30 July 2009
Hello The Finance Bill has been passed on 27.07.2009. From which date should the surcharge and cess not be deducted as TDS and only the basic amount is to be deducted.
30 July 2009
With effect from 06.07.09, the date on which the bill was presented.
As per the Finance Bill, the provision is applicable wef 01.04.09.
Since the SC & EC already deducted and deposited can not be undone prior the presentation of the bill, the effective date should be 06.07.09, in my opinion.
31 July 2009
NEW TDS RATES FROM 01.10.2009 PROPOSED IN BUDGET 2009 PARTICULARS NEW TDS RATE % IF DEDUCTEE IS Section Nature of Payment Cut off Amount Rs. Individual & HUF Others 194A Interest from a Banking Company Rs. 10000/- p.a. 10.00 20.00 194A Interest other than From a Banking Company Rs. 5000/- p.a. 10.00 20.00 194C Payment to Sub- Contractors And Payment for Advertising Contracts Rs. 20000/- per Contract or Rs. 50000/- p.a. 1.00 2.00 194C Other Contractors Rs. 20000/- per Contract or Rs. 50000/- p.a. 1.00 2.00 194C Transport Contractors engaged In the business of playing, hiring or leasing goods carriages NIL* 194H Commission or Brokerage Rs. 2500/- p.a. 10.00 194I Rent other than Plant, Machinery and Equipments Rs. 120000/- p.a. 10.00 194I Rent of Plant, Machinery and Equipments Rs. 120000/- p.a. 2.00 194J Professional and technical Services Rs. 20000/- p.a. 10.00 * The Nil rate will be applicable if the transporter Quotes his PAN. ** The rate of TDS will be 20% in all cases if PAN is not quoted by the deduce w.e.f. 1.04.2010 *** No Surcharge and Cess on Tax deducted on non-salary payments made to resident tax payers.
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