Reduce TDS rate from 10% to 5%
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TDS rate was decided at 10% when minium personal income tax rate was 10 % uptill 31st march 2017.
From april 2017 the minium income tax rate is slashed from 10 % to 5%, it would be desirable to reduce TDS rate to 5%.
As majority of the tax payers fall in the 1st slab of income tax, deducting TDS @10% will unnecessarily increase the workload of income tax department as refund cases will increase by many folds.
Request CBDT and finance minister to reduce TDS rate to 5%.
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