10% in case of Resident and 10.40% in case of Non-Resident

This means that no TDS needs to be deducted to AIF Category III also.

b. 31.2% in case of Non Resident and ForeignCompanies

b. 31.2% in case of Non Resident and Foreign Companies

b. Aggregate payment: Rs 100000

b. Aggregate payment: Rs 75000

· 5%: In any other case

· Non Resident – 10% + Cess + Surcharge (If Applicable)

b. The 2% TDS in case of Rent on Plant & Machinery for resident Indians and Domestic Companies respectively.

c. The 10% TDS in case of Rent on Land Building, Furniture and Fittings for resident Indians and Domestic Companies respectively.

If recipient is engaged in business of operation of call Centre

If sum is payable towards fees for technical services (other than professional services)

a. Wherein, the payee is engaged in the business of the operation of Call Centre only, 2% TDS is applicable on resident Indians and Domestic Companies respectively.

b. Fee for technical services, 2% TDS is applicable on resident Indians and Domestic Companies respectively.

c. Professional royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic film 10% TDS is applicable on resident Indians and Domestic Companies respectively.

d. In case of fees for any other professional services 10% TDS is applicable on resident Indians and Domestic Companies respectively.

e.  In case the payee fails to furnish PAN 20% TDS is applicable on resident Indians and Domestic Companies respectively.

A new section 194Q is proposed to be inserted to provide for deduction of TDS by person responsible for paying any sum to any resident for purchase of goods @ 0.1%. The Threshold Limit is Rs.50,00,000 applicable when total sales or gross receipts or turnover from the business carried on exceeds Rs. 10 Crores during the financial year immediately preceding the financial year in which the purchase of goods is carried out.

b. The TDS at the rate of 10.40% is applicable on income from long-term capital gains under Section 115E for a NRI

c. The TDS at the rate of 10.40% is applicable on Income from long-term capital gains.

d. The TDS at the rate of 15.60% is applicable on Short-term capital gains under Section 111A

e. The TDS at the rate of 20.80% is applicable on any other income from long-term capital gains

f. The TDS at the rate of 20.80% is applicable on Interest payable on money borrowed in foreign currency

g. The TDS at the rate of 10.40% is applicable on Income from royalty payable by the Government or an Indian concern.

h. The TDS at the rate of 10.40% is applicable on Income from royalty other than that which is payable by the Government or an Indian concern.

i. The TDS at the rate of 10.40% is applicable on Income from fees for technical services payable by the Government or an Indian concern.

j. The TDS at the rate of 31.20% is applicable on Any other source of income

Relaxation for senior citizen from filing ITR (Subject to Tax Deduction under Section 194P) [AY 2021-22] It is proposed to insert a new section 194P to the Act, which proposes to provide relief to the senior citizens of the age of 75 years or above from the compliance of section 139 of the Act which provides for filing of return of income. A senior citizen of the age of 75 year or above is not required to file the return of income, if the following conditions are satisfied –

a. The senior citizen is resident in India and of the age of 75 or more during the previous year;

b. He has only pension income and may also have interest income from the same bank (specified bank – to be notified by the CG) in which he is receiving his pension income;

c. He shall be required to furnish a declaration to the specified bank. The declaration shall be containing such particulars, in such form and verified in such manner, as may be prescribed.