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Informative

Budget 2024 Proposes TDS Rate Reductions to Simplify Compliance for Taxpayers

Update / Judgement Date

23 Jul 2024

Source

CA Club India

Author

Team — WCP Legal Desk

Reading Time

1 min read

Financial PlanningIncome Tax

The Budget 2024 proposes several changes to Tax Deduction at Source (TDS) rates to simplify compliance. Key reductions include:


Section 194D (Insurance commission): From 5% to 2%


Section 194DA (Life insurance policy payments): From 5% to 2%


Section 194G (Lottery ticket commission): From 5% to 2%


Section 194H (Commission or brokerage): From 5% to 2%


Section 194-IB (Rent): From 5% to 2%


Section 194M (Contract payments): From 5% to 2%


Section 194-O (E-commerce transactions): From 1% to 0.1%