Is surcharge and education cess applicable on TDS u/s 195?

Rate of TDS under Section 195 For payments made according to DTAA rates, no additional education cess or surcharge is applicable.

How is TDS calculated under section 192?

Rate of TDS Deduction The TDS to be deducted by dividing the estimated tax liability of the employee for the financial year by the number of months of his employment under the particular employer. However, if there is no PAN of employee, TDS shall be deducted at the rate of 20% plus 4% cess.

What is the minimum amount for TDS deduction?

The threshold for deduction of the TDS under section 194C is Rs. 1,00,000/- for aggregate payment of the whole Financial Year and Rs 30,000/- for the single payment.

What is surcharge and education cess on TDS?

In the case of non-resident person and company other than domestic company “Education Cess on Income-tax” and “Secondary and Higher Education Cess on Income-tax” shall be calculated at the rate of two percent. and one per cent. respectively, of income tax including surcharge, wherever applicable.

What is Form 27Q in TDS?

27Q is the statement of TDS return that is required to be filed when tax is deducted and deposited while making payments (other than salary) to non-residents.

What is 192 2B of income tax?

Section 192(2B) enables a taxpayer / employee to furnish particulars of income under any head other than “Salaries” to his employee for inclusion in taxable income and deduction of tax at source. Usually following incomes declared for inclusion and documents / certificates submitted by the employee for verification.

What is Section 192 2A income tax?

1 Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in Para (3.1).

Who is eligible for TDS deduction?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.

How is surcharge and cess calculated?

Cess is calculated on total tax and surcharge amount; surcharge is calculated not on the income but only on the total tax amount. 5. Cess is collected from every taxpayer to meet a certain purpose, and the surcharge is an additional tax collected from the taxpayers who have higher slab income. 6.

Is education cess mandatory?

An education cess is an additional levy that is applied on the basic tax liability by the Government to generate additional revenue to fund primary, secondary and higher education. Apart from individuals, even corporations are required to pay this cess every year at rates determined during the annual budgets.

What is minimum salary for TDS?

20 min read. for the relevant financial year. The TDS deducted u/s 192 is reflected in Form 16, which is issued by the employer to the employee….When is TDS Deducted under Section 192.

Age	Minimum income
Senior Citizens between 60 years and below 80 years	Rs 3 lakh
Super Senior Citizens above 80 years	Rs 5 lakh