Im working as accounting executive and also entering for cpt exam in december 2009 pls can uuuuu guide me what should be focus on in subject and any important points to be noted
NEW TDS RATES FROM 01.10.2009 PASSED IN FINANCE ACT(2) 2009 PASSED ON 19.08.2009
Particulars
NEW TDS RATES%
Section
Nature of Payment
CUT OFF AMOUNT
INDL/HUF
OTHER
194A
Interest from a Banking Company
Rs. 10,000/- p.a
10.00
194A
Interest other than from a Banking Co.
Rs. 5,000/- p.a
10.00
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 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 is to be added from 01.04.2009 on tax deducted on non-salary payments made to resident taxpayers. It means that surcharges & cess is not be included in basic TDS rates various situation are tabulated in table given below