Hi,
Please let me know that wef from 1st Oct 2009 is there any changes in TDS rates for payments to be paid to contractors which provide transport ( cars, buses) to the employees of the company ..
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 22 October 2009
On Transporter there is no TDS Detailed list is given below
| NEW TDS RATES FROM 01.10.2009 | ||||
| Particulars | NEW TDS RATES% IF DEDUCTEE IS | |||
| Section | Nature of Payment | CUT OFF AMOUNT | INDIVIDUAL and HUF | OTHER |
| 194A | Interest from a Banking Company | Rs. 10,000/- p.a | 10.00 | 20.00 |
| 194A | Interest other than from a Banking Co. | Rs. 5,000/- p.a | 10.00 | 20.00 |
| 194C | Payment to sub-contrctor/Advertisement contracts | Rs.20,000/- per contract or Rs. 50,000/- p.a | 1.00 | 2.00 |
| 194C | other Contractors | Rs.20,000/- per contract or Rs. 50,000/- p.a | 1.00 | 2.00 |
| 194C | transport contractors engaged in the business of plying, hiring or leasing goods carriages. | Nil * | ||
| 194H | Commission or Brokerage | Rs. 2,500/- p.a | 10.00 | |
| 194I | Rent other than Plant, Mach.& Eqp. | Rs. 1,20,000/- p.a | 10.00 | |
| 194I | Rent of Plant , Machinery & Equipments | Rs. 1,20,000/- p.a | 2.00 | |
| 194J | Professional Charges | Rs.20,000/-p.a | 10.00 | |
| * The nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 1% for an individual/ HUF transporter and 2% for other transporters upto 31.3.2010 | ||||
| ** The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010 | ||||
| ***No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers. | ||||
Dheeraj Kumar Lalwani
(Article)
(24 Points)
Replied 22 October 2009
Hi.
In refererence to A. Y. 09-10, can anyone let me know that the TDS credit to be taken by an assessee, has to be taken on receipt basis, or on accrual basis. If the amount of commission has not been received by the assessee, then can we take credit of the TDS.
CAclubindia
