TDS Rate for financial Year 2010-11/ Assessment year 2011-12 and Amendment made by union budget 2010
Increase in thresholds limit of deduction of tax from various payments
This bill proposes to increase various thresholds limit for deduction of tax from various payments like Winning from Lottery or Crossword Puzzle, Winning from Horse Race, Payment to Contractors, Insurance Commission, Commission or brokerage, Rent, Fees for Professional and Technical Services. The proposed amendments w.e.f 1st July, 2009 made under the new provision are summarized as under:
(Amounts in Rs.)
| Section | Nature of Payment | Existing | Proposed |
| 194B | Winning from Lottery or Cross word puzzle | 5,000 | 10,000 |
| 194BB | Winning from Horse Race | 2,500 | 5,000 |
| 194C | Payment to Contractors [per Transaction] | 20,000 | 30,000 |
| 194C | Payment to Contractors [Annual Limit] | 50,000 | 75,000 |
| 194D | Insurance Commission | 5,000 | 20,000 |
| 194H | Commission or Brokerage | 2,500 | 5,000 |
| 194I | Rent | 1,20,000 | 1,80,000 |
| 194J | Fees for Professional and Technical Services | 20,000 | 30,000 |
Consequences of failure to deduct tax, or after deducting failure to pay tax deducted/tax collected at source u/s. 201(1A)
Under the existing provision of section 201(1A) of the Act, where the person does not deduct the tax or after deducting fails to pay the tax, he is required to pay simple interest at the rate of 1% for every month or part of the month. Amendments are proposed to treat the cases of failure to make payment, after deducting the tax at source more severally then the cases of pure failure. The proposed amendment to this section w.e.f. 1st July, 2010 has increased the rate of interest in cases of failure of payment after deduction to 1 1/2% for every month or part of the month till the date on which such tax is actually paid. The rate of interest will remain same at one percent for the cases of actual default of deduction of tax itself.
Certificate for tax deducted or collected u/s. 203 and u/s. 206C
The tax department was proposing to grant the credit of tax at source under their Online Tax Accounting System (OLTAS), completely obviating the necessity to issue certificate of deduction of tax at source and furnishing the same with the tax returns. Accordingly, the Finance Act, 2005, section 203 and section 206C(5) were amended for abolishing the requirement for issuance of the TDS and TCS certificate.
Considering the practical difficulties being encountered, the earlier procedure of issuance of TDS/TCS certificate has been restored.
TDS RATE FOR THE ASSESSMENT YEAR 2011-2012 (in %)
(TDS rates with effect from 1st April 2010)
| Section | Natureof Payment | Threshold limitupto 30th June, 2010 (in Rs.) |
Threshold limit w.e.f. 1st July, 2010 (in Rs.) |
Individual/ HUF/ BOI/ AOP |
Firm | Co- operative Society / Local Authority |
Company |
| 192 | Salary | As per slab | As per slab | Normal Rate (incl. cess) |
N.A. | N.A. | N.A. |
| 193 | Interest on Securities | ||||||
| (1) Interest on Debentures or Securities (Listed) | 2500* | 2500* | 10.00 | 10.00 | 10.00 | 10.00 | |
| (2) Interest on 8% Savings (Taxable) Bonds, 2003 | 10000 | 10000 | 10.00 | 10.00 | 10.00 | 10.00 | |
| (3) Any Other Interest on Securities (Unlisted) | 0 | 0 | 10.00 | 10.00 | 10.00 | 10.00 | |
| 194 | Dividend other than dividend covered by Section 115-O | 2500* | 2500* | 10.00 | 10.00 | 10.00 | 10.00 |
| 194A | Interest other than Interest on Securities (other than below) | 5000 | 5000 | 10.00 | 10.00 | 10.00 | 10.00 |
| Where the payer is | |||||||
| (1) Banking Company | 10000 | 10000 | 10.00 | 10.00 | 10.00 | 10.00 | |
| (2) Co-operative Society engaged in banking business | 10000 | 10000 | 10.00 | 10.00 | 10.00 | 10.00 | |
| (3) Post Office (deposit scheme framed by Central Government) | 10000 | 10000 | 10.00 | 10.00 | 10.00 | 10.00 | |
| 194B | Winning from Lotteries | 5000 | 10000 | 30.00 | 30.00 | 30.00 | 30.00 |
| 194BB | Winnings from Horse Races | 2500 | 5000 | 30.00 | 30.00 | 30.00 | 30.00 |
