How to calculate tds

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2014 DEAR SIR I WANT TO DEDUCT TDS FROM THE ACCOUNT OF PAYMENT MADE TO THE CARPENTER PLEASE SUGGEST ME WHAT RATE IS APPLICAPLE AND HOW TO CALCULATE TDS

Sandeep Dharar

Sandeep Dharar (Expert)

19 April 2014 It should b in 194C, as contract. 1% for Ind./Huf & 2% for other assessee. If the payment made exceeds Rs. 30K in single bill & 75K in the whole Financial Year.

Rupesh Jain

Rupesh Jain (Expert)

19 April 2014 rate of carpenter bill take as professional deduct @ 10% u/s 194J

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2014 thankyou so much sir

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2014 but sir its a contract then how can we calculate its as u/s 194 j

Sandeep Dharar

Sandeep Dharar (Expert)

19 April 2014 Yes that's me saying, it should b under 194C.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2014 sandeep sir if i made a payment to landloard 25000 for rent then what amount shoul i deduct as a tds

Sandeep Dharar

Sandeep Dharar (Expert)

19 April 2014 No TDS should be deducted in that case. Since u r an individual.If u r other than Individual or HUF then u r liable to deduct TDS.
So in the above case TDS is not applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2014 but i am not individual iam a iam paying rent of my company

Sandeep Dharar

Sandeep Dharar (Expert)

19 April 2014 If bill is raised in Co.s name then TDS is attracted on payment of rent above Rs 180000. The rate is 10%

Sandeep Dharar

Sandeep Dharar (Expert)

19 April 2014 And it should b exclusive of Service Tax

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2014 how to calculate tds on salary

Sandeep Dharar

Sandeep Dharar (Expert)

21 April 2014 It is based on slab rate. the slab rate of Income Tax.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 April 2014 Monthly TDS on salary has to be made based on the working of tax for the whole year(monthly TDS will be worked out dividing it by 12) based on the estimated salary less exemptions and deductions considering estimated savings and other payments. Adjustments for actual s has to be done at the year end.

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