Interested to Buy Any Domain ? << Click Here >> for more details...
what is withholding tax? when we use withholding tax?
what are the procedure in steps for calculating tds plz
tell me about all........
- 12 Answers
- 103926 Views
- IBM, Patni, TCS, I also Faced
- E-Mail Answers
Answer Posted / srinath shenoy
Withholding tax terminology is popularly used for the word TDS from the amount payable to non-resident companies. Like we deduct TDS in India for various kind of professions, salary, rent, commission, interest etc, we deduct withholding tax from the same kind of charges charged by non residents and pay the deducted withholding tax to the government.
The various rates of WHT for the different kind of charges are as below:
Dividends- 10%
Interest- 20%
Royalties- 20%
Technical Services- 20%
Any other Services :
for Individuals, 30% of net income
for Companies/Corporates - 40% of net income
These rates are applicable for those who are not under DTAA agreements.
India has different rates than above for the countries who are under DTAA agreements. These can be availed in Income tax india website or from any income tax ready reckoner books.
Procedure calculating the TDS :
a.while making the payment, deduct TDS as per the rates applicable.
b. book the same in your accounts and a liability will be created in your books of accounts.
c.Pay the deducted TDS to the government within 7th of every following month of which TDS is deducted.
d.Get the challan numbers, and file the quarterly eTDS returns within 20 days after completion of related quarter.
| Is This Answer Correct ? | 21 Yes | 5 No |
Post New Answer View All Answers
tell about u r business proceses?
What is a document header? : fi- general ledger accounting
Explain assets under construction (auc) in sap : fi- asset accounting
What is a special period? When do you use it?
When I enter the VAT registration number in OBY6 - company code global data, I get the following error. Entry of a VAT reg.no.is only possible for co. codes in EC countries Message no. FC199. My co.code country is RO - Romania. Where do I mention that co.code country is EC country ? Awaiting your early reply friends Regards, Janardhan
How can be or in what way baseline date is important in automatic payment program run?
What is the basic purpose of creating a profit center?
What are the two options for entering plan data? : co- cost center accounting
What is meant by framework? Is the framework related only to automation or it is applicable to manual testing too?
What are the segments in asset master ? : fi- asset accounting
Hi 1) question can u explain me a suitation where in we can change from GL Account to Opwen Item Account. 2) What is ACH in SAP please explain in detail.
How do you configure electronic bank statement?
How do you deal with tax when you post an invoice? : fi- accounts payable
We always copy company code or we can create manually also? If possible give reasons also.
What is a credit memo? : fi- accounts payable
