FAST TRACK------PROVISIONS RELATING TO TDS
REVISION TIME
| SECTION | NATURE OF PAYMENT | PERSON RESPONSIBLE TO DEDUCT TAX | RECIPIENT | TIME OF DEDUCTION | RATE OF TDS | MAXIMUM AMOUNT UP TO WHICH TAX SHALL NOT BE DEDUCTED |
| 192 | Salary | Employer | Employee | At the time of payment | Average rate of tax | Basic exemption limit |
| 193 | Interest on securities | Payer of interest on securities | Resident person | At the time of payment or crediting the payee,, whichever is earlier | 10% |
Rs. 2500 (subject to certain conditions)
|
| 194 | Dividend u/s 2(22)(e) | Domestic company | Resident person | At the time of payment | 10% | Rs. 2500 (subject to certain conditions) |
| 194A | Interest other than interest on securities | Any person other than individual and HUF whose accounts are not required to be audited during immediately preceding previous year | Resident person | At the time of payment or crediting the payee,, whichever is earlier | 10% |
Rs. 5000 (subject to certain conditions) Rs. 10000 in case of Payment by bank |
| 194B | Winnings from lottery, crossword puzzles or card game & other game of sort | Any person paying such income | Any person | At the time of payment | 30% |
w.e.f. 1-07-2010== up to10000 earlier up to 30-06-2010==5000 |
| 194BB | Winning from horse races | Any person paying such income | Any person | At the time of payment | 30% |
w.e.f. 1-07-2010== up to5000 earlier up to 30-06-2010==2500 |
| 194C | Payment of contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person | Any specified person including individual and HUF whose accounts are required to be audited during immediately previous year | Resident contractor ( "contractor shall include sub-contract...Hence, contractor shall include sub-contractor) | At the time of payment or crediting the payee,, whichever is earlier |
1%, if payee is an individual or HUF 2%, if payee is any other person |
w.e.f. 1-07-2010:-
Earlier up to 30-06-2010:-- Rs. 20000 &50000 respectively) |
| 194D | Insurance commission | Any person | Resident | At the time of payment or crediting the payee,, whichever is earlier | 10% |
w.e.f. 1-07-2010== up to20000 earlier up to 30-06-2010==5000 |
| 194E | Payment to sports person | Any person paying specified income | Non- resident foreign citizen sportsman or sports association | At the time of payment or crediting the payee,, whichever is earlier | 10% | Nil |
| 194G | commission eic. on sale of lottery tickets | Any person paying commission on lottery tickets | Any person | At the time of payment or crediting the payee,, whichever is earlier | 10% | Up to10,000 |
| 194H | commession (other than insurance) | Any person other than individual and HUF whose accounts are not required to be audited during immediately preceding previous year | Resident person | At the time of payment or crediting the payee,, whichever is earlier | 10% |
w.e.f. 1-07-2010== up to5000 earlier up to 30-06-2010==2500 |
| 194I | Rent | Any person other than individual and HUF whose accounts are not required to be audited during immediately preceding previous year | Resident person | At the time of payment or crediting the payee,, whichever is earlier |
Rent for use of any machinery or plant or equipment :-- 2% Any other case :-- 10% |
w.e.f. 1-07-2010== up to1,80,000 during a financial year earlier up to 30-06-2010==1,20,000 |
| 194J | Professioanl or technical services | Any person other than individual and HUF whose accounts are not required to be audited during immediately preceding previous year | Resident person | At the time of payment or crediting the payee,, whichever is earlier | 10% |
w.e.f. 1-07-2010== up to30,000 during a financial year for each kind of payment separately earlier up to 30-06-2010==20,000 |
| 194LA | compensation for compulsory acquisition of immovable prop.( other than agro land) | Any person responsible for such payment | Resident | At the time of payment in cash or by cheque or draft or by other mode, whichever is earlier | 10% | Up to1,00,000 during a financial year |
| 195 | Any sum ( other than income taxable as 'salary') | Any person |
|
At the time of payment or crediting the payee,, whichever is earlier | As specifies by the Finance Act | Nil |
| 196B | LTCG on units referred u/s 115AB | Any person responsible for payment reffered in sec. 115AB | An offshore Fund | At the time of payment or crediting the payee,, whichever is earlier | 10% | Nil |
| 196C | Interest or LTCG on Bonds or GDRs referred u/s 115AC | Any person responsible for payment reffered in sec. 115AC | Non-Resident | At the time of payment or crediting the payee,, whichever is earlier | 10% | Nil |
| 196D | Income for securities reffered u/s 115AD(1)(a) | Any person responsible for payment reffered in sec. 115AD(1)(a) | Foreign Institutional Investor | At the time of payment or crediting the payee,, whichever is earlier | 20% | Nil |
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