Can anyone help me how to calculate TDS and what is the criteria. Regards Shibin.
From India, Chennai
From India, Chennai
Hi Shibin,
Please go to the following following to get a sample tax calculation sheet and discussions by members [/I] [/B]
https://www.citehr.com/283855-tds-de...structure.html
https://www.citehr.com/253397-how-de...-earnings.html
https://www.citehr.com/30218-tds-cal...ncome-tax.html
What is TDS:
TDS or "Tax Deductions at Source" is an indirect method of collecting tax from the Income sources. Income Sources implies to the earnings from several financial instruments and business transactions such as sale of property, interest income from banks on savings, commissions and incentives, any kind of payment received for contracts and services, vendors, dividends and awards or prices earned in the form of money.
It is mandatory as per Indian Income Tax rules that companies as well as working professionals who earn above the aforementioned source from the payments they make.
Everyone cant deduct TDS but to do so, one must have 10 digit alpha numeric “Tax Deduction Account No (TAN)” which is required to obtain all person who is liable to deduct or collect tax at source
There is no uniform rate for TDS deduction. Depending on the source of earnings, it can range from 1% for sale proceeds to 30%, which are as follows
Particular of payments and rate of deduction:
01) 1% – TDS on Individual, HUF contractor or sub contractor
02) 2% –TDS on Other contractor, sub contractor except individual and HUF
03) 2% – TDS on Rent on plant and building
04) 10% – TDS on Interest Income
05) 10% – TDS on Rent on land, building and furniture
06) 10% – TDS on Insurance commission (for other assessee except company)
07) 10% – TDS on Insurance commission company
08) 10% – Commission and brokerage
09) 10% –TDS on professional and technical fees
10) 20%/30% –TDS on Payment to NRI
11) 30% –TDS on Winning from Lottery, crossword, puzzles
12) 30% –TDS on Winning from horse races
For more please visit and read the document at : http://incometaxindia.gov.in <link fixed>
to download ITR forms : Income Tax India
From India, Gurgaon
664Please go to the following following to get a sample tax calculation sheet and discussions by members [/I] [/B]
https://www.citehr.com/283855-tds-de...structure.html
https://www.citehr.com/253397-how-de...-earnings.html
https://www.citehr.com/30218-tds-cal...ncome-tax.html
What is TDS:
TDS or "Tax Deductions at Source" is an indirect method of collecting tax from the Income sources. Income Sources implies to the earnings from several financial instruments and business transactions such as sale of property, interest income from banks on savings, commissions and incentives, any kind of payment received for contracts and services, vendors, dividends and awards or prices earned in the form of money.
It is mandatory as per Indian Income Tax rules that companies as well as working professionals who earn above the aforementioned source from the payments they make.
Everyone cant deduct TDS but to do so, one must have 10 digit alpha numeric “Tax Deduction Account No (TAN)” which is required to obtain all person who is liable to deduct or collect tax at source
There is no uniform rate for TDS deduction. Depending on the source of earnings, it can range from 1% for sale proceeds to 30%, which are as follows
Particular of payments and rate of deduction:
01) 1% – TDS on Individual, HUF contractor or sub contractor
02) 2% –TDS on Other contractor, sub contractor except individual and HUF
03) 2% – TDS on Rent on plant and building
04) 10% – TDS on Interest Income
05) 10% – TDS on Rent on land, building and furniture
06) 10% – TDS on Insurance commission (for other assessee except company)
07) 10% – TDS on Insurance commission company
08) 10% – Commission and brokerage
09) 10% –TDS on professional and technical fees
10) 20%/30% –TDS on Payment to NRI
11) 30% –TDS on Winning from Lottery, crossword, puzzles
12) 30% –TDS on Winning from horse races
For more please visit and read the document at : http://incometaxindia.gov.in <link fixed>
to download ITR forms : Income Tax India
From India, Gurgaon
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc