10% t.d.s needs to be deducted if one gets >20000/PA as
Consultancy charges. Is this law applicable to physically
chanllenged indiviuals whose disability is gtreater than or
egual to 80%. My disability is 80% and I am working with an
IT company on contract and gets 40K on a monthly basis
starting Nov 10. How much TDS should I be oaying. Could
someone please assist me with this query.
Thanks in advance:-)
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Answer Posted / addy
what is the procedure involved and what do i need to do.
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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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