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what is tds and what is what is the current rate of tds on
payment of contract and payment of professional charges
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Answer Posted / nutan gonehalli
TDS - Tax Deducted at Source. The Tax is deducted from one
receipt if the income of the rceiver is more than that
prescribed by the Income tax act.
The TDS rate for Contract - 2% & For sub - Contracting is 1
% . advertisement Contract - 1%
if the contract value donot exceeds rs. 50000/- for the year
& single payment donot excceds Rs. 20000/-. In that case
deduction of TDS is not liable.
Professional - 10%
| Is This Answer Correct ? | 11 Yes | 2 No |
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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