@ Who is liable to effect TDS?
Every Person is liable to effect TDS, if it is due Except the Individuals and HUF, If they are exempted from Tax Audit.
@ What is the Threshold limit of deductee to Effect TDS?.
- Business Concern. Rs. 1crore.
- Professional. Rs.50 Lakhs.
- Rent(Lessor) Rs.50,000/- per month.
ii) Salary ( Employee) Rs.2,50,000/- per year.
iii) Contract payments Single Payment above Rs.30,000/- or
Annual payment above Rs.1,00,000/-
iv)Transporter services. The transporter have 10 and more vehicles. ( If the transporter filed PAN Copy and a declaration to the effect that they have below 10 vehicles, TDS Exempted ).
v) NRE
( Non – Resident External ) From any amount.
@ What are the TDS tax Rate?.
From Contractor. 1% from an Individual Contractor and 2% from a Firm. If without PAN TDS @20%.
From (Lessor ) Rent. Land & Building @10% and Plant &
Mechinary @2%. If Rent Rs.50,000/-PM
and the Lessor is below the Audit Limit
TDS @5%.
From Professional. Above Rs.30,000/-pm.TDS @10%.
From Commission/ Brokerage. Above Rs.15,000/-TDS @5%.
Technical Services. Above Rs.30,000/-TDS @2%.
NRE. Any amount TDS @31.2%
( ie. Tax @30% and cess thereon @4%)
Seller of Land other than
Agricultural Land. Above 50Lakhs TDS @1%.
@ When The TDS amount
Remitted to Govt. 7 th Day of every subsequent month .
For the month march 30th day of April.
