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 |
pls send me the new vat rates list in chandigarh
hi,
I want tds calculator for the financial year 2011-2012
&
is there any one using tally.erp9 release3, if any one is there, please help for passing one entry for payment to contractor because i want to take all the reports which are related to tds from tally only. One confusion am facing when am selecting a particular party i.e. A and at deducteee type what option i have to choose (he is a tranporter and having pan card ) i tried to call that transporter and asked whether there firm is partnership he said no. what is company deductee type
please help in this issue
any budy know about rate of TDS On all ( Contractor, Prof., Salary , Rent, ) etc
Please call me and tell me i will wait for our hepl.
thanks you
Daljeet Chouhan
Mobile – 9873748032
I am geting salary @ 9000 per month.So i want to know that what amount of TDS is deducted from my salary and how could i got refund of that amount.
Dear Sir
Request to provide me new TDS rates financial years 2011-12 nature of expenses and deduct of % rate for the f.y- 2011-12
new slab of income tax financial years 2011-12
Thanks
Dear Sir
kindly provide me new tds rates financial years 2011-12 nature of expenses and deduct of % rate for the f.y- 2011-12
new slab of income tax financial years 2011-12
Thanks
kindly provide me new tds rates financial years 2010-11 & 2011-12 nature of expenses and deduct of % rate for the f.y- 2010-11 & 2011-12
new slab of income tax financial years 2010-11 & 2011-12
Regards:
Rajkumar
tawaniaraj@hotmail.com
+91 96819 96165
If a contractor’s 1st bill amounted to Rs. 20000/- & then 2nd bill amounted to Rs. 30000/-. Then the TDS should be charged on Total of Rs. 50000/- or on Rs. 30000/- only ?.
And also if 1st bill amounted to Rs. 20000/- & then 2nd bill amounted to Rs. 30000/- & 3rd bill amounted to Rs. 20000/-. Then the amount of TDS should be what ?
WHAT THE TDS RATE ON HOUSE RENT WHATS THE METHOD OF CALCULATION AND WHATS THE TDS FREE AMOUNT ON RENT
what is TDS rate for advertisement for the financial year 2011-12
10%
As the status of the receipientis individual,the rate is 10%.
for the purpose of TDS EC & SHEC is not deductible but while calculating final tax liability EC & SHEC Is payable
I received Commission Per monthly Approximate 40000 with Service Tax and deducted TDS amt . Please give me Calculation , How to Pay Service tax amount?
i pay 16500 rent. so i charge tds 10% but this tds Charge by total rent or every month rent. i will pay yearly tds. or every mothly
please give me incometax slab rate or tds rate for the ass. year of 20111-2012
is TDS is apllicable for payment made to a contractor NRI InD at what rate
Please reply tds chart for the financial year 2010-11 and Assessment Year 2011-12
Hi,
kindly tell me the slab rates of income which is applicable for the A.Y 2011-2012?
dear team
kindly provide me new tds rates financial years 2011-12 nature of expenses and deduct of % rate for the f.y- 2011-12
new slab of income tax financial years 2011-12
Thanks
Dhokare D S
9881155934
i want to know about tds rates for interest rate for fdr
pls send me updated rate of Tds as well as Tds summit return form for all such tds return.
Dear Sir,
Can you please tell me that how much interest do we have to pay on late payment of TDS on transportation and commission & brokerage.Can you exactly tell me how do we calculate that.
Thank You.
hi. sir ,
I want to know about the corporate tax with the slabe. I aslo wan to know how to research on financial product plz help me some suggetion.
Under payment to Contractor/ Sub-Contractor in Transport Business. if the freight amount is Rs. 15000 in single transaction and the transporter is not having PAN No. then is it mandatory to deduct TDS and what will be the situation if the payment to same transporter for the whole year is below 75000.00.
Regards
KAMAL
plz send me practical question, with solutions of service tax & VAT for examination purpose
dear team
kindly provide me new tds rates financial years 2011-12 nature of expenses and deduct of % rate for the f.y- 2011-12
new slab of income tax financial years 2011-12
plz sir sand me salary rate of tds……….
Respected,
plz. send me Rate Of TDS, & slaps new updates etc.
Thank You
As per my knowledge while payment of salary TDS has been deducted beyond certain limit.
send me tds slape
Dear Sir
Plz Sent me Rate Of TDS ,Slape & All updates
please send the head wise amedment in Ay 2011 2012
if 15000 per month rent slip is submitted by an employee weather TDS has to be deducted or not
please send slab rate of TDS and TCS in Details on my mail
I want to know that being a transporter who hire trucks from market should file tds return or not. if yes pl give prescribed form and oblige.
I HAVE STUDIED TAXATION FROM TAXMANN STUDENT’S GUIDE ASSESSMENT YEAR 2010-2011. NOW MY SCORE WAS 52 IN NOV’10. BUT MY GR. IS NOT CLEARED. FOR TAX SHALL I BUY THE TAXMANN STUDENT’S GUIDE ASSESSMENT YEAR 2011-2012
send me the ds detail.
please send slab rate of TDS and TCS in Details on my mail. please feedback of me as early as possible.
thanking you
and best regards
Eqbal
PLEASE CONFIRM ECAND SHEC IS NOT CHARGEABLE WHILE DEDUCTING THETAX AT SOURCE AND FOR FILING RETURN THE EC AND SHEC IS CHAREABLE -KINDLY CLARIFY
Please send me all update of TDS TCS for AY 2011-12.
pls send all updates of TDS
let me know that if pvt ltd. co. paid rent to individual limat and rate tax for the yr. 2010 and 2011 [ f.y.]
i want to know tds on rent in case of pvt.ltd. co. paid to rent to individual and limit
position of hra amended may please be given
pls send all updates of TDS,,,
thanks
regards
ranjan singh
TDS Rate of Building Rent to NRI
Please send the latest amendements made in income tax act 1961 by mail
N.L.N.SWAMY
It is very good that rates r being revised
Rates of TDS for major nature of payments for the Financial Year 2010-11
Particulars Rates from 1.4.10 to 31.03.2011
Section Nature of Payment Criteria for Deduction
(payment in excess of) upto
30th June 2010
Criteria for Deduction (payment in excess of) w.e.f. 1st July 2010 If the recipient is a Company, Co- operative Society, Firm If recipient is an Indivudual or HUF
194 A Interest from a Banking Company Rs.10,000/- p.a Rs.10,000/- p.a 10.00 10.00
194 A Interest other than from a Banking
Co.
Rs.5,000/- p.a Rs.5,000/- p.a 10.00 10.00
194 C Contractors Rs.20,000/- per contract or
Rs.50,000/- p.a
Rs.30,000/- per contract or Rs.75,000/- p.a 2.00* 1.00*
194 H Commission or Brokerage Rs.2500/- p.a Rs.5,000/- p.a 10.00 10.00
194 I Rent other than Plant, Mach.& Eqp. Rs.1,20,000/- p.a Rs.1,80,000/- p.a 10.00 10.00
194 I Rent of Plant , Machinery & Equipments Rs.1,20,000/- p.a Rs.1,80,000/- p.a 2.00 2.00
194 J Professional Charges Rs.20,000/- p.a Rs.30,000/- p.a 10.00 10.00
* No tax is to be deducted in the case the Contractor is in transport business and PAN is Quoted by him