TDS compliance is necessary for deductor to avoid high penalties and interest. I have presented here latest TDS rate chart for FY 2015-16 (AY 2016-17) covering amedment in budget 2015. Deduct the TDS as per chart and deposit within due date.
TDS rate chart for fy 2015-16 ( ay 2015-16):
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*Interest on securities covers interest on the following:
- Any debentures of securities issued by local authority, central, state or provincial act.
- Debentures issued by companies-listed , unlisted debentures issued by company in which public are substantially interested.
- Securities of central or state government.
- Any other securities.
For cooperative banks, tds provision will be applicable from 1/6/15.
**For section 194C, no tds deducted shall be deducted when contractor/ subcontractor is in transport business having less than 10 goods carriage and present the PAN number and declaration to that effect.
***Surcharge, education cess and higher education cess shall be added to the TDS rate while paying to non resident.
When payment is made to person who does not furnish his PAN, TDS shall be deducted at the rate of higher of the following:
- The rate prescribed in the act
- The rate prescribed in the Finance act
TDS rate chart for fy 2015-16 is similar to TDS rate chart for fy 2014-15 except some changes in budget 2015.
Get detailed knowledge of budget from this link.
You can read my post
TDS rate chart 2014-15
to compare the rate of tds with regards to fy 2015-16 and fy 2014-15.
Tax deduction at source is compiling us to remember various rate while paying or crediting the amount. You can get print out of tds rate chart for fy 2015-16 by using print button below. Please share this post with friends to encourage me to write more.