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TDS Rates for Company Assessee for F.Y.2008-09

September 4, 2009 Leave a comment
Particulars Rates
Section Nature of Payment Criteria for Deduction If the recipient is a Company or Firm & payment does not exceed Rs.1,00,00,000, or receipient is Co-operative Society   If the recipient is a  Company or Firm & payment exceeds Rs.1,00,00,000
      IT SC EC Total   IT SC EC Total
194A Interest Payment in excess of Rs.5,000 p.a & Rs. 10,000 p.a. if paid by Banking Company, Co-operative Society & Post Office 20.00 0.00 0.06 20.06   20.00 2.00 0.66 22.66
194C Contractors & CF Agents (incase of Advertising Contracts) & Payment to Sub-Contrctor Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Contractors & CF Agents (Others) Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194C Transport Sub-Contrctor* Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Transport Contractors Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194H Commission or Brokerage Payment in excess of Rs.2,500 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194I Rent Payment in excess of Rs.1,20,000 p.a 20.00 0.00 0.60 20.60   20.00 2.00 0.66 22.66
194I Rent of Plant & Machinery Payment in excess of Rs.1,20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194J Professional Charges Payment in excess of Rs.20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.66 11.66
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The Direct Tax Code

August 14, 2009 1 comment

The FM yesterday released  much expected Direct Tax Code. This code will be a replacement for the current I-t Act 1961. And will be applicable from 2011.

I have attached the discussion paper and the code herewith.

During the code Mr. Chidambaram also mentioned the dos and donts while reading the code.

First of all he said it would be very wrong to read this code with the current I-t Act, as it is not an amendment to the same.

In his words: “There is no point looking at this with reference to the 1961 (I.T.) Act. Hours of work have gone into it preparing it… you will be doing a dis-service if you look at it from the present income tax law,” he said.

He also quoted “the best way to read the provisions of the Code would be to study the relevant chapter before going into the provisions”

Your comments on the code are most welcome.

Discussion paper on Direct Tax Code

Direct Taxes Code Bill 2009

Categories: Direct Tax Tags: , ,
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