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of <h1>Direct Taxes Code 2010: Tax Deduction Rates for Various Payments to Residents Outlined in Third Schedule</h1> The Third Schedule of the Direct Taxes Code, 2010 outlines the rates for tax deduction at source for various types of payments to resident deductees. Income from employment is taxed at the average rate based on estimated annual income. Payments related to contracts, broadcasting, and transport are taxed at 2%. Interest, dividends, mutual fund distributions, insurance payouts, commissions, fees for services, royalties, non-compete fees, and compensation for property acquisition are generally taxed at 10%, with some exceptions at 20%. Rent for machinery is taxed at 2%, while other rents are at 10%. Lottery and horse race winnings are taxed at 30%.
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