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TDS Rate Chart

Ajay (Job) (118 Points)

02 March 2010

Hi,

Plz anyone provide me the latest tds rate chart for the f.y.2010.

Regards,

Ajay

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9 Replies

gopal (Account Manager) (30 Points)
Replied 02 March 2010

kindly send now income tax slab and tds slab

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Amir (Learner) (4016 Points)
Replied 02 March 2010

Dear Ajay & Gopal,

Plz follow thins link

/forum/tds-rates-71287.asp

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

Source: Anshu Agarwal.....

/forum/change-in-tds-provisions-2010-71083.asp

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Vivek Angrish (Manager Finance & Accounts) (232 Points)
Replied 02 March 2010

HI Mr. Ajay,

But do keep in mind that all these changes in TDS will take effect from 01st July 2010.

With Regards,

Vivek Angrish

Vivek Angrish (Manager Finance & Accounts) (232 Points)
Replied 02 March 2010

Mr. C. Balaji,

Interest rate for failure to deduct TDS is not 1.5%, you again read the sub section (1A) of sec. 201 of I.T Act, horoughly, it read as under :

existing provision : In case of failure of deduction or payment of tax, simple interest at one percent 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 actually paid.

Now after amendment : It is proposed to increase the interest chargeable from one percent to one-half percent for every month or part of a month for TAX DEDUCTED BUT NOT PAID, which means that @ 1% from the date of tax deductible to the date on which it was deducted and @ 1.5% from the date it was deducted to the date it was deposited.

Ex : If TDS is to be deducted on 30th June and it was deducted on 31st March and was paid on 31st May, then 1% on the amount of TDS from 30th June to 31st March and 1.5% from 31st March to 31st May.

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

Vivek is right:-

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

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

Originally posted by : C.Balaji
	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) Source: Anshu Agarwal..... /forum/change-in-tds-provisions-2010-71083.asp

plese modify the third point as below:

3. section 203(3) and FIRST PROVISO TO 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)