How is TDS calculated on property?
TDS has to be calculated on the total sale price and not the amount exceeding Rs 50 lakh.
“Sometimes total sale price, which exceeds `50 lakh in aggregate, may be payable in instalments.
The TDS in that case must be deducted from each instalment no matter how small the instalment is..
How can calculate TDS back?
Better do the reverse calculation and take the TDS paid also as expense. Example: Bill Rs. 1000000. Calculate TDS @ 1% like = 1000000*1/99 = 10101.
What is the TDS rate?
TDS Rates Applicable for a Domestic CompanyTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.2020TDS Rates from 14.05.2020 to 31.03.20215 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)53.752 102 101.5 7.51 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 100.75 3.75 7.51011 more rows•Sep 29, 2020
Is TDS paid monthly?
It means, if the deductor has deducted tax from payments in the month of November, then he has to pay the TDS on or before the 7th of December….8) What are the due dates for TDS?MonthThe due date for payment of TDSMarch30th of April11 more rows
What is TDS and how it is deducted?
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.