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TDS Provisions As Per Budget 2016

TDS Provisions As Per Budget 2016

TDS Provisions As Per Budget 2016 – TDS or Tax Deducted at Source, is a means of indirect tax collection by Indian authorities according to the Income Tax Act, 1961. TDS Provisions is managed by the Central Board of Direct taxes (CBDT), which comes under the Indian Revenue Services (IRS).

TDS is collected as a means to keep a stable revenue source for the government throughout the year, while desisting people from avoiding taxes.

TDS Provisions

TDS Provisions

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Types and Rates of TDS:

TDS is calculated on the basis of a threshold limit, which is the maximum level of income after which TDS will be deducted from future income/payments. TDS is deducted as a percentage of overall payment, and may range from 1% to 30% of actual payable amount.

Major sections of the Income Tax Act that outline TDS deductions are:

IT SectionTDS RateThreshold limit*
Section 192According to income slabAccording to income slab
Section 19310% of income from interests on securities.NIL
Section 19410% of income from deemed dividendsNIL
Section 194A10% of income from interests other than those on securitiesRs.5,000
Section 194B30% of lottery or game-related winningsRs.10,000
Section 194BB30% of income from horse racingRs.5,000
Section 194C1% of earning from contracts or sub contracts for individuals and HUF (Hindu Unified Families) 2% for corporatesRs.30,000
Section 194D10% of income from insurance commissionsRs.20,000
Section 194EE20% of payment in NSS depositsRs.2,500
Section 194F20% of payment made for repurchase of UTI or MF unitsNIL
Section 194G10% of commission earned from selling lottery ticketsRs.1,000
Section 194H10% of commission or brokerage earningsRs.5,000
Section 194I2% of rent of plant and machinery 10% of rent of land, building, fitting, or furnitureRs.1.8 lakhs
Section 194J10% of fees for technical or professional servicesNIL
Section 194L10% of compensation payment made to a resident when acquisitioning some immovable propertyRs.1 lakh

*Threshold limit denotes the amount of income/profit up to which TDS will not be deducted. TDS will be calculated on value of income up and over threshold limit only.

Download TDS Provisions As Per Budget 2016

TDS Provisions

TDS Provisions As Per Budget 2016

TDS Provisions As Per Budget 2016

TDS Provisions

TDS Provisions

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