Most of the readers are muddled since of past amendment of TDS like, UTN, 24C and changes in TDS Returns, etc. But don’t be confused over it, Read the below composition cautiously to know the most recent applicable rules of TDS Procedures.
UTN/24C has dead
The latest ‘Notification no. 9/2010 dt. 18/02/2010′ makes ‘UTN/24C/’ dead. Now the Procedure and the forms ‘Form 16/16A’ of TDS will be same as earlier. So don’t be confused over it, forget ‘UTN/24C now’ and download ‘form 16/Form 16A’ in excel and PDF format.
20% TDS without PAN:
The most significant amendment is “20% TDS without PAN”. In other words if deductee will not provide PAN number on date of TDS deduct, deductor will deduct TDS @ 20% with effect from April 1, 2010. See “20% TDS if NO PAN” and “NO PAN means More Pain” to know more.
Threshold Limit of TDS Changed
In order to adjust the inflation and also to reduce the compliance burden of deductors and taxpayers, it is proposed to raise the threshold limit for payments mentioned in sections 194B, 194BB, 194C, 194D, 194H, 194-I and 194J . The amendment is applicable with effect from July 1, 2010 (subject to approval of Finance bill). See: Changed Threshold Limit of TDS w.e.f. 1/07/2010.
Notices to deductors u/s 201(1)
IT Department will now issue the notice to the deductors who has paid short payment of TDS and interest. It will all be done under section 201(1) of the income tax act. If you have received any notice under this section, you must peruse this article and ask your question here to eliminate your confusion in this regard.
Related posts:
- Changes of TDS in Union Budget 2009 | TDS Amendments applicable for A.Y.2010-11
- TDS Rates for F.Y. 2010-11, A.Y. 2011-12 After all Amendments
- Press Release | New TDS/TCS Rules Applicable w.e.f. 1-7-2009 Instead of 1-4-2009
- Substituted Section 44AD Incorporated by the Finance (No. 2) Act, 2009 Applicable From A.Y 2011-12
- Income-tax (Sixth Amendment) Rules, 2010 – TDS Rules Amended for A.Y. 2011-12
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{ 6 comments… read them below or add one }
PLEASE HOW TDS CHARGING
I wouheir TDS ld like your comment on mismatch statement on TDS send by the income tax authorities specially were post oddice or nationalised banks do not care to upload proper data of TDS returns causing common public lots of harrasement. A quick response will be highly appreicated. Thanks
this is exelent
Thanks for updating
Hi,
Can you tell me, How much has exemption limit (For the Year) for TDS on professional Fees for the financial year 2010-2011
Regards
SANDEEP WADPILLAY
hi,
can you send me detail of TDS on Fright after 1-4-2010
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