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Q. > Please Help: Calculation of Service Tax and TDS Amount
Dear Experts,
I have to make payment for services to Foreign Service Provider for services rendered in India.
Payment Amount - 7700 GBP (Net of TDS & ST)
TDS Rate - 20.60%
ST Rate - 10.3%
What amount of ST and TDS i need to deposit apart from GBP 7700 to supplier.
answered Feb 22, 2012 by Ashish Karundia , New Delhi
Dear Mohit,
In the instant case, Service tax will be calculated at the rate of 10.3% on 7700 GBP and thereafter the same has to be converted into INR and deposited. Further, TDS at the rate of 20.60% has to be deducted on the aggregate (i.e.7700 GBP plus service tax) and deposited.
Hope the above suffice.
answered Jul 02, 2012 by Rambabu Senkarasetti , Guntur
I agree with above answers
Experts Panelist
Comments
Somya Bansal
22-Feb-2012 , 03:39:38 pmHello Mohit, Your grossed up service taxable: 11143 GBP (7700/69.10*100) TDS to be deposited on it: 2296 GBP Service Tax Payable: 1147 GBP
Somya Bansal
22-Feb-2012 , 03:40:00 pmHello Mohit, Your grossed up service taxable: 11143 GBP (7700/69.10*100) TDS to be deposited on it: 2296 GBP Service Tax Payable: 1147 GBP