what is withholding tax? when we use withholding tax?
what are the procedure in steps for calculating tds plz
tell me about all........
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Answer Posted / jagannadharao
when a payer paying some amount (rent,salaries,interest,
professional charges etc) he withheld some amount and pays
the remaining amount. and payer remits the withheld amount
to the income tax authorities on behalf of the payee. this
facilitates the proper collection of the tax.
caluculation of the tds depends on the nature of payment.
rates are prescribed by the finance act.
for example if a payer pays more than Rs10000 rent he
should deduct 2.02% of the amount.
if it is professional fee it is 10.30%.
( these rates will from country to country)
Note: Rates applicable in india are found in IncomeTax
Ready Reckoner)
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