Quick Summary
The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26. These changes, introduced through the Finance (No. 2) Act, 2024, affect various forms of income, including salary, interest on securities, winnings fro
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FAQ :
The CBDT has released revised TDS rates for FY 2024-25, affecting income like salary, interest on securities, online game winnings, and contract payments.
For salary payments (Section 192), TDS will be deducted according to the normal income tax slab rates.
The TDS rate for winnings from online games (Section 194BA) remains at 30%, irrespective of the prize amount.
The TDS rate for interest earned on debentures, government bonds, and other securities (Section 193) is set at 10%.
For contract payments (Section 194C), individual or HUF contractors will have a 1% TDS rate, while others will face a 2% deduction.
Yes, the TDS on life insurance policies (Section 194DA) has been reduced to 2% effective from October 1, 2024.
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