tds on contract
This query is : Open
03 June 2009
if amount paid to any party during a financial year exceeds rs 10 lacs will surcharge be imposable while deducting tax at source
03 June 2009
If it is individual/HUF then yes, it is imposable. In case of partnership firm/company, this limit is 1 cr.
03 June 2009
will the surecharge be imposable even if his income doent exceed rs 10 lacs and what will be the retification procedure if the tds return for all the four quaters has already been filed
03 June 2009
1. Rate of surcharge on income-tax
(a)In the case of individual, HUF, AOP and BOI, the rate of S.C. is @ 10% I.T. , where the income or the aggregate of such incomes (i.e. referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 10,00,000;
b) In the case of artificial juridical person referred to in section 2(31)(vii), the rate of S.C. is @ 10% of I.T.;
c)In the case of firm and domestic company,the rate of S.C. is @ 10% of I.T., where the income or the aggregate
of such incomes (i.e referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 1,00,00,000;
d)In the case of company other than a domestic company,the rate of S.C. is @2.5% of I.T., where the income or the aggregate
of such incomes (i.e referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 1,00,00,000;
As per above bare reading you don't need to apply for surcharge. Just fully make sure the total income does not exceeds the limit prescribed.
In case if surcharge is applicable then you need to file the correction statement for the relevant Qtr's. The details procedure is given at www.tin-nsdl.com have a look.
(a)In the case of individual, HUF, AOP and BOI, the rate of S.C. is @ 10% I.T. , where the income or the aggregate of such incomes (i.e. referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 10,00,000;
b) In the case of artificial juridical person referred to in section 2(31)(vii), the rate of S.C. is @ 10% of I.T.;
c)In the case of firm and domestic company,the rate of S.C. is @ 10% of I.T., where the income or the aggregate
of such incomes (i.e referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 1,00,00,000;
d)In the case of company other than a domestic company,the rate of S.C. is @2.5% of I.T., where the income or the aggregate
of such incomes (i.e referred to in sections given in the chart) paid or likely to be paid and subject to the deduction exceeds Rs. 1,00,00,000;
As per above bare reading you don't need to apply for surcharge. Just fully make sure the total income does not exceeds the limit prescribed.
In case if surcharge is applicable then you need to file the correction statement for the relevant Qtr's. The details procedure is given at www.tin-nsdl.com have a look.
03 June 2009
Agree
04 June 2009
the total income as said above by mr . chetan means what whether it refers to payment made to party providing contractual service or it means income for the purpose of filing income tax return
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