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New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-
These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to nonresidents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion about the date of applicability of 20% rate of TDS when PAN not given. In his Budget finance minister made most of the provisions applicable from 1st October 2009. We are presenting below the TDS rates from 01st October 2009 to 31st March 2010 alongwith the name of TDS return form in which TDS return will be filed.In a separate post we provided the TDS rates applicable for the period from 01st April 2009 to 30th September 2009
As we all aware there were two budgets presented in year 2009. One was interim Budget presented by Finance Minister in Februar 2009 and other one was Final budget Presented by Finance Minister in parliament in July 2009. Normally Final Budget get presendted in parliament in February and Govenment made changes applicable from April. Since budget presented in February was interim budget so in that budget government not made any changes in provisions related to TDS.
TDS Rates • For payment to residents and domestic companies, there will be no surcharge and cess on the basic rate of TDS. This simplifies TDS rates to a great extent. • There are changes in TDS rates for payments to contractors and payment of rent. Those are explained below. TDS on payment to contractors: Section 194C
