I am proprietor of a consulting frm. My clients are still deducting TDS from the payments they make to me at 11.33 % (10% +1% +0.33 %). Since budget has abolished surcharge on individuals, my query is what will happen to this 1% deduction from the payments(i.e. 10 % surcharge on 10 % TDS Rate) when I file my individual tax return in year end.(since profit/TDS belonging to the proprietorship firm will be taxable in hands of individual) as I am not liable to pay any surcharge on my overall tax liability. ?? Regards
1 Replies
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 05 September 2009
| Originally posted by :Rajeev | ||
| " | I am proprietor of a consulting frm. My clients are still deducting TDS from the payments they make to me at 11.33 % (10% +1% +0.33 %). Since budget has abolished surcharge on individuals, my query is what will happen to this 1% deduction from the payments(i.e. 10 % surcharge on 10 % TDS Rate) when I file my individual tax return in year end.(since profit/TDS belonging to the proprietorship firm will be taxable in hands of individual) as I am not liable to pay any surcharge on my overall tax liability. ?? Regards | " |
Return of ur Self Assessed Income Tax will show the amount of tax payable as per the present law which will be of individual in ur case. The ITR will show the TDS amount including surchage.
Self Assessed Tax minus TDS will come as excess TDS which can be claimed as REFUND.
so u'll get refund of excess TDS paid.
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