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Quality with Timeliness

Amendment in TDS Rates & Threshold Limit w.e.f. 01/06/2016

KMS_Amendment in TDS Rates & Threshold Limit

Certain Non-Operational Provisions to be omitted : (w.e.f. 01/06/2016)

Section Heads
194K Income in respect of units
194L Payment of compensation on acquisition of capital asset.

Revision in rates of deduction of tax at source on various payments : (w.e.f. 01/06/2016)

Section Heads Existing Rate Revised Rate
194EE Payments in respect of NSS Deposits 20% 10%
194D Insurance commission 10% 5%
194DA Payment in respect of Life Insurance Policy 2% 1%
194G Commission on sale of lottery tickets 10% 5%
194H Commission or brokerage 10% 5%

Increase in threshold limit of deduction of tax at source on various payments: (w.e.f. 01/06/2016)

Section Heads Existing Threshold Limit (`) Revised Threshold Limit (`)
192A Payment of accumulated balance due to an employee (i.e. withdrawal of balance of Recognised Provident Fund) 30,000 50,000
194BB Winnings from Horse Race 5,000 10,000
194C Payments to Contractors 75,000 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 or brokerage 5,000 15,000