'TDS of surcharge' on Rent to individual
This query is : Resolved
07 August 2009
we are paying rent to Mr.X (individual) Rs.2,00,000/- per month. From april 2009 to June 2009 we deducted tax @16.995% i.e. including surcharge. But as per the latest budget, surcharge on personal tax has been removed. what is the effective date for the above amendment...if it 1st Apr-2009 then what about excess amount deducted in the first quarter of 2008-09.
pls reply ASAP.
Thanks in Advance
Gopi
we are paying rent to Mr.X (individual) Rs.2,00,000/- per month. From april 2009 to June 2009 we deducted tax @16.995% i.e. including surcharge. But as per the latest budget, surcharge on personal tax has been removed. what is the effective date for the above amendment...if it 1st Apr-2009 then what about excess amount deducted in the first quarter of 2008-09.
pls reply ASAP.
Thanks in Advance
Gopi
chetan soni
(Expert)
07 August 2009
Removing the surchage on personal tax is w.e.f april 09.
But my friend rate of TDS are effective from 01/10/09.
As in your case you are paying Rent 2L per month to individual. You have charged TDS @ 16.995% till date. Now apply the same rate till Sept 09. Then change the TDS Rate to 10% flat.
But my friend rate of TDS are effective from 01/10/09.
As in your case you are paying Rent 2L per month to individual. You have charged TDS @ 16.995% till date. Now apply the same rate till Sept 09. Then change the TDS Rate to 10% flat.
taxindiaconnect
(Expert)
07 August 2009
Agreed, however the deductee will get the full credit of TDS deducted from 1.4.09 to 30.09.09
Shyam Lal Naik
(Expert)
07 August 2009
The abolition of SC & EC, so far as TDS is concerned, is effective from 01-04-09.
The rate has been changed from 15%, in the instant case to 10% w.e.f. 01-10-09.
The rate has been changed from 15%, in the instant case to 10% w.e.f. 01-10-09.
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