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What is the procedure for TDS Deduction in delhi vat. what is the TDS rate , where it is diposited & which form is used for diposite TDS
i know about Income tax TDS but confuse that the both TDS is deducted from the bill or only one.
Prashant sharma
16th December 2008 From India , New Delhi

Hi
TDS Rates for F.Y.2008-09

Salaries 92B
Male Female Sr.Citizen
Up to 1,50,000 Up to 1,80,000 Up to 2,25,000 - Nil
1,50,001 to 3,00,000 1,80,001 to 3,00,000 2,25,001 to 3,00,000 - 10%
3,00,001 to 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,000 - 20%
Above 5,00,001 Above 5,00,001 Above 5,00,0001 - 30%
More than 10,00,000/- taxable Income add Surcharge 10%

Contractor-Company(94C)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
50,000 to 1 Crore 2% Nil 2% 1% 2.06%
Above 1 Crore 2% 10% 2% 1% 2.266%

Contractor-Individual(94C)
50,000 to 10 Lakhs 2% Nil 2% 1% 2.06%
Above 10 Lakhs 2% 10% 2% 1% 2.266%

Professional-Company(94J)
50,000 to 1 Crore 10% Nil 2% 1% 10.30%
Above 1 Crore 10% 10% 2% 1% 11.33%

Professional-Individual(94J)
50,000 to 10 Lakhs 10% Nil 2% 1% 10.30%
Above 10 Lakhs 10% 10% 2% 1% 11.33%

Rent-Company(94I)
1,20,000 to 1 Crore 15% Nil 2% 1% 15.45%
Above 1 Crore 15% 10% 2% 1% 16.995%

Rent-Individual(94I)
1,20,000 to 10 Lakhs 15% Nil 2% 1% 15.45%
Above 10 Lakhs 15% 10% 2% 1% 16.995%

Any single payment of Contractor and Professinal charges of 20,000 also eligible for TDS(2.06%,10.30%)

Thanks & Regards
Raju Akula


Hi
TDS Rates for F.Y.2008-09

Salaries 92B
Male Female Sr.Citizen
Up to 1,50,000 Up to 1,80,000 Up to 2,25,000 - Nil
1,50,001 to 3,00,000 1,80,001 to 3,00,000 2,25,001 to 3,00,000 - 10%
3,00,001 to 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,000 - 20%
Above 5,00,001 Above 5,00,001 Above 5,00,0001 - 30%
More than 10,00,000/- taxable Income add Surcharge 10%

Contractor-Company(94C)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
50,000 to 1 Crore 2% Nil 2% 1% 2.06%
Above 1 Crore 2% 10% 2% 1% 2.266%

Contractor-Individual(94C)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
50,000 to 10 Lakhs 2% Nil 2% 1% 2.06%
Above 10 Lakhs 2% 10% 2% 1% 2.266%

Professional-Company(94J)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
50,000 to 1 Crore 10% Nil 2% 1% 10.30%
Above 1 Crore 10% 10% 2% 1% 11.33%

Professional-Individual(94J)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
50,000 to 10 Lakhs 10% Nil 2% 1% 10.30%
Above 10 Lakhs 10% 10% 2% 1% 11.33%

Rent-Company(94I)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
1,20,000 to 1 Crore 15% Nil 2% 1% 15.45%
Above 1 Crore 15% 10% 2% 1% 16.995%

Rent-Individual(94I)
Limit TAX S.C. Edu.Cess S.H.E.C. Total
1,20,000 to 10 Lakhs 15% Nil 2% 1% 15.45%
Above 10 Lakhs 15% 10% 2% 1% 16.995%

Any single payment of Contractor and Professinal charges of 20,000 also eligible for TDS(2.06%,10.30%)

Thanks & Regards
Raju Akula
[/quote]

