TDS (when surcharge included)

This query is : Resolved

Guest

Guest (Querist)

24 September 2008 Hi Experts..

TDS rate includes basic IT rate plus(SC+EC)..

But Surcharge will be applicable only when the ? exceeds Rs. 10Lacs(individual/HUF) or 100Lacs(Com./Firm) as the case may be...

Now what is to be considered for above Rs. 10 Lacs or R. 100Lacs. Whether it is the amount of transaction made with that party during the F.Y. or it is the income of the party during that F.Y.?

Please help me..

Thanks
Rohit

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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24 September 2008 There is a surcharge if the recipient is:

* An individual, HUF, AOP or BOI and aggregate of payment or credit subject to tax deduction exceeds Rs. 10,00,000, and
* An artificial juridical person, a firm/domestic company and the aggregate payment or credit subject to tax deduction exceeds Rs. 1 crore.