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What is the rate of tds?
TDS Means Tax Deduction At Source .... Tax is the applicable Rate is to be deducted from the salary from the employee at the time of paying/ crediting the salary.... TDS rate is Depending on Basic amount ...
What is the current rate of tds for freight?
Tds Rates are NIL On Transport
Have to deduct tds on Service Tax while making party payment?
TDS has to be deducted based on the TDS Rates provided for different nature of transactions like 2.266% for contractors, 1.133% for subcontractors and advertisement contracts, etc., TDS is required to be deducted on the Payment being made / amount credited to the party account. for example Consultancy service chages are Rs.1,00,000/- Add : Service Tax @ 12.36% Rs. 12,360/- Totaling to Rs.1,12,360/- Rate of TDS 11.33% on Rs.1,12,360/- amounts to Rs. 12,730/-
What is tds rate on photography service?
The TDS (Tax Deducted at Source) rate on photography services in India is typically 10% for individuals and Hindu Undivided Families (HUFs) and 20% for other entities like companies. This rate is applied to the total amount paid for the photography services and is deducted by the person making the payment. It is important for both the service provider and the service recipient to ensure compliance with TDS regulations to avoid penalties or legal issues.
When due date of TDS payment falls on Sunday can you make payment on next day?
Kindly le Let me know if tds due date falls on sunday,can it be paid next day Kavita
What is the journal entry payment after cutting tds?
Cash / Bank A/c. ------Dr. Tds receivable A/c.-----Dr. To Sundry Debtor A/c.------Cr.
If 7 is holiday when due date of tds payment?
Next working day.....
How Common area maintenance CAM charges to be treated in tds?
Common Area Maintenance (CAM) charges are typically treated as part of the rent for tax deduction purposes under the Income Tax Act in India. When making payments for CAM charges, Tax Deducted at Source (TDS) is applicable if the total payment exceeds the prescribed threshold. The applicable TDS rate for CAM charges generally aligns with the rate for rent, which is currently 10% for residents. It's essential for landlords to issue TDS certificates to tenants for the deducted amount for their tax records.
Interest rate on deposit of tds after due date?
1.5%
What is the meaning of TDS in bank sector?
TDS refers to Tax Deducted at Source. In regard to certain incomes, government makes it mandatory to deduct a certain amount of tax by the person who is making payment to other party. For example, while making rent payment by the tenant to the landlord, tenant may be required to retain a certain amount of rent payment as tax (TDS) and deposit the same with the government.
What name should write on tds payment cheque?
When making a TDS payment via cheque, you should write the name of the deductor or the entity responsible for the TDS payment on the cheque. This is typically the name of the business or individual that is deducting tax at source. Additionally, ensure that the cheque is drawn in favor of the "Account No. 0051" of the Reserve Bank of India (RBI) or the designated bank specified for TDS payments. Always verify the relevant details with the latest guidelines from the Income Tax Department to ensure compliance.
What is the journal entry of payment received from debtor after deducting tds?
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500