Salaries 92BMaleFemaleSr.CitizenUp to 1,50,000 Up to 1,80,000Up to 2,25,000Nil1,50,001 to 3,00,0001,80,001 to 3,00,0002,25,001 to 3,00,00010%3,00,001 to 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,00020%Above 5,00,001Above 5,00,001 Above 5,00,0001 30%Contractor-Company(94C) Limit TAX S.C. Edu.Cess S.H.E.C. Total50,000 to 1 Crore 2%Nil2%1%2.06%

Salaries 92BMaleFemaleSr.CitizenUp to 1,50,000 Up to 1,80,000Up to 2,25,000Nil1,50,001 to 3,00,0001,80,001 to 3,00,0002,25,001 to 3,00,00010%3,00,001 to 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,00020%Above 5,00,001Above 5,00,001 Above 5,00,0001 30%Contractor-Company(94C) Limit TAX S.C. Edu.Cess S.H.E.C. Total50,000 to 1 Crore 2%Nil2%1%2.06%Above 1 Crore2%10%2%1%2.266%Contractor-Individual(94C) Limit TAX S.C. Edu.Cess S.H.E.C. Total50,000 to 10 Lakhs2%Nil2%1%2.06%Above 10 Lakhs2%10%2%1%2.266%

Salaries 92BMaleFemaleSr.CitizenUp to 1,50,000 Up to 1,80,000Up to 2,25,000Nil1,50,001 to 3,00,0001,80,001 to 3,00,0002,25,001 to 3,00,00010%3,00,001 to 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,00020%Above 5,00,001Above 5,00,001 Above 5,00,0001 30%Contractor-Company(94C) Limit TAX S.C. Edu.Cess S.H.E.C. Total50,000 to 1 Crore 2%Nil2%1%2.06%Above 1 Crore2%10%2%1%2.266%Contractor-Individual(94C) Limit TAX S.C. Edu.Cess S.H.E.C. Total50,000 to 10 Lakhs2%Nil2%1%2.06%Above 10 Lakhs2%10%2%1%2.266%
19th December 2008 From India , Hyderabad
Thresh hold limit of exemption for personal income tax raised to Rs. 150000. The
New Tax slabs and rates are:

Upto Rs.1,50,000 Nil
Rs.150,001-Rs.300,000 10%
Rs.300,001-Rs.500,000 20%
Rs. 500,001 and above 30%

  • In case of women assesses the threshold limit has been increased from Rs.145,000 to Rs.180,000 and for senior citizens from Rs. 195,000 to Rs. 225,000.

  • Scope of eligible saving instruments enlarged under section 80 C. Investments like 5 year time deposit in an account under Post Office Time Deposit Rules, 1981 and Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004 also included.

