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Surcharge adjustment on TDS!!

TDS 683 views 1 replies

Rajeev

54 Points Joined June 2009

I am proprietor of a consulting frm. My clients are still deducting TDS from the payments they make to me at 11.33 % (10% +1% +0.33 %). Since budget has abolished surcharge on individuals, my query is what will happen to this 1% deduction from the payments(i.e. 10 % surcharge on 10 % TDS Rate) when I file my individual tax return in year end.(since profit/TDS belonging to the proprietorship firm will be taxable in hands of individual) as I am not liable to pay any surcharge on my overall tax liability. ?? Regards

Replies (1)

CourseCart.in

Mentor at SHAYVIDZ Academy

3756 Points Joined September 2007

Originally posted by :Rajeev
"	I am proprietor of a consulting frm. My clients are still deducting TDS from the payments they make to me at 11.33 % (10% +1% +0.33 %). Since budget has abolished surcharge on individuals, my query is what will happen to this 1% deduction from the payments(i.e. 10 % surcharge on 10 % TDS Rate) when I file my individual tax return in year end.(since profit/TDS belonging to the proprietorship firm will be taxable in hands of individual) as I am not liable to pay any surcharge on my overall tax liability. ?? Regards	"

Return of ur Self Assessed Income Tax will show the amount of tax payable as per the present law which will be of individual in ur case. The ITR will show the TDS amount including surchage.

Self Assessed Tax minus TDS will come as excess TDS which can be claimed as REFUND.

so u'll get refund of excess TDS paid.