Please Help: Calculation of Service Tax and TDS Amount
Posted Date : 22-Feb-2012 , 01:24:58 pm | Posted By: Mohit Goyal
Category :
Income Tax | Answers :
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Comments :
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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. |
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Answers:
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 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.
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| Answer by: Rambabu Senkarasetti |
| I agree with above answers
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| Comments |
| Posted By : Somya Bansal |
22-Feb-2012, 03:40:00 |
| Hello 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
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| Posted By : Somya Bansal |
22-Feb-2012, 03:39:38 |
| Hello 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
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