Tds rats for the year 2007-2008?

TAX HAS TO BE DEDUCTED FOR F.Y.2007-2008 AT THE FOLLOWING RATES :-
Few Points :-
1) Any Person whose A\cs are Audited/have been/to be Audited (incl.Prop.Firm)
and Firm, Cos. All have to deduct Tax at Source.
2) Education Cess @2% (On Tax + Surcharge)
3) Sec. & H.S. Education Cess @1% (On Tax + Surcharge)
4) Surcharge @10% (if Income of Ind./HUF Exceeds Rs.10Lacs @10% in case of payments to R.F., Cos. If Income exceeds 1Cr.)
57000
Code IF Payments Made to -----------> Individual, HUF Partnership Firm Company 213164.4
Nature of Payments LIMIT, per year Normal @ If Payment >10,00,000 Normal @ If Payment >10,000,000 Normal @ If Payment >10,000,000 156164 12493.12 14093.1...
227257.52
92B Salary AS PER THE INDIVIDUAL/HUF TAX SLAB (ANNEXED)
94A Interest other than interest on Securities (Note 1) 5000 10.3000 11.3300 10.3000 11.3300 ...
94C Payment to Contractor (Advertisement Contracts) 20000 1.0300 1.1330 1.0300 1....
94C Payment to Contractor (Other than Advertisement Contracts) 20000 2.0600 2.2660 2.0600 2....
94C Payment to Sub-Contractor 20000 1.0300 1.1330 1.030...
94H Payments for Commission /Brokerage (upto 31.05.2007) 2500 5.1500 5.6650 5.1500 5....
94H Payments for Commission /Brokerage (From 1/6/2007) 2500 10.3000 11.3300 10.3000 1...
94I Rent (H.P.) 120000 15.4500 16.9950 20.6000 22...
94I Rent for Plant & Machinery (From 1/06/2007 120000 10.3000 11.3300 10.3000...
94J Payment for Professional Fees / Technical Services (upto 31.05.2007) 20000 5.1500 5.6650 5.1500 5...
94J Payment for Professional Fees / Technical Services (From 1/6/2007) 20000 10.3000 11.3300 10.3000 ...
In the Case of Contracts if the single payments exceeds 20000 or Total Payments for the financial Year exceeds 50000 then TDS is applicable.
Note 1: Sec 194 Limit for TDS on Interest from Bank has been increased from Rs 5000/- to Rs.10000/-
Note 2 : Sec 194C TDS is now also required to be deducted by individual & HUF,whose income is taxable u/s 44AB

Note :- 1) Last date of deposit of TDS with Bank :
a) During the year, Upto 31st day of March of the yr.: 7th day of the month following the month of deduction(advisable to deposit by 5th)
b) Deduction on 31st March (year end prov.) : to be deposited by 31st May(EXCEPT SALARY,IN SALARY BY 7th OF APRIL IS APPLICABLE)
2) In case of delay of payment of TDS the expenses will be allowed in the year of deposit.

SERVICE TAX w.e.f. : 11.05.2007 12.36%
SERVICE TAX w.e.f. : 18.04.2006 12.24%
SERVICE TAX w.e.f. : 10.09.2004 10.20%
SERVICE TAX w.e.f. : 14.05.2003 8.00%
SERVICE TAX w.e.f. : 16.10.1998 5.00%
(Bills Raised on or after 11.05.07 must be charge @12.36%, but for bill raised earlier but
payments recd. After 11.05.07 the rates shall be the same as charged in the resp.bills)
(Note:- For delay in depositing Ser. Tax, interest @13% is to be paid for no. of days of delay)



DISCLAIMER:YOU SHOULD CHECK/CONFIRM FROM INCOME TAX ACT & OTHER PROVISION/RULES.

More details in the below mentioned weblink..click them to find out..

http://www.taxworry.com/2007/03/what-are...

http://simpletaxindia.blogspot.com/2007/...

Hope this info is useful....
i wish u good luck..
Happy investing..!!!!!!!!!!!!!!!!!

Full details about TDS are given in the web link given below.

http://incometaxindia.gov.in/general/tds...

The general rate of TDS for the FY 2007-08 is as belows:

194A Other Interest 20%
194B Winning from Lotteries 30%
194C Payment to Contractors 2%
194C Pay to Advt/Sub Contractors 1%
194D Insurance Commission 20%
194H Commission/Brokerage 10%
194I Rent 20%/15%
194I Rent-Plant / Machinery 10%
194J Professional Fees 10%

Surcharge and Education cess is also application as per Income Tax rules.

tds 10% plus applicable surcharges on income from interest. re tds regarding salary, it depends on your total income