TDS w.e.f 01.07.2010

Major Tax related updates: Direct Tax Code implementation expected by April 2011 Goods and Services Tax implmentation postponed to April 2011 Saral-II (2 Page Income Tax Return) Form comes for simple I-T return filing of Salaried individuals. Tax rates - income limits extended drastically: In case of Male Up to 1.6 Lakhs => 0% Up to 5 Lakhs => 10% Up to 8 Lakhs => 20% Above 8 Lakhs => 30% In case of Female Up to 1.9 Lakhs => 0% Up to 5 Lakhs => 10% Up to 8 Lakhs => 20% Above 8 Lakhs => 30% In case of Senior Citizens Up to 2.4 Lakhs => 0% Up to 5 Lakhs => 10% Up to 8 Lakhs => 20% Above 8 Lakhs => 30% New section 80CCF: 20 Thousand deduction for investments in Infrastructural Bonds TDS late payment interest rate raised from 1 to 1.5% per month. (Section 201 Amendment) Companies => Surcharge rate reduced from 10 to 7.5% Minimum Alternate Tax rate changed from 15 to 18% Form 16/16A continues as earlier. No change in Service Tax rate. Additonal services added to increase the revenue. Treshold Limits for TDS extended as below: 194B (Lotteries) => 10,000 (earlier 5,000) 194BB (Horse Race) => 5,000 (earlier 2,500) 194C (Contracts) => 30,000 (earlier 20,000) Multiple transactions together, it is 75,000 (earlier 50,000) 194D (Insurance Commission) => 20,000 (earlier 5,000) 194H (Commission/Brokerage) => 5,000 (earlier 2,500) 194I (Rent) => 1,80,000 (earlier 1,20,000) 194J (Technical/Professional Fee) => 30,000 (earlier 20,000) Twitter Delicious Digg Facebook Stumbleupon RSS About the Author I`m SENTHAMARAIKANNAN Author Of Senthamaraikannanclub and i interested in Blogs and socialnetworking I wrote so many blogs in my name since 2007.Follow me On Twitter, Like us On Facebook, Join us on Google +