Sl.No.
I.T Section
Category
Amount of Deduction
1
80C
Aggregate of amount paid/ incurred/invested towards any of the following:
Up to Rs.1, 00,000
a. Premium paid towards Life Insurance Policy not
Exceeding 20% of the total Sum Assured.
b. Any annuity or Deferred Annuity Plan
c. Contribution towards approved Provident Fund
including PPF
d. Subscription towards National Saving Certificate
e. Contribution to UTIs Retirement Benefit Plan.
f. Investment in UTIs Unit Linked Insurance Plan
g. Approved Mutual Fund Investment
h. Repayment of Housing Loan Principal towards
Self-occupied Residential Property
i. Payment of Tuition fees towards any two children
of the assessee
j. Investment in Equity Linked Savings Scheme /
approved Infrastructure Bonds
k. Investment in Pension Fund / Deposit Scheme of
National Housing Bank Under Home Loan
Account Scheme
l. Fixed Deposit of any Scheduled Bank /Housing
Finance Co. for not less than 5 years
m. Investment in Equity Shares Debentures of
approved Public Finance Instn. or Company
2
80 CCC
Premium paid towards IRDA approved Pension Fund
Up to Rs.1, 00,000
3.
80CCD
Amount paid/deposited in an approved Pension Scheme of Central Government & matching contribution made by the Employer to the Pension A/c of individual.
Up to10% of Salary
Up to 10% of Salary
4.
80 CCE
Aggregate of deduction u/s 80C, 80CCC & 80CCD shall not exceed Rs.1 lakh.
----
5
80 D
a. Medical Insurance Premium paid by any mode
other than cash.
Up to Rs. 15,000
b. For Senior Citizens
Up to Rs. 20,000
6
80DD
a. Any expenditure for Medical, Nursing &
Rehabilitation incurred on dependent relative
suffering from permanent Physical Disability,
Autism, Cerebral Palsy and Multiple disability
Upto Rs.50, 000 if disability is over 40% & Rs.75, 000 if disability is over 80%
b. Deposits under LIC, UTIís Scheme & other IRDA
approved Insurers for the benefit of Physically
Handicapped dependent
7
80 DDB
a. Actual expenditure incurred on medical treatment
of self, or dependent relative suffering from
terminal diseases like Cancer, AIDS, Renal failure
etc.
b. For Senior Citizens.
Upto Rs.40, 000
Upto Rs.60, 000
8
80E
Interest on repayment of Loan taken from
charitable / financial institution for Self, Spouse,
Children Higher Education for a maximum of
8 years
Any amount of interest
9
80G
a. Donation paid to P.M.Relief fund, National
Defence Fund, Funds of Universities or
Educational Institution of National Fame, National
Trust for welfare of persons with Autism, Cerebral
Palsy, Mental retardation and multiple disabilities
b. Donations to National Children fund, Jawaharlal
Lal Nehru memorial fund, P.Ms Drought Relief
Fund, Any Charitable / Religious Institutions,
Corporation established for promoting interest of
the members of a minor community.
100% of donation
50% of Donation. In some cases, donation is restricted to 10% of total income.
10
80GG
Deduction in respect of rents paid provided no
house is owned by self, spouse or minor child in
the place of work and is residing in any of the
specified cities
25% of income or rent paid in excess of 10% of income or ceiling of 24,000 p.a whichever is less
11
80U
Persons suffering from permanent physical
Disability and includes Autism, Cerebral Palsy,
Multiple Disability, Person with Disability
and Severe Disability
Rs.50, 000 if disability is over 40% and Rs.75, 000 if disability is over 80%.


Additional deduction of Rs. 15,000 under section 80D to a individual who pays medical insurance premium for his/her parent or parents

Deductions under Chapter VI-A will be allowed only on production of relevant documents
22nd December 2008 From India , Madras
if you are an employee , please do not bother.tds shall be deducted from the salary at appropriate rate and shall be deposited with tax authorities.
in case of some payments the payer is oblidged tds at source and deposit it with tax authorities.
tds means 'tax deducted at source"
one shall have to consult the income tax and the rules for the corresponding year for knowing the rates of deduction.
hope it clarifies.
23rd December 2008 From India , New Delhi
"What is the procedure for TDS Deduction in delhi vat. what is the TDS rate , where it is diposited & which form is used for diposite TDS

i know about Income tax TDS but confuse that the both TDS is deducted from the bill or only one."

Reply:
I do not know about delhi VAT - but the TDS terminology under VAT scheme is quite different from TDS terminology under Income Tax. Under the VAT schemes of various states, usually it is the seller of goods who collects the VAT and the buyer of goods pays the VAT. This amount of VAT collected by the seller has to be deposited by him to the government.

However, to simplify the tax collection (and quicker collection) government specifies certain sectors/unorganised sectors from whom VAT TDS should be collected by the purchaser.

Consequently, in terms of VAT in certain cases, government would say that it is the purchaser of goods who should keep the VAT or part of the VAT.

So for an example - if the cost of goods is Rs. 100. VAT amount Rs. 4. Under normal circumstances, the buyer would have to pay Rs. 104 to the seller of goods.

However, under VAT TDS system if government says 2% VAT TDS. That would mean that the purchaser pays Rs. 102 to the seller. Keeps the remaining Rs. 2 and deposits it in state Government account. And issues a VAT TDS certificate of Rs. 2 to the seller of the goods.

One more thing, that there is no Income Tax TDS on purchase of goods.
28th December 2008 From India , Jabalpur
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