New Delhi, July 23 (UNI) In Union Budget 2024-25, Finance Minister Nirmala Sitharaman on Tuesday proposed to bring down the “Tax Deducted at Source” (TDS) from existing the 5 per cent to 2 per cent on eight types of earnings while omitting the section where TDS is 20 per cent.
The items or payments which attracted 5 per cent TDS earlier include — Payment of insurance commission (in case of person other than company); payment in respect of life insurance policy; commission etc on sale of lottery tickets and payment of commission or brokerage.
These also include payment of rent by individual or HUF; payment of certain sums by certain individuals or Hindu undivided family; payment of certain sums by e-commerce operator to e- commerce participants.
On all these payments listed above, the TDS has been reduced to 2 per cent from 5 per cent.
