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change in TDS provisions 2010

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)

27 February 2010

change in tds provisions:-

1. increase in exemption limits: (w.e.f. 1-7-10)

section old limit new limit

194B (winnings from lottery) Rs.5000 Rs.10000

194BB (WINNINGS FROM HORSE RACES) Rs.2500 Rs.5000

194C (contractor) Rs.20000 (sinle payment) Rs.30000

Rs.50000 (in full year) Rs.75000

194D (Insurance commission) Rs.5000 Rs.20000

194H (Brokerage and commission) Rs.2500 Rs.5000

194I (Rent) Rs.120000 Rs.180000

194J (professional fees) Rs.20000 Rs.30000

2. interest rate for failure to deduct tax at source : 1.5% p.m. (earlier 1% p.m.)

3. section 203(3) and 206C(5) ommitted w.r.e.f. 01-04-10 (regarding no requirement for TDS/TCS certificate if deducted/ collected on or after 01-04-2010)

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13 Replies

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 27 February 2010

please read it in attached file

Attached File : 15 change in tds.txt downloaded: 817 times

2 Like

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CA Rahul Ranjan (Proprietor) (119 Points)
Replied 01 March 2010

Thanks for sharing

C.Balaji (Learner) (1867 Points)
Replied 01 March 2010

Thank you very much.........

Pramod Solanki (Service) (44 Points)
Replied 02 March 2010

I do not under stand the one thing as you metion in your 3rd point such as section 203(3) and 206c(5) ommitted 01-04-10( regarding the no requirement for tds/tcs certificate if deducted/collected on or after 01-04-10)

Regards

Pramod Solanki

1 Like

Pramod Solanki (Service) (44 Points)
Replied 02 March 2010

I do not under stand the one thing as you metion in your 3rd point such as section 203(3) and 206c(5) ommitted 01-04-10( regarding the no requirement for tds/tcs certificate if deducted/collected on or after 01-04-10)

Regards

Pramod Solanki

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CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 02 March 2010

-

please refer to 3rd line in my post,

in this replace the section 206C(5) with the "FIRST PROVISO TO SECTION 206C(5)"

THANK Thanking YOu

THANKING

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 02 March 2010

follwoing is the existing section 203(3)

Where the tax has been deducted or paid in accordance with the foregoing provisions of this Chapter on or after the 1st day of April, [2010], there shall be no requirement to furnish a certificate referred to in sub-section (1) or, as the case may be, sub-section (2).]

now this subsection shall be ommitted w.r.e.f 01-04-2010

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 02 March 2010

the follwing is the existing 'First Proviso to section 206C(5)

Provided that no certificate may be furnished in a case where tax has been collected in accordance with the foregoing provisions of this section on or after the 1st day of April, [2010] :

now this proviso shall be ommitted w.r.e.f. 01-04-2010

C.Balaji (Learner) (1867 Points)
Replied 02 March 2010

Hi anshu agarwal........please see this link.........

https://www.caclubindia.com/forum/tds-rate-chart-71418.asp

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 02 March 2010

please refer to second point also:

the follwoing is new provision:

Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—

(i) at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and

(ii) at one and one-half per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,

this shall also be applicable w.e.f. 01-07-2010