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RATE OF TAX DEDUCTION
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Rate at which Tax deduction at Source is to be made under this
section:
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Type
of Payee
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TDS
Rate Applicable before 01.10.2009
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TDS
Rate Applicable after 01.10.2009
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In
case of all type of payees
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10%
+ applicable Surcharge + Education cess@ 2% + SHEC @ 1%.
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10%
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PLEASE NOTE:
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The rates of Surcharge so applicable are as under: (Surcharge to be applied till 30.09.2009 from 01.10.2009 onwards no surcharge to be applied for deduction of TDS is concern.
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If PAN of payee is not quoted by Deductor then, TDS rate in all above case will be 20% from 01.04.2010
The rates of Surcharge before 01.10.2009, applicable are as under:
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Payee
being Individual, HUF, AOP, BOI, whether incorporated or not;
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10%
of such tax where the income or the aggregate of such income
paid or likely to be paid and subject to the deduction exceeds
Rs. 10,00,000.
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Payee
being Co-operative Society
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NIL
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Payee
being a Firm or a Company
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10%
of such tax where the income or the aggregate of such income
paid or likely to be paid and subject to the deduction exceeds
Rs. 1,00,00,000.
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Payee
being Artificial Juridical Person.
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10%
of such tax.
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- In case of Cumulative debentures
or bonds, tax is required to be deducted at source every time the
interest is credited in the account books of the payee and is not
to be postponed till the maturity of debentures of bonds.
[Circular no. 643, dtd. 22-01-1993]
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