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TDS

CA Vishal (CA working in industry) (620 Points)

21 October 2009

Hi,

Please let me know that wef from 1st Oct 2009 is there any changes in TDS rates for payments to be paid to contractors which provide transport ( cars, buses) to the employees of the company ..

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PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 22 October 2009

On Transporter there is no TDS Detailed list is given below

NEW TDS RATES FROM 01.10.2009
Particulars			NEW TDS RATES% IF DEDUCTEE IS
Section	Nature of Payment	CUT OFF AMOUNT	INDIVIDUAL and HUF	OTHER
194A	Interest from a Banking Company	Rs. 10,000/- p.a	10.00	20.00
194A	Interest other than from a Banking Co.	Rs. 5,000/- p.a	10.00	20.00
194C	Payment to sub-contrctor/Advertisement contracts	Rs.20,000/- per contract or Rs. 50,000/- p.a	1.00	2.00
194C	other Contractors	Rs.20,000/- per contract or Rs. 50,000/- p.a	1.00	2.00
194C	transport contractors engaged in the business of plying, hiring or leasing goods carriages.		Nil *
194H	Commission or Brokerage	Rs. 2,500/- p.a	10.00
194I	Rent other than Plant, Mach.& Eqp.	Rs. 1,20,000/- p.a	10.00
194I	Rent of Plant , Machinery & Equipments	Rs. 1,20,000/- p.a	2.00
194J	Professional Charges	Rs.20,000/-p.a	10.00
* 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 on tax deducted on non-salary payments made to resident taxpayers.

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Dheeraj Kumar Lalwani (Article) (24 Points)
Replied 22 October 2009

Hi.

In refererence to A. Y. 09-10, can anyone let me know that the TDS credit to be taken by an assessee, has to be taken on receipt basis, or on accrual basis. If the amount of commission has not been received by the assessee, then can we take credit of the TDS.