Tuesday, April 26, 2016

TDS Rates w.e.f.1st June 2016



Section: 192A
Provision: Payment of accumulated balance from provident fund account   
Existing Provision: No TDS if payment does not exceed Rs. 30,000   
Proposed Amendment:  No TDS if payment does not exceed Rs. 50,000

Section: 194BB
Provision: Winning from Horse Race   
Existing Provision: No TDS if payment does not exceed Rs. 5,000   
Proposed Amendment: No TDS if payment does not exceed Rs. 10,000

Section: 194C
Provision: Payment to Contractors   
Existing Provision: No TDS if payment does not exceed Rs. 75,000   
Proposed Amendment: No TDS if payment does not exceed Rs. 1,00,000

Section: 194D  
Provision:Payment of Insurance Commission   
Existing Provision: No TDS if payment does not exceed Rs. 20,000
Proposed Amendment: No TDS if payment does not exceed Rs. 15,000
Existing Provision:Rate of TDS : 10%
Proposed Amendment: Rate of TDS : 5%

Section: 194DA
Provision: Payment in respect of Life Insurance Policies   
Existing Provision: Rate of TDS : 2%   
Proposed Amendment: Rate of TDS : 1%

Section: 194EE
Provision:  Payments in respect of NSS Deposits   
Existing Provision: Rate of TDS :20%   
Proposed Amendment: Rate of TDS : 10%

Section: 194G 
Provision: Commission on sale of lottery tickets   
Existing Provision: No TDS if payment does not exceed Rs. 1,000   
Proposed Amendment: No TDS if payment does not exceed Rs. 15,000
Existing Provision: Rate of TDS : 10%
Proposed Amendment: Proposed Amendment: Rate of TDS : 5%

Section: 194H
Provision: Payment of commission or brokerage   
Existing Provision: No TDS if payment does not exceed Rs. 5,000   
Proposed Amendment: No TDS if payment does not exceed Rs. 15,000
Existing Provision: Rate of TDS : 10%
Proposed Amendment: Rate of TDS : 5%
               
Section: 194-I
Provision: Deduction of tax from payment of Rent   
Existing Provision: No TDS if payment does not exceed Rs. 1,80,000   
Proposed Amendment: No TDS even if payment exceeds Rs. 1,80,000 provided landlord furnishes to the payer a self declaration in prescribed Form. No.15G/15H.

Section: 194LA
Provision:  Payment of Compensation on comoulsory acquisition of certain Immovable Property   
Existing Provision: No TDS if payment does not exceed Rs. 2,00,000   
Proposed Amendment: No TDS if payment does not exceed Rs. 2,50,000

Section: 194LB
Provision:  Income in respect of Units of Investment Funds   
Existing Provision: Rate of TDS: 10%   
Proposed Amendment: Rate of TDS:
(a) 10% in case resident
(b) Rates in Force in case of non-resident

Section: 206C
Provision:  Collection of TCS at 1%       
Proposed Amendment:  Collection of TCS at 1% in case of:
(a) Purchase of motor vehicle, if value thereof exceeds Rs. 10 lakhs
(b) Purchase of any goods or service, if value thereof exceeds Rs. 2 lakhs and the payment thereof is made in cash.

Section: 206AA
Provision:  Exemption from Requirement of furnishing PAN to certain non-resident.   
Existing Provision: Exemption from Section 206AA was allowed only in case of payment of interest on long-term bonds as referred to in section 194LC   
Proposed Amendment:  Section 206AA is proposed to be amended to provide exemption from withholding at higher rate in case of other payments made to nonresident as well subject to certain conditions as may be prescribed.

Read Also:
F.Y: 2016-17 due dates of Service Tax, TDS, TCS, Central Exxcise, CST, VAT, PT, ESIC, PF 
F.Y:2016-17 Income Tax Full Due Dates List.


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