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 |
we are a private limited company and have taken on rent a property from an individual from for a rent of Rs. 1,50,000 per month in hyderabad. What is the TDS we have to deduct and aso let me know if we have to pay any service tax on this rental
whats the percentage for we have local transporter services ( matrl supplied) they now given bill monthly TDS to be deducted pls confirm
Mob; 81 23 28 07 26, Sys – N consultants Blr
Can I get summary sheet of TDS Rates.
If Building owner is NRI, Building is in India. Tenant (Firm)is in India, He has to deduct TDS on rent or not. AS owner is in U.S.A. Rent is 47,500/-
Please tel individual/huf/company is the deuctor or whose tds is to be deducted?
plz confirm wheher the rates provided tel whether it is to be deducted of Individual/Company/HUF or whether it is the deductor???????
SIR,
I WANT TO KNOW WHAT WILL BE TDS RATE ON HEAVY MOTOR VECHILE HIRING LIKE CRANE,HYDRA ETC.
IS IT 2% OR NIL? PLZ GIVE ME LIGHT IN THIS MATTER
please send the following question
private FINANCE company interest paid -TDS Amount deduction section and percentage & date of amendment must
thanking you
Please let me know whether surcharge and additional surcharge on I.T & S.C.is collected on sale of scrap u/s.206 C of I.T and finance act 2010-2011.
pls send this sheet in excel file.
i have rented out a commercial property for 19,000 per monyh since december 2009. what is the TDS amount that can be educted from the rent. also please suggest me if i do agree to deduct the TDS from the rent or shall i take the entire rent and then file tax return for the income
hi sir i am joining a accountant in a private company so please help me how to calculate the salary base TDS pleases send me as early as possible
Sir,
Please send me TDS rates in excel format for the financial year (2010-11).
we are working in pvt ltd co., pleas send me details with
chart for the financial year 2010-11 for the assessment year 2011-12 at any cost.
Sir please give me the TDS rate chart for the A.Y.2011-12 in excel fromat.
We paid rent Rs. 10000/-, Rs.18150/-, RS. 13000/- to same land lord(staTUS- HUF) for different premises. can we deduct TDS on THREE RENT AMOUNTS. THOUGH THRESH HOLD LIMIT IS rS 180000/-
Hallo sir
Plz give me the TDS return filing forms
Hello sir,
plz give me TDS Rate f.y 2010-11 for excel formate..
Hello Sir,
sir ji give me TDS Rate f.y 2010-11 upto date sep-10 a.y.2011-12
thanikg you
Sir,
will you send WCT rates details.
Because, we are going to enter.
Please i Want to Direct tax and Indirect tax formats
This site is really helpful to all.
Please send me the rates in detail for the FY 2010-11 for the below:
TDS, Service Tax, APVAT, WCT
Thank you,
Rajesh
Dear Sir,
Salary & Rent T.D.S. KITNE PERCENT LAGAGA 2010-11 KE SLAB KYA HAI
Dear sir,
We are pvt ltd company, pls send me various rate of TDS(CHART)
Thanking u
Zakeer husain
pl send me a rate chart of tds for the financial year 2010-11
Sir,
Pls send me a rate of all taxes, financial year 2011-12and financial year2010-11.
Thank you.
Sir,
Pl arrange to send me the TDS , Vat & Service Tax Rates for the A.Y. 2010-11 and 2011-12. Thanks.
Pl arrange to send me the TDS Rates for the Assessment year 2010-11 & 2011-12 in Excel format. Thanks.
Sir,
Please send to current TDS rate& exmpect rate.
Thanks & Regards
Alok Yadav
9560854007
pls send me a rate of all taxes, financial year 2011-12and financial year2010-11
tds services tax, vat, and income tax exemption limits of taxes .
pls send me a rate of all taxes,financial year 2011-12,and financial year 2010-11
pls send me a rate of all taxes,financial year 2010-11,and financial year 2009-10
Sir,
please send details of Exemption limit Tds rate Income tax rate for financial year 2010-11-assessment-year-2011-12 in my email id.
pls send me a rate of all taxes,financial year 2010-11,and financial year 2009-10
Please send me service tax Exemption limit Tds rate Income tax rate P.tax rate vat & cst rate & oter in my email id.
In case of foreign remittance, client don’t have PAN. at which rate TDS should be deducted.
tds services tax, vat, and income tax exemption limits of taxes .
tds,service tax ,excise,vat & gst , income tax amedment & rules & exemption limit all taxes
Dear Taxguru
My mother has rented our parental house to a company in july, 2010 for the rent amount of 20,000 per month. After three months of paying rent, the company has deducted tds at the rate of 10.3% for the previous three months also. Kindly guide if the company needs to deduct tds or we can
ask them to give us the entire amount since she does not have any other income and the tds amount also do not go beyond 180000/-
Sir,
I need the TDS table in Excel format…..
sir i need tds rates table in excel format
excelent site
Please send TDS RATES TABLE in Excel Format
If in entire Q1 of current year, I have not deducted any TDS, but paid transport freight without TDS as driver gives me PAN, whether I ma required to file quarterly TDS Return or not.
DEAR SIR
OUR COMPANY DEDUCTING TDS UNDER SECTION 194J WHEN MAKING PAYMENTS TO HOSPITALS FOR HOSPITALIZATION OF OUR EMPLOYEES IN EMPANELED HOSPITALS APPROVED BY US .IF THEY HAVE PRODUCED TDS EXEMPTION CERTIFICATE AT THE TIME OF MAKING PAYMENTS THEN WE WILL NOT DEDUCT.NOWADAYS ALOT OF ARGUMENTS ARE TAKING PLACE BETWEEN OUR CO AND HOSPITALS FOR JUSTIFYING THE SAME.
HOW CAN I GIVE CORRECT REPLY & TELL US LIST OF PROFESSIONAL SERVICES UNDER 194 J ALSO?
NAVANEETH
AAO FIN/
BHEL
KOLKATA
Hello Sir,
My company has deducted TDS but the same amount was not deposited to Government. When I questioned about the same, they told me they will give me but now they are just giving me the dates n dates.
What would I do? Do I lodge the same into Consumer Forum?
Please guide me.
Regards,
Piyush Bansal
+91-9870055441
DEAR SIR
I PURCHASES HOUSE PROPERTIES ON 26.10.04 IN RS-3,99,350/- & SALES ON 29.10.2009 IN RS- 8,00,000/- PROFIT RS:-4,00,650/-
WHO MANY INCOME TAX PAYBLE ON PYOFIT ?
PL.GIDE ME.
UPADHYAY
9029381867
thanks, pls send me this table in excel format on my email id anita_ghadge@rediffmail.com
pls send me this table in excel format