Any one tell me what is tds rate for 194-a (Interest other than banking securities) from 1st Oct.-2009 for Individual/HUF, Firm & Company?
Any one tell me what is tds rate for 194-a (Interest other than banking securities) from 1st Oct.-2009 for Individual/HUF, Firm & Company?
NEW TDS RATES FROM 01.10.2009 PROPOSED IN BUDGET 2009 PRESENTED ON 06/07/2009
Particulars
NEW TDS RATES% IF DEDUCTEE IS
Section
Nature of Payment
CUT OFF AMOUNT
INDIVIDUAL and HUF
OTHER
194A
Interest other than from a Banking Co.
Rs. 5,000/- p.a
10.00
20.00
Vishalji Please refer Income Tax Ready Reckoner in which ameded TDS rates for 194-A are 10% are given in all cases w.e.f. 01-10-2009.
There is nothing mentioned in Finance act 2009 that TDS rates u/s 194A has been changed for company deductee but as per the amendment made in the Part - II of Schedule that the rates are changed for the purposes of sec. 194A. However the finance act is applicable from 19/08/2009 so the rates are also applicable from 19/08/2009
Further there is specific mention in the Finance act 2009 that surcharge and E. Cess will be removed from 01/10/2009
henceforth effective rates:-
for company deductee
from 19/08/2009 to 30/09/2009 - 10% + surcharge + E Cess
from 01/10/2009 onwards - 10% (without surcharge and E cess)
|
194A
|
Interest other than Interest on securities > Rs.10,000 |
10 | 20 | -do- | 26Q |
| 194A | Interest other than from a Banking Co. | Rs. 5,000/- p.a | 10% | 20% | ||
Thank You to all.
correct rate is 10 % in case of corporate and non corporate both
https://www.simpletaxindia.org/2009/07/new-tds-rate-fy-09-10-after-budget.html
Ashish,
Kindly note that unless a date is stated in Finance Act, it is implied that it is applicable from 1st April of the FY irrespective of when the budget is passed.
Since, In IInd Schedule of IT Act, no such date has been specified for section 194A, it is implied that this rate is applicable from 01.04.2009 only. But since bill was passed on 19.08.2009, payer has no option but to deduct tax at old rates.
Same case applies to SC & EC.No SC & EC is not to be added for TDS purpose from 01.04.2009 only.
CORRECT RATE IS UNDOUBTEDLY 10%
| Originally posted by :CA PRIKSHIT WADHWA | ||
| " | CORRECT RATE IS UNDOUBTEDLY 10% | " |
Thank you Priksh*tbhai.
Vishal.
Dear Sir,
I have confusion about TDS on interest other than security 194a
What is the rate if deductee is Company ?
And what is the rate if deductee is individual ?
What says Finance act 2009
Thanking you
The correct rate u/s 194A for all the assessee after 01/10/2009 is 10% only, no need to deduct the education cess & surcharge
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