeeshan (Expert)
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30 November 2009 yes baljinder uma shanker sharda is right.
the rate has been changed w.e.f. 1st oct.
sorry to mislead you....!

regards,