Answer / ankit jain

u have to pay tds at 10% if the payment exceeds RS. 1 Lacs

Answer / tushar

TDS RATE FOR THE ASSESSMENT YEAR 2011-2012 (in %)
(TDS rates with effect from 1st April 2010)
Section Nature of Payment Threshold
limit upto
30th June,
2010
(in Rs.) Threshold
limit w.e.f.
1st July,
2010
(in Rs.) Individual/
HUF/ BOI/
AOP Firm Co?
operative
Society /
Local
Authority Company
192 Salary As per slab As per slab Normal Rate
(incl. cess) N.A. N.A. N.A.
193 Interest on Securities

(1) Interest on Debentures or Securities (Listed)
2500* 2500* 10.00 10.00 10.00 10.00
(2) Interest on 8% Savings (Taxable) Bonds, 2003
10000 10000 10.00 10.00 10.00 10.00
(3) Any Other Interest on Securities (Unlisted) 0
0 10.00 10.00 10.00 10.00
194 Dividend other than dividend covered by Section 115-
O 2500* 2500* 10.00 10.00 10.00 10.00
194A Interest other than Interest on Securities (other
than below) 5000 5000 10.00 10.00 10.00
10.00
Where the payer is

(1) Banking Company 10000 10000 10.00
10.00 10.00 10.00
(2) Co-operative Society engaged in banking business
10000 10000 10.00 10.00 10.00 10.00
(3) Post Office (deposit scheme framed by Central
Government) 10000 10000 10.00 10.00 10.00
10.00
194B Winning from Lotteries 5000 10000 30.00
30.00 30.00 30.00
194BB Winnings from Horse Races 2500 5000
30.00 30.00 30.00 30.00
* in case of resident only
194C Payments to Contractors

(1) In case of Contract/ Sub-Contract/ Advertising
20000 (Note 1) 30000 1.00 2.00 2.00 2.00
(2) Contractor/ Sub-Contractor in Transport Business
20000 (Note 1) 30000 NIL
( Note 2) NIL (Note 2) NIL
(Note 2) NIL
(Note 2)
194D Insurance Commission 5000 20000 10.00
10.00 10.00 10.00
194E Non-Resident sportsman/ sports association 0
0 10.00 10.00 10.00 NA
194EE Deposits under NSS to Resident/Non-Resident 2500
2500 20.00 20.00 20.00 NA
194F Repurchase of Units of Mutual Fund/UTI from
Resident / Non-Resident 0 0 20.00 20.00
20.00 NA
194G Commission on Sale of lottery tickets to Resident /
Non- Resident 1000 1000 10.00 10.00 10.00
10.00
194H Commission or Brokerage to Resident 2500 5000
10.00 10.00 10.00 10.00
194I Rent to Residents

(a) Rent for Machinery/ plant/equipment 120000
180000 2.00 2.00 2.00 2.00
(b) Rent for other than in (a) 120000 180000
10.00 10.00 10.00 10.00
Note:-
1. This limit is for individual transaction. However, if
aggregate payment to a contractor during the year exceed
Rs. 50,000 (Rs. 75,000 w.e.f 1tst July, 2010), then tax
will be required to be deducted, even where individual
transaction is less than the threshold of Rs. 20,000 (Rs.
30,000 w.e.f. 1st July, 2010).
2. The Nil rate will be applicable if the transporter
quotes his PAN. If PAN is not quoted the rate will be 20%.
(Transporter means persons engaged in plying, hiring and
leasing of Goods Carriages)
194J Fees for professional / technical services to
residents 20000 30000 10.00 10.00 10.00
10.00
194LA Compensation to Resident on acquisition of
immovable property 100000 100000 10.00 10.00
10.00 10.0
195 Payment of other sums to a non-resident 0
Rate specified under Part II of First Schedule of
Finance Bill, 2010 subject to provisions of DTAA
196B Income from units (including long term Capital Gain
on transfer of such units) to an offshore fund 0 0
10.00 10.00 10.00 10.00
196C Income from foreign currency bonds or GDR of Indian
Company 0 0 10.00 10.00 10.00 10.00
196D Income of FII from securities not being dividend,
long term and short term capital gain 0 0
20.00 20.00 20.00 20.00

Note:
In order to strengthen the PAN mechanism, it is proposed to
make amendments in the Income Tax Act to provide that any
person whose receipts are subject to deduction of tax at
source i.e., the deductee, shall mandatorily furnish his
PAN to the deductor failing which the deductor shall deduct
tax at source at higher of the following rates:
(i) the rate prescribed in the Act;
(ii) at the rate in force i.e., the rate mentioned in the
Finance Act; or
(iii) at the rate of 20 percent
The above provisions will also apply in cases where the
taxpayer files a declaration in form 15G or 15H (u/s 197A)
but does not provide his PAN. Further, the Assessing
Officer will grant no certificate under section 197 unless
the application contains the PAN of the applicant.
TCS RATE FOR THE ASSESSMENT YEAR 2011-2012 (in %)
(TCS rates with effect from 1st April 2010)
Section Nature of Payment Threshold
Limit
(in Rs.) Individual/
HUF/ BOI/
AOP Firm Co?
operative
Society /
Local
Authority Company
206CA Alcoholic liquor for human consumption and Indian
made foreign liquor 0 1.00 1.00 1.00 1.
206CB/ CC/
CD Timber obtained by any mode and any other forest
produce 0 2.50 2.50 2.50 2.50
206CE Scrap 0 1.00 1.00 1.00 1.00
206CF/ CG/
CH Parking lot / toll plaza / mining and quarrying 0
2.00 2.00 2.00 2.00
206CI Tendu leaves 0 5.00 5.00 5.00 5.00

What is the differance between vat and tds d-vat and can we take benefit from it. for example if we sells to some one the entry is Dr. ram A/c 10000 Cr. Sales@4% 9600 Cr. Output vat@4% 400 now we received the cheque agst. sell the entry is Dr, Bank A/c 9573 Dr. Tds d-vat Receivable A/c 200 Dr. Tds Income Tax A/c 227 Cr. Ram A/c 10000 now If We recd. the Tds D-vat Certificate from our Debtor (Ram) What is the entry.....?????? and how can we get the benefit of it...???

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