Confusion on Surcharge

Tax queries 9826 views 9 replies

ysd prasad

Accounts officer

250 Points Joined April 2009

Dear Experts…,

Can you tell me that is there any mistakes in the following points……..???????

Surcharge and cess is abolished on any TDS payment ( w.e.f 1^st Oct 2009 to till date ) except salaries.

Surcharge is abolished for firms ( w.e.f 1^st Oct 2009 to till date )

Surcharge is applicable for Companies @ 10% and for foreign company is 2.5% if the net taxable income above 1crore w.e.f 1^st Oct 2009.

for AY 2011-12 surcharge @ 7.5% on pvt ltd companies and @ 2.5% on foreign companies if net taxable income above 1crore.

If any Individual person or women or Senior Citizen having taxable income above 8 lackhs then there is no Surcharge.

Thank you,

PRASAD

Replies (9)

Vivek Angrish

Manager Finance & Accounts

232 Points Joined December 2009

Dear Mr. Prasad.

1.Regarding your first point, surcharge is there on TDS deducted on Payment made to Foreign Co. @ 2.5%, on rest there is no surcharge including on salaries.

2.Your second point is right.

3. Your Third point is also right.

4. In Fourth Point, substitute the word pvt. ltd. co. with Domestic Co..

5. There is no surcharge in case of individuals inspite of their income.

For the Rates of Income Tax, TDS and surcharge there on for A.Y 11-12 you can refer the below file :

Chintan Shah

534 Points Joined October 2009

Agree with vivek ji.... thx for d file...

C.Balaji

Learner

1867 Points Joined October 2008

Agree with Vivek.........

CA Priya

CS Final

1049 Points Joined September 2009

Wrto first point Surcharge and Cess is removed with retrospective effect........ i.e from 01.04.2009......... Agree with others in the remaining points ..............