What is the present rate of T.D.S and what is the tax for
person salary at present
- 8 Answers
- 36440 Views
- Accenture, Accounting, B Jain Publishers, College School Exams Tests, Monika Telecom Pipes, Net Edge, Wipro, I also Faced
- E-Mail Answers
Answer Posted / ranjith
1. The rate of deduction of tax at source w.e.f. 1st April,
2007 are as under :
(i). Payment to Contractors
Tax : 2%
Surcharge : 10% of Tax
Education Cess : 3% of tax and surcharge.
Hence over all rate will be 2.266% if surcharge is
applicable otherwise the rate will be 2.06%.
(ii). Payment to Sub-Contractor
Tax : 1%
Surcharge : 10% of Tax
Education Cess : 3% of Tax & surcharge
Hence over all rate will be 1.133%, if surcharge is
applicable and otherwise it will be 1.03%.
(iii). Payment of interest
A. If paid to a person other than a company
Tax : 10%
Surcharge : 10% of tax
Education Cess : 3% of Tax & Surcharge
Overall TDS rate : 11.33% if surcharge is applicable and
otherwise 10.30%.
B. If paid to a company
Tax : 20%
Surcharge : 10% of Tax
Education Cess : 3% of tax and surcharge
Overall TDS rule : 22.66% if surcharge is applicable and
otherwise 20.60%.
(iv). Payment for Professional/Technical
Services/Commission/ Brokerage
From 01.04.2007 to 31.05.2007
From 01.06.2007 onwards
Tax Rate 5%
Tax Rate 10%
Surcharge 10%
Surcharge 10% Tax
Education Cess 3% of the Surcharge
Education Cess : 3% of Tax & Surcharge
Overall TDS Rate 5.665% if surcharge is applicable
otherwise 5.15%
Overall TDS rate 11.33% if surcharge is applicable,
otherwise 10.30%
(v). Payment of Rent for Land and Building
A. If paid to an individual or HUF
Tax Rate : 15%
Surcharge : 10% of Tax
Education Cess : 3% of tax & surcharge
Overall TDS rate : 16.995% if surcharge is applicable
otherwise
15.45%
B. If paid to a person other than individual or HUF
Tax Rate : 20%
Surcharge : 10% of Tax
Education Cess : 3% of Tax & Surcharge
Overall TDS Rate : 22.66% if surcharge is applicable
otherwise 20.60%
(vi). Payment of Rent for Plant and Machinery
From 01.04.2007 to 31.05.2007
From 01.06.2007 onwards
Tax Rate: 15% if paid to individual or HUF
: 20% if paid to a person other than Individual and HUF
Tax Rate : 10% for all
Surcharge :10%
Surcharge 10% Tax
Education Cess : 3% of Tax and Surcharge
Education Cess : 3% of Tax & Surcharge
Overall TDS Rate :16.995% or 22.66% if surcharge is
applicable otherwise 15.45% or is 20.60%
Overall TDS rate 11.66% if surcharge is applicable,
otherwise 10.30% 6 months ago
| Is This Answer Correct ? | 25 Yes | 7 No |
Post New Answer View All Answers
how to calculate and submit to the concerned authority of pf,esi,pt. explaine?
CERTAIN LIST OF EXPENSES ARE MENTIONED IN SECTION 35D regarding amortisation of such expenses........not included in the list are expenses like administrative expenses,consultancy fees etc...if these expenses are of revenue nature then well and good enough, problem taken care of.If it is not of revenue nature nor is it included in the list, how do u treat such expenses. Do u capitalise them by way of fixed assets or sunk costs or what do u do? any case laws that talk about expenses not mentioned in the section?
Suppose that a sub-contractor total work done for Rs.100 & he charged 10.3% service tax.Then total gross value will RS.110.30.On what amt you will (that means on total work done or total gross value)charged Retention@10%,WCT@3% & TDS@2%.
vat return dates for uttrakhand
We had paid TDS against rent in assessment year 2009-2010. But by mistake one of the pan no of the landlord was wrongly entered. Now the demand has been raised. Please advise how to correct the situation.
Whether We can Get the Refund of Service Tax Paid Wrongly to the department.We are not suppose to pay the tax and we knew after that we can adjust that servies tax what we have collected from our client aganst services received from our suppliers.
What is cenvat credit?
What is the general format for a consolidated file extension? It is showing invalid file format? So how to solve the error? How to correct the file format? Help me how to know the general consolidated file format like is it tan no_finan.Yr-quarter-type.Tds is this format correct one? Last time i have found the extension as .Csi is it correct?
Hi, Please guide me in the TDS calculation. I know the slabs.But I dont have much idea about the deduction part.What is the need of Bsic and HRA while calculating TDS.Also I heard that LIC, Rent etc is excempted from TDS.Please guide me...my email id is tinjusyriac@gmail.com Thanks in advance..
What is the procedure to take modvat and its form number
In advance c form dvat why not showing the amount in form verification
I MR A REGISTER DEALER IN MUMBAI [MAHARASHTRA], I WANT TO PURCHASE GOODS FROM BANGLORE AND DIRECTRY SALE TO HYDRABAND. IN THIS CASE WHO TO MAKE / PREPARE MY SALES BILL IN MUMBAI AND WHICH SALES TAX FORM I WHAT TO ISSUED.
if a item sale on cash bill which is under vat sechdule c local sale tax is 5% so what is the rate of CST without C Form
If we got a printing jon we are adverstising firm for that we purchase paper from local dealer which contain vat 4% now when i bill to the person from whom i got a priniting job what should i consider this as service or sale and what tax i charge, i don't have vat no. but i have service tax no.?
can we purchase software agaist Form under In the telecommunications network; or
