Surcharge - Limit for tds

[Guest]

In case of a company whose income will be less than rs. 1 cr for AY 2007-08 & inividuals whose income will be less than 10 lacs, no surcharge is applicable on TDS.But how the deductor will ascertin the same.please tell the procedure,rules etc. Thanks

[Sanjeev Sharma]

Deductor will ascertain on the basis of total amount paid/ payble by him to the dedcutee during the year . If the amount payble by the deductor to deductee during the year is more than above mentioned limit than the deductor has to add 10% surcharge also.

[Guest]

Someone please reply

AI Summary

Clarification Sought on TDS Surcharge Applicability for Companies and Individuals in Assessment Year 2007-08 A query was raised about the applicability of surcharge on Tax Deducted at Source (TDS) for companies with income below Rs. 1 crore and individuals with income below Rs. 10 lakhs for the Assessment Year 2007-08. The question focused on how deductors can determine if a surcharge is applicable. One response indicated that the deductor should assess the total amount paid or payable to the deductee during the year. If it exceeds the specified limits, a 10% surcharge should be added. Another participant requested further clarification on the matter.