| * in case of resident only | |||||||
| 194C | Payments to Contractors | ||||||
| (1) In case of Contract/ Sub-Contract/ Advertising | 20000 (Note 1) | 30000 | 1.00 | 2.00 | 2.00 | 2.00 | |
| (2) Contractor/ Sub-Contractor in Transport Business | 20000 (Note 1) | 30000 | NIL( Note 2) | NIL (Note 2) | NIL(Note 2) | NIL(Note 2) | |
| 194D | Insurance Commission | 5000 | 20000 | 10.00 | 10.00 | 10.00 | 10.00 |
| 194E | Non-Resident sportsman/ sports association | 0 | 0 | 10.00 | 10.00 | 10.00 | NA |
| 194EE | Deposits under NSS to Resident/Non-Resident | 2500 | 2500 | 20.00 | 20.00 | 20.00 | NA |
| 194F | Repurchase of Units of Mutual Fund/UTI from Resident / Non-Resident | 0 | 0 | 20.00 | 20.00 | 20.00 | NA |
| 194G | Commission on Sale of lottery tickets to Resident / Non- Resident | 1000 | 1000 | 10.00 | 10.00 | 10.00 | 10.00 |
| 194H | Commission or Brokerage to Resident | 2500 | 5000 | 10.00 | 10.00 | 10.00 | 10.00 |
| 194I | Rent to Residents | ||||||
| (a) Rent for Machinery/ plant/equipment | 120000 | 180000 | 2.00 | 2.00 | 2.00 | 2.00 | |
| (b) Rent for other than in (a) | 120000 | 180000 | 10.00 | 10.00 | 10.00 | 10.00 | |
| Note:-1. This limit is for individual transaction. However, if aggregate payment to a contractor during the year exceed Rs. 50,000 (Rs. 75,000 w.e.f 1tst July, 2010), then tax will be required to be deducted, even where individual transaction is less than the threshold of Rs. 20,000 (Rs. 30,000 w.e.f. 1st July, 2010).2. The Nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 20%. (Transporter means persons engaged in plying, hiring and leasing of Goods Carriages) | |||||||
| 194J | Fees for professional / technical services to residents | 20000 | 30000 | 10.00 | 10.00 | 10.00 | 10.00 |
| 194LA | Compensation to Resident on acquisition of immovable property | 100000 | 100000 | 10.00 | 10.00 | 10.00 | 10.0 |
| 195 | Payment of other sums to a non-resident | 0 | Rate specified under Part II of First Schedule of Finance Bill, 2010 subject to provisions of DTAA | ||||
| 196B | Income from units (including long term Capital Gain on transfer of such units) to an offshore fund | 0 | 0 | 10.00 | 10.00 | 10.00 | 10.00 |
| 196C | Income from foreign currency bonds or GDR of Indian Company | 0 | 0 | 10.00 | 10.00 | 10.00 | 10.00 |
| 196D | Income of FII from securities not being dividend, long term and short term capital gain | 0 | 0 | 20.00 | 20.00 | 20.00 | 20.00 |
Note:
In order to strengthen the PAN mechanism, it is proposed to make amendments in the Income Tax Act to provide that any person whose receipts are subject to deduction of tax at source i.e., the deductee, shall mandatorily furnish his PAN to the deductor failing which the deductor shall deduct tax at source at higher of the following rates:
(i) the rate prescribed in the Act;
(ii) at the rate in force i.e., the rate mentioned in the Finance Act; or
(iii) at the rate of 20 percent
The above provisions will also apply in cases where the taxpayer files a declaration in form 15G or 15H (u/s 197A) but does not provide his PAN. Further, no certificate under section 197 will be granted by the Assessing Officer unless the application contains the PAN of the applicant.
TCS RATE FOR THE ASSESSMENT YEAR 2011-2012 (in %)
(TCS rates with effect from 1st April 2010)
| Section | Nature of Payment | Threshold Limit (in Rs.) |
Individual/ HUF/ BOI/ AOP |
Firm | Co? operative Society / Local Authority |
Company |
| 206CA | Alcoholic liquor for human consumption and Indian made foreign liquor | 0 | 1.00 | 1.00 | 1.00 | 1. |
| 206CB/ CC/ CD |
Timber obtained by any mode and any other forest produce | 0 | 2.50 | 2.50 | 2.50 | 2.50 |
| 206CE | Scrap | 0 | 1.00 | 1.00 | 1.00 | 1.00 |
| 206CF/ CG/ CH |
Parking lot / toll plaza / mining and quarrying | 0 | 2.00 | 2.00 | 2.00 | 2.00 |
| 206CI | Tendu leaves | 0 | 5.00 | 5.00 | 5.00 | 5.00 |
i need how to calculations of tds i dont abt tds i need good detial pls
Sir, Please give me, T.D.S. slabs rate for 2010-2011.
