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
CAclubindia
