Interested to Buy Any Domain ? << Click Here >> for more details...
What is TDS and what are the various rates of TDS?
- 2 Answers
- 14626 Views
- IBM, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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%
| Is This Answer Correct ? | 27 Yes | 10 No |
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
| Is This Answer Correct ? | 7 Yes | 3 No |
How much in the inter state tax CST For the LPG Stove
how to calculate T.D.S on the basis of current I.Tax slab if the monthly salary is 50,000 p.m.
Which Schedule must prepared with Balance Sheet as a supporting documents. breifly explain? like depriciation,debotrs,creditors
Hi, I am a VAT/CST dealer in Pune. I had got a work contract with other AP state government. can i purchase material in AP state on 2% CST on issuing 'C' form and supply the same material to the AP state government on VAT /CST 5%. As the government departments are not issuing 'D' forms. please guide.
What is the difference between SALES TAX and VAT?,When we'll pay VAT?,and when we'll pay VAT?
vat amount payable in financial year 2010-2011 Rs. 25000.00 but we paid Rs. 35000.00. This exces payment will be carried in next financial year?
if we have amc any vendor 25,000 pa. should we deduct TDS
can we issue F Form within the state? if yes what is the condition?
pls help me make a full salary with all deduction like PF, ESI, HRA, Basic, conveyance etc with full rates% supose my salary is CTC 10660/- & give me full form of CTC
what is meaning the central excise duties
Wat is capitalgains?
If we use google licence in our office for one year.Google raised invoice annualy. so that on which section tds will be deducted.
Audit 
