Deduction of income-tax at source: updated TDS structure for non-resident capital gains and non domestic companies.

Part II of the First Schedule to the Finance Bill, 2024 prescribes FY 2024-25 rates for deduction of income-tax at source under specified sections; tax is to be deducted per the relevant statutory provisions. The rate for other income paid to a company that is not a domestic company is proposed to be reduced to thirtyfive percent. A revised table sets distinct TDS rates on capital gains for non-residents for transfers before and on or after 23rd July 2024. Other TDS rates generally remain as in the Finance Act, 2023. Surcharge is unchanged and Health and Education Cess remains at four percent for non-residents.

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