HI All,
I have a Query regarding TDS Rate on Rent.
my rent amount is so small up to oct - 09 but after that it is more than 1,20,000/-
than what is the rate for rent before oct & after oct.
should i deduct with new rate on all the year,s rent ?
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TDS on Rent (Rate)
Replies (4)
TDS rates has been proposed to be changed by Finance Minister in Budget 2009 .Basically following changes has been done in the TDS rates effective from 01.10.2009
- No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers.so now onwards(Tax should be deducted on Basic rate only given in respective section.No education cess or Surcharge is to be deducted except in the case of salary where Tax should be deducted after including the Education cess.Surcharge on individual and HUF assessee has already been abolished for full year fy 2009-10.
- Basic TDS rates for section 194 C (Payment to contractors) and 194I (payment of rent) has been changed (given in table)
- Section 194C has been replaced with new section with less ambiguities.(details are available here (TDS ON JOB WORK U/S 194C AMENDED FROM 01.10.2009)
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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
NEW TDS RATES FROM 01.10.2009 PASSED IN FINANCE ACT(2) 2009 PASSED ON 19.08.2009 Particulars NEW TDS RATES% Section Nature of Payment CUT OFF AMOUNT INDL/HUF OTHER 194A Interest from a Banking Company Rs. 10,000/- p.a 10.00 194A Interest other than from a Banking Co. Rs. 5,000/- p.a 10.00 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 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 is to be added from 01.04.2009 on tax deducted on non-salary payments made to resident taxpayers. It means that surcharges & cess is not be included in basic TDS rates various situation are tabulated in table given below VARIOUS SITUATION SURCHARGE CESS APPLICABILITY STATUS PAYMENT SUR CHARGE CESS Resident Corporate Other than Salaries N N Resident Non-corporate Other than Salaries N N Resident Non- Corporate Salaries N Y Non-Resident Corporate <= 1 crore N Y Non-Resident Corporate > 1 crore Y Y Non-Resident Non-Corporate N Y https://taxclubindia.com/NEWS/2009/09/tds-rates-2009-10-changes-in-tds-rates/ https://www.simpletaxindia.org/2009/07/new-tds-rate-fy-09-10-after-budget.html TCS RATES FOR FINANCIAL YEAR 2009-10 Particulars TCS RATES% Section Nature of Payment CUT OFF AMOUNT INDL/HUF OTHER 206C Scrap - 1.00% 1.00% 206C Tendu Leaves - 5.00% 5.00% 206C Timber obtained under a forest lease or other mode - 2.50% 2.50% 206C Any other forest produce not being a Timber or tendu leave - 2.50% 2.50% 206C Alcoholic Liquor for Human Consumption - 1.00% 1.00% 206C Paking lot, toll plaza, mining & quarrying - 2.00% 2.00%
U have to deduct TDS on all amount. Deduct Old TDS Rate before 01.10 and new TDS rate after 01.10
you should calculate according to the rate prevailed at that time....
| Originally posted by : Ameet | ||
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U have to deduct TDS on all amount. Deduct Old TDS Rate before 01.10 and new TDS rate after 01.10 |
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Ameet is right
u hav to deduct TDS on full amount as it falls in same A.Y
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