Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within
specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit.
In order to rationalise the rates and base for TDS provisions, the existing threshold limit for deduction of tax at source and the rates of deduction of tax at source are proposed to be revised as mentioned in table 3 and table 4 respectively
Table 3: Increase in threshold limit of deduction of tax at source on various payments
mentioned in the relevant sections of the Act
Table-4 : Revision in rates of deduction of tax at source on various payments
mentioned in the relevant sections of the Act:
These amendments will take effect from 1st June, 2016.
specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit.
In order to rationalise the rates and base for TDS provisions, the existing threshold limit for deduction of tax at source and the rates of deduction of tax at source are proposed to be revised as mentioned in table 3 and table 4 respectively
Table 3: Increase in threshold limit of deduction of tax at source on various payments
mentioned in the relevant sections of the Act
Table-4 : Revision in rates of deduction of tax at source on various payments
mentioned in the relevant sections of the Act:
These amendments will take effect from 1st June, 2016.
No comments:
Post a Comment