If Company has to pay to an Individual towards contract above Rs.10 lakh., will it deduct sucharge as well? If yes then at what rate? what is the slab of Surcharge to be deducted for Individual & Company?
From financial year 2009-10 (A.Y. 2010-11) onwards, no surcharge is applicable to individuals except in case of Salary payment.
surcharge is applicable to Company only having income over 1 crore @ 10%
please make correction even surcharge in not on salary payment too.
No Surcharge on TDS in case of payment is made to Resident or Domestic Company No Surcharge on TDS in case of payment is made to Non Resident other than Foreign Company 2.5% Surcharge on TDS if the recipient is a foreign company and amount exceeds Rs. 1 Crore. 2. Education Cess No EC or SHEC on TDS in case of payment is made to Resident or Domestic Company [Other than Salary] 3% EC and SHEC (2% + 1%) on TDS in case of Salary 3% EC and SHEC (2% + 1%) on TDS in case of payment is made to Non Resident
That means for Individual, no need to deduct Surcharge. Further, Can I have any reference for the same?
Thank in advance....