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Tax is required to be deducted at source at specified rates in respect of some specified

types of income.
Incomes on which TDS is required
Incomes from the following sources attract TDS :
1. Salary.
2. Interest on Securities.
. Interest other than interest on securities.
!. Di"idends from shares and #TI$%&s
'. (innings from horse races) lotteries or crossword pu**les.
+. ,ayments to contractors and sub-contractors.
.. Insurance commission.
/. ,ayments to non-resident sportsmen or sports associations)
0. ,ayments in respect of 1SS-/. co"ered by Sec. /2334 and units co"ered by Sec.
12. 3ommission on sale of lottery tic6ets.
11. 3ommission) 5ro6erage) etc.
12. 7ent.
1. &ees for professional or technical ser"ices.
1!. 3ompensation for compulsory acquisition.
1'. Income payable net of tax
1+. Income from units of an offshore fund.
1.. Income from foreign currency bonds or shares of Indian 3ompanies) unless specified
as tax-free.
ITO Certificate for Nil (or Less) TDS
Tax is required to be deducted at source at specified rates in respect of some specified
types of income. This might cause hardships to some assessees. Therefore) where the IT8
is satisfied that the total income of any assessee 9ustifies the TDS at any lower rate or not
deduct any tax) he shall) gi"e to the assessee a certificate. 8n the basis of this certificate)
the assessee can as6 the income distributing officer to ta6e the appropriate action.
The assessee has to ma6e application in different prescribed forms for different purposes.
The following list gi"es the purposes :
&orm-1 : Salary) Interest) 3ommission) 5ro6erage) Di"idends) 7ent) Income from units)
3ompensation by way of compulsory acquisition.
&orm-13 : ,ayments made to contractors and sub-contractors.
&orm-1D : Dealings in lottery tic6ets
&orm-1: : &ees for professional or technical ser"ices.
The IT8 will issue certificate &orm-1' for TDS on di"idend and &orm-1'44 for other
TDS u/s 19!
4 person other than an indi"idual or an ;#& paying interest <other than interest on
securities= is required to apply TDS unless the aggregate interest during a financial year is
less than 7s. ')222. The limit was 7s. 2)'22 but has been raised by &422 to this le"el. In
other words) in the case of interest paid by 15&3s) the limit has been raised to 7s. ')222
but in the case of listed bonds and debentures) which are treated as securities) the limit
stays put at 7s. 2)'22. Is this the intention of the legislation or a simple o"ersight>
;owe"er) in the case of time deposits with ban6s) co-operati"e or otherwise and 3o-&Ds
pro"iding long-term finance for construction or purchase of houses in India for residential
purposes) the limit was 7s. 12)222. This has been brought down to 7s. ')222 by &421.