TDS clarification for Small Companies

TDS / TCS 878 views 3 replies

Ketan

Services

120 Points Posted on 20 July 2009

As for the New TDS rates Im confused on 2 grounds....

1) Heard that Cess nd E.c remains for Small companies deducting TDS

2)Earlier there were different charts for Co. with payment > 1 cror / Payments < 1 cror

Individual / HUF & Firm with Payment upto 1 crore

Individual / HUF & Firm with Payment above 1 crore

Has these brackets gone???

as per your chart its for Individuals / HUF & Other Entity...

Does it mean that If a small co. below 1 crore is deducting TDS of another Co. than it is 20%???

Kindly clarify.......

Replies (3)

VANDANA

MCOM II ICWAI INTER Working as an ACCOU

491 Points Posted on 20 July 2009

Surcharge and Education Cess—

Levy of surcharge has been withdrawn for personal income tax payers . Earlier surcharge was levied at 10% having total income exceeding Rs. 10,00,000/- on such cases.

“Education Cess on Income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent respectively of income-tax.

surcharge for Companies as it is!!! there is no any change,,,,,,,,,,,

Ketan

Services

120 Points Posted on 20 July 2009

Individual does not deduct TDS in any case. So does that mean that a company who deducts TDS @ 10% from Individual does not have to calculate SC & EC.

What rate of TDS is applicable for companies whose total payment is less than 1 crore when it deducts TDS of similar other company???? is it 10% or 20%

CA CS CIMA Prakash Somani

Landmark Group

23517 Points Posted on 20 July 2009

TDS Rates for AY 2010-11 (FY 2009-10)

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