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Budget updates - TDS provisions

CSSwati Rawat
TDS Amendments: Increased Thresholds for Interest (Sec 194A) and Rent (Sec 194I) Effective April 2020 The proposed amendments to tax deduction at source (TDS) provisions include changes to sections 194A and 194I of the Act. The threshold limit for TDS on interest payable to residents, excluding interest on securities, will increase from 10,000 to 40,000. Similarly, the threshold for TDS on rent will rise from 1,80,000 to 2,40,000. These changes will be effective from April 1, 2020, and applicable for the assessment year 2020-21 and subsequent years. (AI Summary)

TAX DEDUCTED AT SOURCE


1. Tax deduction at source on interest
As proposed to amend section 194A  to increase the threshold limit for deduction of tax at source on interest payable to a resident (other than interest on securities) from ₹ 10,000 to ₹ 40,000.
These amendments will take effect from April 1, 2020 and will, accordingly, apply in relation to the assessment year 2020- 21 and subsequent years.

2.Tax deduction at source on rent
It is proposed to amend section 194I of the Act to increase the threshold limit for deduction of tax at source on rent from ₹ 1,80,000 to ₹ 2,40,000.

These amendments will take effect from April 1, 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent years.

Budget - Tax Proposals
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