For Payment under the head Contractor...the rate is 2.266% (If the receiver is a company) & its bifurcation is as under.
Tax Rate : 2.00
Add- Surcharge (10%) : 0.20
Add- Edu Cess (2%) : 0.044
Add - Sec Hig Edu (1%) : 0.022
THUS TOTAL RATE COMES TO 2.266%
Likewise the rates are same for Individuals & firms, except the thing that they are not charged with Surcharge of 10%
TDS - contract comes to 2.06% for this financial year.
Surcharge is applicable if that contract companies turnover is more than 10 lacs in the financial year. otherwise it is only the Tax - 2% and cess of 3% on the tax totally 2.06%
I am in new member.. plz send me all company details like TDS/FBT/VAT etc.. I am service in Pvt. Ltd. Co. as a executive accountant. I know all rules about income tax. But for updating purpose..
Please let me know about on how much amount of transcation TDS deduction shuld be compulsory in case of both company & non-company.
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