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sec 194A -TDS ON INTEREST OTHER THAN SECURITY

This query is : Resolved 
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(Querist)
26 May 2010 HI,

CAN YOU PLS SPECIFY TDS RATE ON INTEREST OTHER THAN SECURITY FOR INDIVIDUAL/HUF/FIRM&COMPANY FOR FY-2009-2010.

Actually it's very confusing some where on internet it is mentioned that tds rate is 10% for all assesse however in some cases it is mentioned 10% for individual & huf, 20% for other wef 01/10/2009

Please specify correct TDS rate with supporting circular no./finance act etc.

thanks in advance

Regards
Gaurav
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
26 May 2010 10%

Sl No. 1(a)(i) and 2(a)(i) of Part II of the first schedule of the Finance Act, 2010.
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Gaurav

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Gaurav (Querist)
26 May 2010 how cum finance act 2010 is applicable for fy/py-2009-10. Finance act 2009 should be applicable?
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
26 May 2010 Ok. It was an oversight.

Finance Act(No. 2), 2009 also prescribe the TDS rate at Part - II of first schedule and it is 10%.
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
26 May 2010 Agreed. TDS on Interest other than securities is 10% for all assessees w.e.f.01.10.09.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
27 May 2010 In terms of Section 1 (2) of the Finance(No. 2) Act, 2009, the rate of 10% is applicable for all types of deductee wef 01.04.09.
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