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What is the rate at which TDS is to be deducted from the account holder ?

April 26, 2017account deducted rate TDS

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What is the rate at which TDS is to be deducted from the account holder ?

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Reply : The rate for TDS for a financial year is specified in Part II of Schedule I of the Finance Act for that year. The prescribed rate for the financial year 2006-2007 are as under : In the case of a person other than a company ; (a) Person resident in India 10 % (b) Others 20 % The amount so deductible shall be enhanced by surcharge calculated as per the following rate : In the case of Individual, HUF, Association of Person and Body of Individuals 10% if the interest paid / payable exceeds Rs.1000000/- The amount of “TDS+Surcharge” shall be further enhanced by 2 % of “TDS+Surcharge” on account of education cess (GOI letter F. No.2/8/2004/NS-II dated June 06, 2006).