New Tax Regime Slab Rate as opted by employee
OPTION TO CHOOSE BETWEEN NEW AND OLD TAX SLAB REGIME FOR SALARIED EMPLOYEES
This amendment proposes to amend second proviso to section 194 of the Act to further provide that the provisions of section 194 i.e. TDS on dividend shall also not apply to dividend income credited or paid to a business trust by a special purpose vehicle or payment of dividend to any other person as may be notified.
This means that no TDS needs to be deducted to AIF Category III also.
(Interest other than “Interest on securities” )
(Other Than Bank Deposit/Post Office Deposit/Banking Co-Society Deposit)
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%.
Refer Note 1 for details about this amendment
(applicable w.e.f 01.07.2021)