INCOME TAX-TDS RATES

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PRITAM JAIN, CA , CS

PRITAM JAIN, CA , CS (Querist)
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27 March 2010 WHAT IS THE RATE OF TDS FOR INTEREST MADE TO COMPANY ASSESSEE(PAYMENT MADE AFTER 1.10.2009.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 March 2010 10%

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PRITAM JAIN, CA , CS

PRITAM JAIN, CA , CS (Querist)
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27 March 2010 AT SOME PLACES IT IS SHOWING 20%. CAN YOU FORWARD ME ANY CIRCULAR REAGRDING THIS?

B. NITYA POOJA REDDY

B. NITYA POOJA REDDY (Expert)
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27 March 2010 IF RECEIVER IS DOMESTIC COMPANY THEN 20% IS CHARGED TDS RATE ON INTEREST

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Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 March 2010 Please refer to Finance(No. 2) Act, 2009. Rate of TDS u/s 194A is 10% with effect from April'09, irrespective of type of deductee.

Rate of TDS is prescribed by the IT Act/Finance Act and not by way of Circular.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 March 2010 You both can download the Finance Act 2009 from here
https://www.caclubindia.com/share_files/finance-act-2009-24950.asp

In that file see page no. 41 of the act. It clearly states
2. In the case of a company—
(a) where the company is a domestic company—
(i) on income by way of interest other than “Interest on securities” 10 per cent.;

I hope it clears you query

B. NITYA POOJA REDDY

B. NITYA POOJA REDDY (Expert)
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27 March 2010 thanks

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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27 March 2010 10%

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 March 2010 10%

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PRITAM JAIN, CA , CS

PRITAM JAIN, CA , CS (Querist)
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29 March 2010 This 10% rate is applicable from 1.10.2009 or 1.04.2009?

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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29 March 2010 10% is from 1/4/09

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 April 2010 Refer this discussion for rate before 01.10.2009
https://www.caclubindia.com/forum/tds-rate-for-company-deductee-for-period-april-09-sep-09-76753.asp?1=1&offset=2

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