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Education Cess

Rugs (56 Points)

27 December 2007

What is the effective date for applying Higher Education cess in FY 2008-09 for the purpose of deductiong TDS and as a whole in Direct Tax and Indirect taxes

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3 Replies

Amit Sharma (article) (2677 Points)
Replied 27 December 2007

Education cess:- 2% Higher Education cess:-1% Total:-3% on sum of( IT & SURCHARGE)

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CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 27 December 2007

The additional cess of 1% is applicable for the Assessment Year 2008-09 and accordingly the TDS Rates need to be reworked considering the Secondary and Higher Education Cess of 1% Secondary and Higher Education Cess on Income Tax TDS, Service Tax etc shall be effected from 11-05-2007. Total Cess hereafter shall be 3% Consequently effective rate of service tax shall be 12.36% from 11-05-2007