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RATE OF TAX DEDUCTION
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| Type
of Payee |
TDS
Rate Applicable before 01.10.2009 |
TDS
Rate Applicable after 01.10.2009 |
| All
type of payees |
30%
+ applicable Surcharge + Education cess@ 2% + SHEC @ 1%. |
30% |
PLEASE NOTE:
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$ $ Under sections 194B and 194BB, if recipient is a non-resident (other than a foreign company), tax is deductible at the rate of 30.9% (i.e., IT: 30%, EC: 2% and SHEC: 10o). If the recipient is a non-domestic company, tax is deductible at the rate of 30,916 (i.e., IT: 3096, EC: 296 and SHEC: 190), if payment, does not exceed Rs. 1 crore or at the rate of 31.6725% (i.e., IT: 30%, SC: 2.5%, EC: 206 and SHEC: 1%) if payment/credit exceeds Rs.1 crore.
| Payee
being Individual, HUF, AOP, BOI, whether incorporated or not; |
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. |
| Payee
being Co-operative Society |
NIL |
| Payee
being a Firm or a Company |
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. |
| Payee
being Artificial Juridical Person. |
10%
of such tax. |
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TDS is to be deducted at source at the time payment of such income to the winner.
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There are no separate provisions under
Section 194BB
for deduction of tax at a lower rate than what is prescribed above.
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Any person means to include a bookmaker or a person to whom a license has been granted by the Government under any law for the time being in force for horse racing in any race course or for arranging for wagering or betting in any race course.
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No TDS is to be done if winnings from Horse race do not exceed Rs. 2,500.
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