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TDS

Nagesh Midde (student) (191 Points)

07 February 2008

Is surcharge apply, if we deduct TDS for company deductees. or any limit for surcharge?

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6 Replies

Amit Sharma (article) (2677 Points)
Replied 07 February 2008

Yes, it is applicable,,,,, For individuals--- an amount in excess of Rs 10L. Charge 10% on amount. Add amount+ Surcharge MULTIPLY with 3% Cess. Add all together, it will give you the amount. Please mention catergory of assessee, then will accordingly give you rates applicable. Hope u understood now, Regards, Amit

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CA Anil Jain (Chartered Accountant) (696 Points)
Replied 07 February 2008

In company/Frms case 1crore and in other case 10 lakh for Surcharge in case of deducting TDS.

M.Sriram Shenoy (CA Final) (814 Points)
Replied 07 February 2008

Surcharge applies at 10% for Individuals whose Gross Total Income exceeds Rs.10 lacs. For firms and companies surcharge applies if their income exceeds Rs.1 crore.

Nagesh Midde (student) (191 Points)
Replied 07 February 2008

Thanks Mr Amit. Now iam giving one example. for instance, we received a bill from ABC Pvt Ltd, and we go to deduct TDS on that bill. (Say bill amount is Rs.5000/- and it is for professional/consultancy reg)(194J). How much TDS we cut on that amount. Now my question is there any surcharge applied or not? please give me reply with illustration. Thank you.

Raghupathy (Business Controller) (23 Points)
Replied 07 February 2008

It is advisable to deduct @ 11.33% . As you don't have any document with you to prove that ABC Pvt. Ltd., has taxable income of less than 1.00 crore

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jagan (student) (82 Points)
Replied 07 February 2008

i thnik if the deuctor paying more than 1 crores for a company and payment to a individual above 10 lakhs the surchage is applicable and not the income of the deductee is to be considered, please check and tell me. in my mail id jagannathan @ vkcforex.com