TDS rate of financial year 2006-07?

Question

Hi,
I harindar kumar gupta want know about current TDS rate of Person including individual,HUF, Partnership Firm, AOP,BOP, Company & other.

hi,
I want know about TDS Rate of Financial year 06-07 because I have old information as financial year 04-05.
this time must need to know TDS Rate for deduct TDS.

Answer 1

Only 2.24 % for companies/firms/contractors etc.

Answer 2

Blah-de-blah-blah

Answer 3

March 2, 2005


1) General


Substantial reduction in rates of taxation of individuals whereby tax relief of Rs 24,000 is given to each taxpayer having income upto Rs 250,000.



No change in taxation of capital gains.



NRIs having income other than capital gain shall be required to claim refund of tax deducted at source.


Income Tax Rates
Existing Proposed
Individual Income Rate Individual Income Rate
Upto Rs 50,000 Nil Upto Rs 100,000 Nil
Rs 50,000 to Rs 60,000 10.00% of the amount by which the income exceeds Rs. 50,000 Rs 100,000 to Rs 150,000 10.00% of the amount by which the income exceeds Rs 100,000
Rs 60,000 to Rs 150,000 Rs 1,000 plus 20.00% of the amount by which the income exceeds Rs 60,000 Rs 150,000 to Rs. 250,000 Rs 5,000 plus 20.00% of the amount by which the income exceeds Rs 150,000/-
Above Rs 150,000 Rs 19,000 plus 30.00% of the amount by which income exceeds Rs 150,000 Above Rs 250,000 Rs 25,000 plus 30.00% of the amount by which income exceeds Rs 250,000
Surcharge @ 10.00% (If income exceeds Rs 850,000) Surcharge @ 10.00% (If income exceeds Rs.1,000,000)


No change in education cess i.e. education cess is 2.00% of total tax payable is levied.

2) Interest on NRE & FCNR Account
The Finance Act 2004, had withdrawn tax exemption on NRE/FCNR deposit w.e.f. April 1, 2005. However, The Finance Bill, 2005, has specifically withdrawn the provision and exemption is restored back. Thus, now Interest on NRE/FCNR deposit is exempt from tax.

3) Tax Deducted at Source
There is no change in the TDS Rates. The rates at which taxes are required to be deducted are as under:

Rates for TDS Rate Surcharge Cess Total
1) Capital Gains on Equity shares and equity oriented
Mutual fund sold on Recognised Stock Exchange:
i) Short term 10.00% 10.00% 2.00% 11.22%
ii) Long Term NIL NIL NIL NIL
2) Capital Gain on Mutual Fund and equity shares
other than 1) above
Short Term 30.00% 10.00% 2.00% 33.66%

Long Term 10.00% 10.00% 2.00% 11.22%
3) Capital gain on Other Assets
i) Short term 30.00% 10.00% 2.00% 33.66%
ii) Long Term 20.00% 10.00% 2.00% 22.44%
4) Interest on Bank Deposits 30.00% 10.00% 2.00% 33.66%


4) Securities Transaction Tax (STT)


Nature Of Transaction Current
Rates Proposed
Rates
Equity shares transaction in a Recognised Stock Exchange: -
1. With Delivery
Purchaser
Seller 0.075% 0.100%
2. Without Delivery 0.075% 0.100%
Seller
0.015% 0.020%
Derivative transactions in a Recognised Stock Exchange
Seller
0.010% 0.013%
Sale of Units of Equity Oriented Mutual Fund
Seller 0.150% 0.200%


5) Zero Coupon Bond
The financial instrument, Zero Coupon Bond shall be treated as a capital asset and shall be liable for capital gains tax at prescribed rates i.e.20% in respect of long term capital gains and 30% in respect of short term capital gains.

6) Trading in Derivatives
Trading in derivatives as defined in Securities Contracts (Regulation) Act, 1956 carried out on recognised Stock Exchange will not be considered as speculative business. It shall be treated as capital gains transaction.

7) Rebate/Deduction
The provisions for deduction from tax payable in respect of investments/contributions in specified schemes/plan like LIC, ULIP, bonds, mutual funds etc is eliminated. However, such investments up to Rs 100,000 shall be eligible as deduction from the gross total income.

Professional fees 5.1% individual,

5.61% Firm COmpany,HUF

contractors 2.04% individual
2.244% company, firm, HUF

Answer 4

@ 2.04 %

Answer 5

Please visit http://incometaxindia.gov.in/