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What is the present rate of T.D.S and what is the tax for
person salary at present
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Answer Posted / ranjith
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% 6 months ago
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