TDS/TCS Rates and Procedure from 1-10-2009
67TDS CHANGED RULES & PROCEDURE
TDS rates are revised from the financial act 2009 with some types of payments along with TCS too which will be applicable on or after th payments of TDS/TCS after 1-10-2009
NEW RATES OF TDS
NATURE
| CUT OFF AMOUNT
| INDIVIDUAL/HUF
| OTHERS
|
|---|---|---|---|
Interest from Banking company
| 10,000/year
| 10%
| 10%
|
Interst other than banking company
| 5,000/year
| 10%
| 10%
|
Payment to sub-contractor /advertiser
| 50000/year
| 1%
| 2%
|
Other contractor
| 50,000/year
| 1%
| 1%
|
Transport contractor
| nil
| nil
| nil
|
brokerage/commission
| 2500/year
| 10%
| 10%
|
Rent of plant & machinery
| 1,20,000/year
| 2%
| 2%
|
Rent other than plant & machinery
| 1,20,000/year
| 10%
| 10%
|
Professional Charges
| 20,000/year
| 10%
| 10%
|
1- The nil rates is applicable for the transporter contractor engaged in business of plying,hiring or leasing goods carriage only when transporter quotes his PAN. If not, 1% for the individual/HUF & 2% FOR OTHERS IS APPLICABLE.
2- No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers.
3-If PAN is not quoted the basic rate is 20% of TAN with effect from 01-04-2010.
4-Cess is applicable on Salary Payments as before
5-Quarterly Returns is not required to be filed from 3rd Quarter of F.Y. 2009-10 but new scheme of periodicity not prescribed as yet.
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