Thanks,
Regards,
Parag.
company deductee
TDS Rate on Interest upto 30-09-2009
Which Tax will be charged on scrap Sale in Interstate
Please send me this table in the excel format and also inform the said amendments will be applicable
Read more: https://www.taxguru.in/budget-2010/tds-rate-for-financial-year-2010-11-assessment-year-2011-12-and-amendment-made-by-union-budget-2010.html#ixzz0uTjuK9V6
Dear sir,
if rent from april to june rs. 10000 per month & july to march rs. 15000 per month in this condition we deduct tds or not
please send me clearification
My CA say yes deduct his rent but other than CA say not deduct on rent becase rent exact 180000/- so what i do……….deduct yes or no please reply me
Dot 180000/-Rent that TDS 10% deduct or not please reply me
I want to know the TDS rate on fixed deposits in bank for amount exceeding 15 lacs. Could you mail me this information?
we have an indivdual firm in the name of Vigil Security Services
SO pls inform to us the rate of TDS of our firm
it is 1% or 2 % will be deducted on bill
Sir,
I am running a Wedding Hall since five years. Yearly turnover reach fin year 2009-2010 Rs.11Lakhs. I have paid Service tax for the exceeded portion of Rs.1Lakhs @10.3percent.
During the financial year 2010-11 I was told by the Chartered Accountant that I must pay tax for the entire amount. Please explain.
Regards,
Muhammed Yusuf
Sir, I am a life insurance advisor. The company deducts income tax and service tax on the commission payable. Income tax deducted can be got refunded by making savings and filing IT returns. What about the service tax deducted? The commission paid by company is from the premium paid by the customer, from whom service tax etc are being deducted alongwith other chares of the scheme. From that premium amount I get commission, for which again service tax is deducted? Is it justified? Is this not a double jeopardy? can I get that amount refunded? Pl advice.
can u send this chart in excel formate
if a real estate company give a contract for build a flat and contact amount is exceed to rs 50000/-
in this case any tds liability arise of the co u/s 194c
sir,
if a private company gives remuneration to its managing director than any TDS liability arise of the company
what is the assessment year for june 2010
1) Where FCRA return will be filed in delhi.
2) What is the last dt of filing the Return of TDS recovered from Sub Contractor & where to file the return in Delhi.
Hello sir,
Do banks deduct TDS for the interest earned from savings account? Should that be included in total income?
please can you advise?
PLEASE SEND ME THR EXCEL FORMAT OF TDS RATE CHART
please sent to excel format (tds & tcs rate table). tq
btw, i new to India taxation, could u guide or advise me whether to get the simple & complete guidance for the latest Accounting std & taxation in India.
Your advice would be deeply appreciated.
Thanking u in advance…
IS TDS TO BE DEDUCTED ON HOTEL ACCOMODATON GIVEN BY THE COMPANY TO EMPLOYEES WHO HAVE COME FROM OTHER CITIES FOR TRAINING ETC. SHOULD WE DEDUCT TDS AND PAY THE BILL. IF IT IS PAYABLE PLEASE CONFIRM WHETHER WE NEED TO DEDUCT TDS UNDER RENT OR CONTRACT.
please sent to excel format (tds rate table)
SIR,
I AM APPEARING IN THE FINAL YEAR EXAM OF LLM THROUGH DISTANCE EDUCATION FROM THE GLOBAL OPEN UNIVERSITY, NAGALAND, IN JUNE 2010, AND GET MY RESULT IN THE MONTH OF OCT.2010.
I want to enrolled for PHD in LAW, from any Indian university,
I AM ELIGIBLE FOR TAKING ADMISSION IN PHD IN LAW OR NOT ?
please guide me ..
Regards..
