Changes In Income Tax TDS Rates w.e.f. 1st June 2016
Under the scheme of deduction of tax at source as provided in the Income Tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit.
Budget 2016, in order to rationalize the rates and base for TDS provisions, the existing threshold limit for deduction of tax at source and the rates of deduction of tax at source are proposed to be revised w.e.f. 1st June 2016.
Please visit the following link for more information :