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TDS Becomes Less Taxing!
Posted by
mukesh patel in
Smart Strategies for Tax Saving, Taxing Times TOI on
Oct 5th, 2009 |
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TDS Rates Rationalized
No Messy Computation Of Cess & Surcharge
October 1, 2009, has also brought some welcome provisions of rationalization of TDS rates and reducing multiple classifications (see Box). (more…)
NRIs treated as Not Required Indians
Harsh, Illogical & Discriminatory Taxing Provisions For NRIs!
Proposals That Will Hurt The Global Indian Sentiment
Flat Rate of Tax
- 20% flat tax on interest & other investment income.
- 30% flat tax on all capital gains.
- Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income.
No Personal Exemption
- No personal exemption or deduction allowed in computing the above income treated as ‘income from special sources.’
Weird Interpretation
- Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What a Discrimination?
- Ironical but true! Non-Indian sports-persons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.