Question { Biotech, 25298 }

What is the TDS Rates for the F.Y 2008-09 ?

Answer

There is no change in contract payments from 2007-08 to
2008-09 as it stands at 2% and applicable surcharge and ec.
Whereas Tech. & Prof. services rates changed from 5% to 10%
along with appl. s.c. and ec. Likewise, Rental TDS also
changed to 20% alongwith applicable s.c. and ec.

Question { Biotech, 25298 }

What is the TDS Rates for the F.Y 2008-09 ?

Answer

The question itself is not having clarity. TDS Rates for
what? There are so many groups of TDS rates.

TDS on Contract Payment is 2%
TDS on Tech. & Prof. Services is 10%
TDS on Rentals is 20%

On all the above 10% s.c. will be charged in case of
individuals if gross billing crosses 10 lacs per annum, in
case of domestic companies 10% s.c. will be charged if
gross amount crosses 1 crore per annum and in case of
foreign companies s.c. @ 2.5% will be charged if gross
amount crosses 1 crore otherwise there is no sur charge.

On all the above cases, 3% Edn. cess is common

Question { Ess Dee, 16660 }

a) what are the rate of employees & company's contribution
for PF & ESIC?
b) what is the ceiling in case of ESI deductions?
c) what are the due dates for paying ESI/PF

Answer

P.F. Employee Contribution is 12% on Basic Wages
P.F. Employer Conbtribution is 12% on Basic Wages
Admn. Charges @ 1.61% on Basic Wages which should be borne
by Employer.

Altogether total P.F. contributions to be deposited will be
25.61% incl. Admn. Charges on Basic Wages and to be
deposited before 15th of suceeding month.

ESI will be applicable to all the employees whose gross
salary is Rs.10000/- below. Employee cont. is 1.75% and
Employer Cont. is 4.75% and the same to be deposited in ESI
before 15th of suceeding month

Question { 54761 }

what is the difference between TAN and TIN?

Answer

TAN: TAX DEDUCTION ACCOUNT NUMBER WHICH RELATES TO INCOME
TAX ACT FOR THE TAXES DEDUCTED FROM VARIOUS CLIENTS IN
THEIR BILLS AND THIS SHOULD BE MENTIONED IN FORM 16 OR FORM
16 A WHEN ISSUED TO DEDUCTEES. IT IS A UNIQUE CODE GIVEN
BY IT TO RECOGNISE BY WHOM ACCOUNT THE TAXES ARE DEDUCTING.

TIN: TAX IDENTIFICATION NUMBER WHICH RELATES TO VAT. IT IS
A NUMBER GIVEN BY SALES TAX DEPARTMENT TO THE REGD. DEALERS
AND THEY NEED TO QUOTE THIS NUMBER ON BILLS AND OTHER
RETURNS TO KNOW THE AMOUNT TAX COLLECTED TOWARDS VAT.