A long awaited clarification regarding tds on payment of service tax on rent u/s 194-I has been Issued by the CBDT. Details about the issue is given here under: Brief about section 194-I Rent is to be deducted by all person on payment of rent except huf and individual who’s sales is less than limit…
Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold storage owners. Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. 1. It…
Circular no. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 Reference is invited to Circular No. 05/2011, dated 16-8-2011 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter the Act), during the financial year 2011-12, were intimated. The present Circular contains the …
TDS (tax deducted at source) Rate Chart for Financial year 2012-13 is given below. Sl. No. Section Of Act Nature of Payment in brief Cut Off Amount Rate % 01.04.2012 01.07.2012 HUF/IND Others 1 193 Interest on debentures 2500 5000 10 10 2 194 Deemed dividend – – 10 10 3 194A Interest other than…