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.

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