how to calculate tds on professional fees, salary and services
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Answer Posted / sunil
Tds is deductable at the rate of 10.3% of professional and
technical service if the total agreegate amount exceeds
amount 30000/-
Suppose a person submit the invoice of amounting Rs 6000/-
Per month. Now total services is 72000/- which is exceed the
amount of 30000/-
So we deduct Tds on First invoice at the rate of 10.3%
=6000*10.3%
balance amount should be released.
| Is This Answer Correct ? | 36 Yes | 8 No |
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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
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