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      Bills

      Rationalisation of Tax Deducted at Source rates (Rationalisation and Simplification of taxation of Capital Gains)

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      There are various provisions of Tax Deduction at Source (TDS) with different thresholds and multiple rates between 0.1%, 1%, 2%, 5%, 10%, 20%, 30% and above. To improve ease of doing business and better compliance by taxpayers, the TDS rates are proposed to be reduced. However, no change would occur with respect to sections such as TDS on salary, TDS on virtual digital assets, TDS on winnings from lottery etc/ race horses, payment on transfer of immovable property and payments to non-residents, TDS rates for TDS on contracts etc.

      2. Rationalisation of TDS rates is proposed as below.

      Section

      Present TDS Rate

      Proposed TDS Rate

      With effect from

      Section 194D - Payment of insurance commission (in case of person other than company)

      5%

      2%

      1.4.2025

       Section 194DA - Payment in respect of life insurance policy

      5%

      2%

      1.10.2024

      Section 194G – Commission etc on sale of lottery tickets

      5%

      2%

      1.10.2024

      Section 194H - Payment of commission or brokerage

      5%

      2%

      1.10.2024

      Section 194-IB - Payment of rent by certain individuals or HUF

      5%

      2%

      1.10.2024

      Section 194M - Payment of certain sums by certain individuals or Hindu undivided family

      5%

      2%

      1.10.2024

      Section 194-O - Payment of certain sums by e-commerce operator to e-commerce participant

      1%

      0.1%

      1.10.2024

      Section 194F relating to payments on account of repurchase of units by Mutual Fund or Unit Trust of India

      Proposed to be omitted

      1.10.2024

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax
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