- Individuals and HUFs
also to deduct tax u/s
194C on amounts paid to
Work Contractors, if such
individual or HUF’s
turnover exceeds the limit
specified u/s 44AB
- Rate of deduction of Tax
on payment of
commission or brokerage
increased to 10% u/s
194H.
- Rate of tax deductible at
source on rents payable
for hiring of machinery,
plant u/s 194 I or other
equipments reduced to
10%.
- Rate of tax deductible at
source on sums payable
for fees for professional
services or technical
services u/s 194 J or other
equipments increased to
10%.
- Exemption Limit of Rs.
5000 raised to Rs. 10000
for deduction of tax u/s
194 A on interest earned
on Fixed Deposits with
banking Company, Cooperative
Society
engaged in banking
business and Post Office
under notified schemes.
- TDS shall be deducted
on 8% (Taxable)
Savings Bonds, 2003, if
interest payable in a
financial year exceeds
Rs. 10,000 u/s 193.
All TDS related
amendments will take effect
from June 1, 2007.
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