TDS Rates Applicable for AY 2010-11 (FY 2009-10). Major Changes of TDS Tax Deducted at Source on Rental Payment u/s 194 I, on contract payment u/s 194 C, Payment to transports. Surcharge and cess is abolished. Other various amendmendts has been done. Please see details given below for amenmendts related to TDS / Tax deducted at source.
194-I: Rental Payments
Earlier rates:
- Plant and Machinery = 10%
- Land or building or furniture or fittings to Individual/HUF = 15%
- Land or building or furniture or fittings to Others = 20%
Revised Rates
- Plant and Machinery = 2%
- Land or building or furniture or fittings to anyone = 10%
194-C: Contracts
Earlier rates:
- Contracts = 2%
- Sub-Contracts = 1%
- Advertisement Contracts = 1%
Revised Rates
- Contracts to Individuals/HUF = 1%
- Contracts to others = 2%
Surcharge and Cess
- No surcharge or Cess is applicable for TDS. Only the specified TDS rates should be considered for deduction
- Applicable for AY 2010-11 (FY 2009-10).
Payment to Transporters:
- For any Transporters, if they Provide the PAN number, the TDS on contract payments is NIL.
- But, if they do not provide the PAN during the payment, 1% TDS has to be made for Individuals/HUF and at 2% for others.
- Payments to transporters without deducting TDS (as they have quoted PAN) should be reported by Deductor with PAN details to the Income Tax Department in the prescribed format.
- Applicable for AY 2010-11 (FY 2009-10).
Compulsory PAN (Section 206AA)
- It is mandatory to quote PAN in all correspondence, bills and vouchers exchanged between Deductor and deductee.
- TDS shall be made at a flat rate of 20% (or actual rate, whichever is higher) for any payments, where assessee has not quoted the PAN during the payment.
- This is applicable even in case where assessee gives Form 15G/15H u/s 197A.
- This is also applicable for Non resident Payments.
- Assessing officer shall not rise the letter for lower/no deduction, If assessee doesn’t quote a PAN.
- Applicable for AY 2011-12 (FY 2010-11). Means the payments made on or after 01st April 2010.
TDS reconciliation (Section 200A)
- A new section 200A is introduced.
- TDS return filed by the deductor will be processed by the following way:
- TDS deductible will be computed on the basis of data in TDS statement, after adjusting any arithmetic error or an incorrect claim.
- The interest, if any, shall be computed on the basis of the sums deductible on the basis of data in TDS statement.
- Any amount payable by / refund to Deductor shall be determined.
- Intimation shall be sent to Deductor on Amount payable / refundable.
- The amount refundable, if any shall be granted to Deductor.
TDS returns
- Currently returns has to be filed Quarterly in Form 24Q/26Q/27Q/27EQ
- Currently government is not allowed to decide the Periodicity of TDS returns, as the power is limited only for structure of forms and the manner.
- In order to provide administrative flexibility in deciding the periodicity of such TDS related statements, the existing provisions are modified, so as to allow the Government to prescribe periodicity of such TDS statements besides prescribing their form and manner.
- Applicable from 01st October 2009.
Computerized processing of TDS returns
- Currently every TDS return involves manual-cum-computerized processing inside the department.
- To make the process efficient, department will computerize whole process, where statements regard to TDS will be processed.
- This will be on the same lines, how IT returns processing has been computerized in Income Tax Department.
- This processing will allow manual interference for Any arithmetical error in the statement.
- An incorrect claim, if such incorrect claim is apparent from any information in the statement, for example, in respect of rate of deduction of tax at source where such rate is not in accordance with the provisions of the Act.
- A Centralized Processing Center may be established in this regard.
- Applicable for AY 2011-12 (FY 2010-11).
Related posts:
- TDS on Payment to Contractor/Sub-Contractor under New Provisions w.e.f. 1-10-2009
- Union Budget 2010: New Income Tax Rates for A.Y. 2011-12
- TDS Calculator for A.Y. 2010-2011 F.Y.2009-2010 w.e.f. 1-10-2009
- Press Release | New TDS/TCS Rules Applicable w.e.f. 1-7-2009 Instead of 1-4-2009
- TDS Rates Applicable from 01-10-2009
{ 34 comments… read them below or add one }
Please provide the Date of applicabilty of new revised TDs Rate ?
Is it 01-04-2009 or 01-10-2009?
other tds rates
Please provide to me New TDS Rates of Financial year 2009-10 & TDS calulator of same. and Advance Tax Calulator & Interest 234A, 234b, 234c Caculator.
I want to know the limition of taxable amount that after crossing the credit amount is laibility to deducted tax(TDS)(for the financial period 2009/10)
Pls sens us TDS, Surcharges & Ecess rate for Comany U/s 194C for the Asst. Year 2010-11
hi
this TDS chart is new Assment Year 2010- 2011
pls send me the nse interest chart those applicable in income tax
Please provide me the date from which Surcharge & Education cess has been removed.
Please provide the date of applicability of New TDS Rates? Is it 01-04-2009 or 01-10-2009
Please provide me the TDs rates for FY 2009-10 and also the date of applicabilty of new rate?
Kindly send me TDS chart is new Assment Year 2010- 2011
Kindly Sent me new TDS rate chart and calculator w.e.f 01/10/09.
I have booked expenses under head Interest other than interest on securities (Section 194A) on 30-09-09. What is the TDS Rate? It is 20.60% or it is 10%
kindly sent me new tds rate charges w.e.f.01/10/09 & kindly clear me that any change in form no.26q?
What is the defination of individuals in contractors for TDS
Kindly send me all new change in date of 1/10/2009.
time to time base updating send me.
thank you.
Kindly send me all new change in date of 1/10/2009.
time to time base updating send me.
thank you.
Sir,
when we receive bills of transporter of previous month in Oct-09 or some bill overloked by mistake then what rate of TDS will be applicable. Kindly suggest me
Sir/ MAdam, Please verify the TDS rate of land & building . Education cess are applicable or not in LAnd & Builkidng.
I wish to know that is it mandatory for banks to issue a TDS certificate in case of deduction of TDS to deductee against his fixed deposit ??
Please specify the status of 15g and 15h forms and impact on it after new tax code is applied. This is important for fixed deposit holders.
hellow sir ,
Iam a transporter. I provide my truks for hire .
some parties deducting T D S though I submitting pan card.
so please send me a ruling copy as I can produce it to them.
also the rates for transporting .
pls send me TDS Rates chart where tds applicable
thanx u
The site was very useful for keeping one uptodate.
I heard that if the individual contractor’s turnover is below 40 lakhs per annum the we need not deduct TDS for payments made to him. Is it true?
wat will be the TDS RATE for NRI on interest earned from firm in India for FY 2009-10 afet 1.10.2009. please advice
New Amendment in TDS -2010
Dear Sir,
please verify that if we have paid commission in cash can we deduct any tds
hello
i want to when tds on salary liable for the company act and when we have deduct tds on salary i.e the company start on 1st april 2009 in the company 5 employee salary monthly 50000/- so when tds deduct on salary
The information is useful
Useful Information
plz tell me which is challan and return is used for TDS for assessment year 2010-2011
please let me know what excatly is TDS…… & how is calculated.
Please provide New TDS rates & TDS Calculator
TDS deductions on salay
I’m satisfied this slab rate