Interested to Buy Any Domain ? << Click Here >> for more details...
what is withholding tax? when we use withholding tax?
what are the procedure in steps for calculating tds plz
tell me about all........
- 12 Answers
- 104459 Views
- IBM, Patni, TCS, I also Faced
- E-Mail Answers
Answer Posted / srinath shenoy
Withholding tax terminology is popularly used for the word TDS from the amount payable to non-resident companies. Like we deduct TDS in India for various kind of professions, salary, rent, commission, interest etc, we deduct withholding tax from the same kind of charges charged by non residents and pay the deducted withholding tax to the government.
The various rates of WHT for the different kind of charges are as below:
Dividends- 10%
Interest- 20%
Royalties- 20%
Technical Services- 20%
Any other Services :
for Individuals, 30% of net income
for Companies/Corporates - 40% of net income
These rates are applicable for those who are not under DTAA agreements.
India has different rates than above for the countries who are under DTAA agreements. These can be availed in Income tax india website or from any income tax ready reckoner books.
Procedure calculating the TDS :
a.while making the payment, deduct TDS as per the rates applicable.
b. book the same in your accounts and a liability will be created in your books of accounts.
c.Pay the deducted TDS to the government within 7th of every following month of which TDS is deducted.
d.Get the challan numbers, and file the quarterly eTDS returns within 20 days after completion of related quarter.
| Is This Answer Correct ? | 21 Yes | 5 No |
Post New Answer View All Answers
What is open line item management?
What is the basic difference in wip calculation in product cost by order and product cost by period (repetitive manufacturing)?
Where to assign activity type in cost centers? Or how to link cost centers & activity types?
What is a document header? : fi- general ledger
How do you go about configuring material ledger?
What is an automatic posting? : fi- general ledger
What is the use of financial statement version in sap?
What is operating concern in co-pa? : co-pa
How does firstlogic’s global data quality connector for sap systems work?
What are the organizational assignments in asset accounting?
Can you attach a business area to a transaction?
Hai friends how to get sap fico consultant which type of questions are asking in interview means configuration steps or project means problem solving questions or steps and subject and present companies are take the telephone interview or face to face interview? how many rounds are having in interview based on 3 ,4 Exp and main iam M Com graduate(2009) how many years of exp putup in my resume why because somebody says u must putup exp how many years are right Pls give me reply
What are the steps for creation of New Movement types and specific requirements for GL and codes from a unique company code?
How can the default settings be maintained for cost elements per company code?
How many retained earnings a/c can be defined?