—
Thanks & Regards,
Ashish Kamthania,
BSC, BED, PGDCA, LLB,
(Tax Consultant & Advocate)
Income Tax, Commercial Tax & VAT,
23, Tilak Colony,
Rampur – U.P.
244901 INDIA
Mobile :
09258010105.
I am confused,I am regularly including my dividend income in my total income.I found tax is paid by company . Should we include dividend income in our return?
we had arrange local person to shifting office (Labour charges & transportation charges) & he charged Rs.36,000/- for same. But we pay hole amount in cash without deduct TDS. Is it ok? What the limit to pay cash without deduct TDS?
I need data or case laws help me for CA office at residence at co-op hsg soc.
Our Socity Committe is objecting of using Drawing room for My office purpose
Thanks in advance
Biswajit Says:
May 3rd, 2010 at 1:48 pm
U/s 192b Salary for 2010 -11 surcharge and cess are aplicaple or not.
CA Sandeep Kanoi Says:
May 4th, 2010 at 6:11 am
It is Applicable.
Sir as per my understanding surcharge is waived of wef f.y 2009-10 and only 3 % cess is applicable. Kindly confirm as we are not charging surcharge nowdays while deducting TDS u/s 192B
give me depeciation details
please send me this table in the excel format
1)TDS Rate
2) Professional Tax Rate Salary
Ravindra Gomane
How to arrive income in Road constrction contrct under Indian income tax Act
Dear Sir
I am an NRI. My annual interest on my fixed deposits are less than 1 lacs. Do I need to submit 15G to stop TDS deduction? Do I need to file Income Tax Return each year?
Appreciate your help in responding to my both questions.
Thanks
Dear sir,
If any Vendor charge VAT on the bill value & if the job related any contract can we deduct TDS as per the Contract Rate / Also let me know can we deduct TDS on the job value or entire bill value(Which is includes VAT).
Required TDS rate to be deducted for A.Y. 2011-2012 if rent amt is more than 1,80,000/- p.a.
an foreign employee with a indian employment contract (under employment visa for 1 year) paid directly to a service flat company the monthly bill without deducting TDS. This foreign employee sought reimbursement from the indian company. Apart that this reimbursement forms a monetary valuation to be added to the taxable salary, is there a ‘tax legal error’ in not first, deducting the TDS , and secondly in the company reimbursing the foreign employee 100% of the hotel expenses made. Also note that the hotel bill is in name of the company, but receipt of payment in the name of the employee.
Dear Sir
my client paid rent greater than 120000 but less than 180000. can i deduct tds for the month of april may june. because limit extend from 1.7.2010
Plz reply early as possible
Thanks
U/s 192b Salary for 2010 -11 surcharge and cess are aplicaple or not.
THE ABOVE DETAILS CONFUSING THE PEOPLE BECAUSE THE MAIN HEADING IS TDS APPLICABLE FROM 01.04.2010 BUT IN THE SCHEDULE GIVEN DATE IS 01.07.2010 PLS CORRECT WHICH IS ORIGINAL
Dear Sir,
Above details do not clear the sec.195. If any foreign party
tender their services i.e. technical in india and have not furnished PAN, in such case what rate of TDS will be applicable.
Dear Sir,
If any event is done in any hotel,is it required to deduct TDS on the hotel bills.
please can i have a reply to my query dated 23/4/2010.
S.MOHAN
Dear Mr. S. Mohan
Since the New rates of TDs applicable w.e.f. 1st July 2010.Hence upto June 2010 you will have to deduct TDS on rent as per provisions of section 194I even though rent is below 1.80 lacs but should be exceeding 1.20 lacs.
if tds on rent exceeds 120000/- p.a but does not exceed 1.80 lacs .should we deduct tax for april,may, june 2010 because as per the new threshold limit it is 180000/- Please clarify.
i want exact tds deduction amount on Rs. 25000/- payment to contractor
In case of foreign remittance, client don’t have PAN. at which rate TDS should be deducted.
TDS on rent is mentioned only for Residents, what about non-residents??. Can you please elaborate… Thanks.. Pradeep
THANK U SIR
Dear Sir,
Please send me this table in the excel format and also inform the said amendments will be applicable from which date.(i.e.1st July 2009 or 2010)
G.Natarajan
Mr. Jignesh Shah _ please give me your email address to get the excel tables at help@rtihelp.in
Dear Sir
The amendments will be applicable from 1st July 2010. here it is mentioned frm 1st july 2009.
can u send me this tables in excel