Individuals (including Proprietary concerns) and HUFs, carrying on business/profession, whose Gross Sales, Turnover or Gross Receipts in the previous year exceeds Rs. 60 Lakhs (in case of business) and Rs. 15 Lakhs (in case of Professionals), shall also be liable to deduct TDS on all specified payments except payments made for personal purpose.
TDS has to be compulsorily deducted by the person responsible for paying.
If the Payee submits a declaration in Form 1 5G/1 SHin duplicate stating the following, then TDS need not be deducted :
1. That his total income is less than basic exemption limit of Rs. 1.6 lakh.
2. Even if his total income exceeds basic exemption limit of 1.6 lakh but tax payable after deducting rebates u/s 80C is nil.
3. Interest on security & other loans in case of Senior Citizens (For others in Form 15G).
Senior Citizen can also give self declaration in respect of Dividend & NSS. TDS in respect of Contractors/Subcontractors under 194C to be deducted f sum exceeds Rs. 30,000 or Rs. 75,000 in aggregate in a financial year. Expenditure will be disallowed if TDS is not deducted.
If deductee does not furnish his PAN then TDS rate will be 20% w.e.f. 1-4-201 0.
Note: E-Filing of TDS returns is quarterly. TDS Certificate form 16/16A is revised incorporating additional details.
Payee to furnish his PAN for TDS / TCS purposes
Any person receiving any sum or income on which tax is to be deducted at source, shll furnish his PAN to the person responsible for deducting TDS.
| SL.No. |
Particulars |
Threshold Limit |
TDS Rate |
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15. |
Int. on Debentures & Bonds
Int. on FD’s in Banks/Hsg. Finance Cos. & 8% taxable bonds
Int. other than Int. on securities
Insurance Commission to Agents (Individuals)
Insurance Commission to Agents (Domestic Cos.)
Winnings from Lotteries/Cross-word/Game Shows
Commission earned on sale of Lottery Tickets
Winnings from Horse Races
Payments to Advertising Agency
Payments to Contractors (per contract)
Payments to Sub-contractors
Commission & Brokerage (other than transactions relating to Shares & Securities
Payment of fees to Professionals / Technical Services p.a.
Payment of Rent to Individuals/HUF
Payment of Rent on Plant & Machinery or Equipments |
2500
10000
5000
20000
5000
10000
1000
5000
20000
30000
30000
5000
30000
180000
180000 |
10%
10%
10%
10%
20%
30%
10%
30%
1%
1%
1%
10%
10%
10%
2% |
|
