Hi all
I need some information about surcharge applicable on salary
recently I heard that the surcharge on salary slashed
i would like to know the present status
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 20 October 2009
Dear Vijju
No there is surcharge on salary. payment..........but no surcharge on TDS .........................
Vijju
(Finance Dept)
(54 Points)
Replied 20 October 2009
sorry
i am not getting you
TDS on salary + if salary exceeds 10 lakhs surcharge applicable
is it correct or not
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 20 October 2009
1. Surcharge is only applicable in case of payment to foreign company when payment is more than 1 crore.
2. Education cess is applicable only in case of Salary TDS and in case of payment to non-resident or foreign company.
regards,
ratan
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 20 October 2009
Vijju
Oops....there is mistake in my above message....yes no surcharge on salary payment........
Deeps
(Article Assisstant)
(2485 Points)
Replied 20 October 2009
Latest Union Budget Highlights 2009-10
Union Budget 2009-10 Highlights
• Budget spells out the target for the UPA: To bring back the 9% growth
• Commodities Transaction Tax (CTT) to be scrapped
• 10% surcharge on personal Income tax scrapped
• Fringe Benefit Tax (FBT) to be scrapped
• IT exemption limit for Women hiked to Rs 190,000
• IT exemption limit for Senior Citizens hiked to Rs 240,000
• Rs 12000 crore earmarked for expenditure on rural roads in FY 2010
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• Service Tax to be now apllicable on law firms
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• Customs Duty on import of Gold and Silver increased
• Branded women's jewellery to be cheaper
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• Corporate Tax unchanged
• One rank-one pension scheme to be in place for Ex-Servicemen
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