Tax rates for various sections.
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source. “The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs…
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…
As per amendment through Finance Act(2) ,2009,new Section 194C has been substituted for old section 194C .New Section is applicable from the 01.10.2009.The main changes in the new section is given as under: Separate rates for contractor and subcontractor has been removed. Now the tax rate has been categorized according the status of deductee and…