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DETAILS OF TDS

SUNIL9871 Started The Discussion:

Hi friends i have required new tds details, i.e professional, contractor, pattycontactor and others and also mention the which book mentioned good content of tds . thanking you sunil kumar

GurumurthySB - Member Since: Aug 2007
Hi Sunil, Please find attached details that you required. regards, Guru


Attached FilesProvided by community member GurumurthySB. Join us to learn and grow with your peers.
File Type: xls tds_calculator__ver._2.0_886.xls (67.0 KB, 1121 views)
File Type: xls tdscalculator_-0708_115.xls (34.0 KB, 712 views)
joseph.navin@gmail.com - Member Since: Feb 2007
Government enforce TDS, in different slab for different categories.

for salaried people, the current IT slab is

Basic Exemption Rs.1,10,000/-
From 1,10,000/- to 1,50,000 @ 10%
1,50,000/- to 2,50,000 @ 20%
2,50,000/- onward @ 30%
Surcharge to be levied @ 10% in case taxable income exceeds Rs.10,00,000/-. Education Cess to be added @ 3%.
However Basic Exemption for Woman Tax Payers shall be Rs.1,45,000/- and for Senior Citizen Rs.1,95,000/-
2. Education Cess @ 3%
this is is applicable with effect from 1.4.2007.

the total tax payable should be deducted asTDS in salary in 12 installments.

if u r searching IT slab for different heads, refer below


1. The rate of deduction of tax at source w.e.f. 1st April, 2007 are as under :
(i). Payment to Contractors
Tax : 2%
Surcharge : 10% of Tax
Education Cess : 3% of tax and surcharge.
Hence over all rate will be 2.266% if surcharge is applicable otherwise the rate will be 2.06%.

(ii). Payment to Sub-Contractor
Tax : 1%
Surcharge : 10% of Tax
Education Cess : 3% of Tax & surcharge
Hence over all rate will be 1.133%, if surcharge is applicable and otherwise it will be 1.03%.

(iii). Payment of interest
A. If paid to a person other than a company
Tax : 10%
Surcharge : 10% of tax
Education Cess : 3% of Tax & Surcharge
Overall TDS rate : 11.33% if surcharge is applicable and otherwise 10.30%.

B. If paid to a company
Tax : 20%
Surcharge : 10% of Tax
Education Cess : 3% of tax and surcharge
Overall TDS rule : 22.66% if surcharge is applicable and otherwise 20.60%.

(iv). Payment for Professional/Technical Services/Commission/ Brokerage
From 01.04.2007 to 31.05.2007
From 01.06.2007 onwards
Tax Rate 5%
Tax Rate 10%
Surcharge 10%
Surcharge 10% Tax
Education Cess 3% of the Surcharge
Education Cess : 3% of Tax & Surcharge

Overall TDS Rate 5.665% if surcharge is applicable otherwise 5.15%
Overall TDS rate 11.33% if surcharge is applicable, otherwise 10.30%


(v). Payment of Rent for Land and Building
A. If paid to an individual or HUF
Tax Rate : 15%
Surcharge : 10% of Tax
Education Cess : 3% of tax & surcharge
Overall TDS rate : 16.995% if surcharge is applicable otherwise 15.45%

B. If paid to a person other than individual or HUF
Tax Rate : 20%
Surcharge : 10% of Tax
Education Cess : 3% of Tax & Surcharge
Overall TDS Rate : 22.66% if surcharge is applicable erwise 20.60%

(vi). Payment of Rent for Plant and Machinery
From 01.04.2007 to 31.05.2007
From 01.06.2007 onwards
Tax Rate: 15% if paid to individual or HUF
: 20% if paid to a person other than Individual and HUF
Tax Rate : 10% for all
Surcharge :10%
Surcharge 10% Tax
Education Cess : 3% of Tax and Surcharge
Education Cess : 3% of Tax & Surcharge

Overall TDS Rate :16.995% or 22.66% if surcharge is applicable otherwise 15.45% or is 20.60%
Overall TDS rate 11.66% if surcharge is applicable, otherwise 10.30%

Surcharge for deducting tax at source shall be leviable in case where payment is made to an individual or HUF, AOP or body of individual when aggregate amount paid or likely to be paid and subject to tax deduction exceeds Rs.10 lakhs, in case payment is made to a firm or a domestic company when aggregate amount paid or likely to be paid exceeds Rs.1 crore. In the case of payment to other than a domestic company the surcharge shall be levied @ 2.5%. Applicability of surcharge, in case payment exceeds the above prescribed limit is effective from 01.04.2007.
4. Change in rate of deduction of tax at source on payment of commission, brokerage, professional/technical services, rent shall be effective from 01.06.2007.
5 Applicability of increased limit of Rs.10,000/- for non deduction of tax in respect of payment of interest by bank shall be effective from 01.06.2007.
6. Applicability of leviability to deduct tax at source on payment by individual/HUF having turnover exceeding the limit prescribed in Section 44AB in respect of payment to contractors shall be effective from 1st June, 2007.

Hope this will help u.

sureshnarne - Member Since: May 2008
TDS on RENT is common for individual or company and basic rate is 20% + sur 10% + EC 2% + SHEC 1%

girishkamat1 - Member Since: Apr 2009
Re: Details of TDS

Hello Gurumurthy & Navin,

Thanks a lot for the information provided by you.

Further to that it would be very helpful to me if you send me an updated version of the same i mean for the latest TDS calculation.

Thanks for the favour,
Girish

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