Category Archives: TDS

Amendments in TDS rates after Budget 2015-16

The Changes proposed by the Budget 2015-16 (Finance Bill 2015) related to deduction of tax at source under Chapter XVII of the Income tax Act, 1961 are as under, some of these amendments takes effect from 01.04.2015 and other have  taken effect from 01.06.2015. 1. S. 194A amended to expressly provide that from 1st June, 2015 the… Read More »

TDS/ TCS Rates for FY 2015-2016 AY 2016-2017

TDS is one of the forms of collecting tax. It is based on the scheme “Pay as you earn”. Tax must be deducted at the time of payment in cash or cheque or credit to the payee’s account whichever is earlier. Payee’s account refers to deductee’s account in this case. (adsbygoogle = window.adsbygoogle || []).push({});… Read More »

Section 194LD: TDS on Interest on Bonds/Government Securities

Old Provisions under the Income Tax Act, 1961: For providing a concessional rate of TDS in respect of interest income arising from rupee denominated bonds or government securities, a separate S. 194LD is inserted. This section provides for concessional rate of TDS in respect of interest on such bonds and government securities payable to FIIs and QFIs during the… Read More »

Section 194J: TDS Rate and Tax Deduction Treatment on Fees for professional or technical services

Any sum payable  to a resident in excess of Rupees thirty thousand during a financial year has to compulsorily deduct TDS @ 10% on the entire amount  for the following payments; (a)  fees for professional services, or (b)  fees for technical services[or] (c)  royalty, or (d)  any sum referred to in clause (va) of section 28… Read More »