Tds Rates are NIL On Transport
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 ...
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/-
The TDS rate on any photography service is 10%. This tax amount is required to be deducted at the source.
Kindly le Let me know if tds due date falls on sunday,can it be paid next day Kavita
Cash / Bank A/c. ------Dr. Tds receivable A/c.-----Dr. To Sundry Debtor A/c.------Cr.
Next working day.....
1.5%
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.
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500
TDS is Tax Deduction at Source which is deducted from the service holder/ consultant during payment. At present, TDS is 10.1%. Service tax is a tax payable on the service provided by the service provider, at present it is at 12.36%
This all depends on who is renting. It will range from 10% to 20%.