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TDS Rate applicable (pls reply urgent)

CA Varun Arora (CA) (286 Points)

06 January 2010

What is the TDS rate applicable on Commission or brokerage paid to individual.

IS the TDS rate is 10.3% or 10%?

please reply urgently...........

Thanks

Varun Arora

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10 Replies

Amir (Learner) (4016 Points)
Replied 06 January 2010

from 01.10.2009 its 10%

earlier it was 10.3%

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Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 06 January 2010

Mr. Amir is right, w.e.f. 01/10/2009, SC abd E.Cess is not applicable.

CA Varun Arora (CA) (286 Points)
Replied 06 January 2010

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

now my doubt is clear regarding Ed. Cess, Sec & Higher Cess. that it is abolished w.e.f 01/ 10/2009..

Thanks,

Varun Arora

lalit mohta (PCC STUDENT) (42 Points)
Replied 06 January 2010

On 19th August,2009 there was one amendment stating that Surcharge & education cess on any TDS is abolished from 1.4.2009 onwards. So all kinds of TDS deductions have flat rates only ( without SC &EC )from 1.4.2009. For verification, go to tally.erp9 and see the statutory informations. It will give u the same rates what i am talking here.

Archit (student) (54 Points)
Replied 06 January 2010

According to me Surcharge is abolished from TDS from 01.10.2009 but EDU CESS AND SHEC ARE ABOLISHED FROM PROSPECTIVE EFFECT FROM 01.04.2010...plz refer to memorandum finance bill as issued by income tax department.............

Ur Frnd-Archit