Answer / mohdtariq20

TDS MEANS TAX DEDUCTED AT SOURCES. THAT MEANS TAX SHOULD BE
DEDUCTED ON THE INCOME OF THE ASSEASSEE AT THE TIME OF
PAYMENT OR AT THE TIME OF CREDIT WHICHEVER IS EARLIER.
THE SAME HAS TO BE DEPOSITED WITH THE GOVT. A/C.ON OR
BEFORE 7TH DAY OF THE NEXT MONTH, OTHERWISE THE
EMPLOYER/DEDUCTOR HAS TO FACE PENALTIES, INTERESTS ETC. AND
TO DEDUCT THIS TDS FROM HIS EMPLOYEES & CONSTOMERS THE
COMPANY SHOULD HAVE THE TAN (TAX DEDUCTION ACCOUNT NUMBER).
THIS IS MANDATORY VIDE INCOME TAX RULES 206C OF INCOME TAX
ACT 1961.THW TDS RATES ARE DIFFERENT FROM EACH OTHER BASED
ON THE NATURE OF TRANSACTIONS & TURNOVER VALUES.


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%

Answer / prashanth

TDS MEANS TAX DEDUCTED AT SOURCES.

various TDS rates are as follows

TDS 194A @ 20% Corporate - Int - Firm/Comp 20
TDS 194C @ 2% Corporate - Contractors - Firm/Comp 2
TDS 194H @ 10% Corporate-Brokerage/Commission - Firm/Comp 10
TDS 194I @ 20% Corporate- Rent - Firm/Company 20
TDS 194I @ 10% Corporate-Rent on Machinery - Firm/Comp 10
TDS 194J @ 10% Corporate-Professional/Tech Fees-Corp 10
TDS 194A @ 10% N Corporate-Int - Indiv/HUF 10
TDS 194C @ 2% N Corporate-Contractors - Indl/HUF 2
TDS 194H @ 10% N Corporate-Brokerage/Commission - Indiv/HUF
10%
TDS 194I @ 15% N Corporate-Rent - Indiv/HUF 15
TDS 194I @ 10% N Corporate-Rent on Machinery - Indiv/HUF 10
TDS 194J @ 10% N Corporate-Professional/Tech Fees-indiv/HUF
10%
TDS 194C @ 1% N Corporate-Contractors - Indl/HUF 1
TDS 194I @ 10% Corporate-Rent - Firm/Company 10
TDS 194I @ 10% N Corporate-Rent - Indiv/HUF 10
TDS 194I @ 2% Corporate-Rent on Machinery - Firm/Comp 2-
TDS 194I @ 2% N Corporate-Rent on Machinery - Indiv/HUF 2

What is export under ribet notification number

0 Answers  

---

DO anyone need TDS(tds is tax deducted at sources ) Software?Saral TDS is the software for electronic filing of TDS and TCS returns as per the provisions of Income Tax Act. With thousands of customers throughout India, It has been the proven best eTDS Solution for the eReturns. Saral TDS has also been known for being used by several Nationalized Bank Branches, Such as Indian Bank, Union Bank Of India, State bank of India, SBM, SBH, Vijaya Bank, Karnataka Bank and So On.. contact reka_raj_pmc@yahoo.com

0 Answers  

---

Parties from where we can deduct TDS in a manufacturing company?

0 Answers  

---

If TDS on Rent is to be charged on Rent which includes Maintenance Charges which are clearly evident, then has TDS on REnt also to be charged on Maintenance Charges?

2 Answers  

---

witch one is the best book of Tax preparation tell me as soon as waiting for ur reply .

1 Answers  

---

do we have tds in nigeria

0 Answers  

---

which form will applicable for tds

1 Answers   Matrix,

---

In an E1 trasaction, if the dealer fails to get the E1form from his supplier& submit it to the Sales Tax Authority, then how much will be the expected penalty from Sales Tax department, if the local tax of those item is 14.5%? Please Note: Dealer has submitted all other documents to sales tax including customer Cform expect E1 form. Kindly give us the valuable answer with the supporting CST circular number.

0 Answers  

---

we have recd. 2 c form agn. 1 qtr so can we issue 2 e-1 form

1 Answers   ABC,

---

what is the last date of return filling,payment of tds, professional tax,service tax, income tax, ESI,FBT for consultancy firm?

2 Answers  

---

What will be general entry for VAT or Sales Tax paid to government in cash for an Financial year?

1 Answers  

---

what is the percentage of W.C.T T.D.S to deduct from vendor, and is this includes T.D.S deduction or again T.D.S has to deduct separately?

0 Answers  

---