Please Help: Calculation of Service Tax and TDS Amount
Posted Date : 22-Feb-2012 , 01:24:58 pm | Posted By Mohit Goyal
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.
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.
Category : Income Tax | Answers : 2 | Comments : 2 | Hits : 768
Answers
Answer By: Ashish Karundia
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.
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.
Answer By: Rambabu Senkarasetti
I agree with above answers
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