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Tax advisor explains about Reduction in TDS rates
Reduce your tax burden with the latest Budget 2024 updates. Our tax advisor or tax consultants break down the TDS rate changes and how they impact your business compliance. Stay ahead of the curve with expert insights.
Budget 2024 reduced the TDS rates on specified payments to facilitate business and improve taxpayer compliance. The table below shows the specified payments
| TDS Sections | Current TDS Rate | Proposed TDS Rate | Effective from |
| Section 194D – Payment of insurance commission in case of other than company | 5% | 2% | 1st April 2025 |
| Section 194DA – Payment in respect of life insurance policy | 5% | 2% | 1st Oct 2024 |
| Section 194G -Commission on sale of lottery tickets | 5% | 2% | 1st Oct 2024 |
| Section 194H -Payment of commission or brokerage | 5% | 2% | 1st Oct 2024 |
| Section 194-IB- Payment of Rent by certain individuals or HUF | 5% | 2% | 1st Oct 2024 |
| Section 194 M – Payment of certain sums by certain individuals or HUFs | 5% | 2% | 1st Oct 2024 |
| Section 194-O- Payment of certain sum by e-commerce operator to e-commerce participants | 1% | 0.1% | 1st Oct 2024 |
| Section 194F– Payment on account of repurchase of units by mutual funds or UTI | Proposed to be Omitted | 1st Oct 2024 | |
Simplify your tax obligations with the Budget 2024 TDS rate updates. Our tax expert or top Udaipur ca explains the key changes and how they facilitate business operations. Leverage this knowledge to maximize your savings.
