TDS (when surcharge included)
This query is : Resolved
Guest
Guest
(Querist)
24 September 2008
Hi Experts..
TDS rate includes basic IT rate plus(SC+EC)..
But Surcharge will be applicable only when the ? exceeds Rs. 10Lacs(individual/HUF) or 100Lacs(Com./Firm) as the case may be...
Now what is to be considered for above Rs. 10 Lacs or R. 100Lacs. Whether it is the amount of transaction made with that party during the F.Y. or it is the income of the party during that F.Y.?
Please help me..
Thanks
Rohit
TDS rate includes basic IT rate plus(SC+EC)..
But Surcharge will be applicable only when the ? exceeds Rs. 10Lacs(individual/HUF) or 100Lacs(Com./Firm) as the case may be...
Now what is to be considered for above Rs. 10 Lacs or R. 100Lacs. Whether it is the amount of transaction made with that party during the F.Y. or it is the income of the party during that F.Y.?
Please help me..
Thanks
Rohit
24 September 2008
There is a surcharge if the recipient is:
* An individual, HUF, AOP or BOI and aggregate of payment or credit subject to tax deduction exceeds Rs. 10,00,000, and
* An artificial juridical person, a firm/domestic company and the aggregate payment or credit subject to tax deduction exceeds Rs. 1 crore.
* An individual, HUF, AOP or BOI and aggregate of payment or credit subject to tax deduction exceeds Rs. 10,00,000, and
* An artificial juridical person, a firm/domestic company and the aggregate payment or credit subject to tax deduction exceeds Rs. 1 crore.
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