TDS threshold limits w.e.f 01.06.2016
| Present Section | Heads | Existing Threshold Limit (Rs.) | Proposed Threshold Limit (Rs.) |
|---|---|---|---|
| 192A | Payment of accumulated balance due to an employee in EPF | 30,000 | 50,000 |
| 194BB | Winnings Form Horse Race | 5,000 | 10,000 |
| 194C | Payments to Contractors | Aggregate annual limit of 75,000 | Aggregate annual limit of 1,00,000 |
| 194LA | Payment of Compensation on acquisition of certain Immovable Property | 2,00,000 | 2,50,000 |
| 194D | Insurance Commission | 20,000 | 15,000 |
| 194G | Commission on sale of lottery tickets | 1,000 | 15,000 |
| 194H | Commission on brokerage | 5,000 | |
| 15,000 |
Changes in TDS rates w.e.f 01.06.2016
| Present Section | Heads | Existing Rate of TDS (%) | Proposed Rate of TDS (%) |
|---|---|---|---|
| 194DA | Payment in respect of Life Insurance Policy | 2% | 1% |
| 194EE | Payment in respect of NSS Deposits | 20% | 10% |
| 194D | Insurance Commission | 10% | 5% |
| 194G | Commission on sale of lottery tickets | 10% | 5% |
| 194H | Commission on brokerage | 10% | 5% |
| 194K | Income in respect of units | To be omitted w.e.f 01.06.2016 | – |
| 194L | Payment of Compensation on acquisition of Capital Asset | To be omitted w.e.f 01.06.2016 | – |
Changes in TCS rates w.e.f 01.06.2016
| Present Section | Heads | Existing Rate of TCS (%) | Proposed Rate of TCS (%) |
|---|---|---|---|
| 206C | Sale of motor vehicle >Rs.10lacs | – | 1% |
| 206C | Sale in goods/services in cash >2 lacs(other than bullion and jewellery)(other than payments on which TDS is made) | – | 1% |