What is the TDS rate from April 2021?
TDS Rate Chart for FY 2020-2021 for a company
| Particulars | TDS Rates from 1 April 2020 to 13 May 2020 (%) | TDS Rates from 14 May 2020 to 31 March 2021 (%) |
|---|---|---|
| Section 194 – I: Rent paid for: a) Plant & Machinery | 2 | 1.5 |
| Section 194 – I:Rent paid for: b) Building or land or fitting or furniture | 10 | 7.5 |
What is the TDS rate for 2020 21?
TDS rates applicable for resident of India
| TDS Rate (%) | TDS Rates from 01.04.2020 to 13.05.2020 | TDS Rates from 14.05.2020 to 31.03.2021 |
|---|---|---|
| 5 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016) | 5 | 3.75 |
| (a) 2 (b) 10 | (a) 2 (b) 10 | 1.5 7.5 |
| 1 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 10 | 1 5 10 | 0.75 |
What is current TDS rate in India?
TDS Deduction Rate
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
What is the TDS limit?
Items Liable for a TDS Deduction For the assessment year, 2020-2021 the exemption limit for an individual is Rs 2,50,000. Section 194B – TDS on winning from lottery, crossword or any game: A TDS of 30% is deducted from any amount received by the way of lottery, crosswords or any other game if the amount exceeds Rs.
Can I get TDS refund?
A TDS Refund arises when the taxes paid by way of TDS are greater than the actual tax payable calculated for the Financial Year. Now, if you belong to the 5% tax bracket, you can claim a TDS refund for the additional amount deducted.
How is the TDs on rent related to section 194i?
Section 194i of the Income Tax Act is related to the TDS on rent. The provisions of Section 194i define how the TDS on rent is to be treated. Let us study in detail Section 194i of the Income Tax Act.
What are the TDs rates for land and machines?
TDS Rates under Section 194I. Rates of tax deduction depends on the nature of payment and is given below: Type of Income. TDS Rate. Rent of machinery, equipment or plant. 2% TDS. Rent of land, furniture, fitting or building to HUF or individual. 10% TDS.
Who is required to deduct TDs you / s 194ib?
Hence, to widen the coverage and bring in ambit those individuals or HUF who pay a big amount of rent but are still not liable to audit, Section 194IB was introduced in Budget 2017. Who has the need to deduct TDS u/s 194IB?
When does TDs on rent come into effect in India?
Individuals or Hindu Undivided Family (HUF) who are not subject to Tax Audits are liable to deduct tax (TDS) at 5% of the rent in case they are paying an amount which exceeds ` 50,000 every month to a resident Indian. This amendment has come into effect from the 1st June, 2017.