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Changes in Finance Act. [TDS] in Tally.ERP9

As per Finance Act, for the Financial Year 2009-10 surcharge or Cess is not applicable for TDS with effective from 1st April, 2009. For tax deduction only the specified TDS rates are considered.

Changes in the Surcharge and Cess are applicable as follows.

Nature of payment

Whether surcharge is applicable

whether education cess  @ 2% and secondary and higher education cess @ 1% is applicable

Salary to a resident or non resident

No

Yes

Payment other than salary to a resident

No

No

Payment other than salary to a non-resident not being foreign company

No

Yes

Payment other than salary to a foreign company (payment or credit subject to TDS does not exceed Rs.1 Crore)

No

Yes

Payment other than salary to a foreign company (payment or credit subject to TDS exceeds Rs.1 Crore)

Yes @ 2.5% of TDS

Yes

 

Note: Surcharge/ Cess changes are provided in Stat Version 90 for Tally.ERP 9 Release 1.5. The Transactions recorded prior to Stat Version 90 in Tally.ERP 9 (earlier releases) will  have the Surcharge and Cess amount deducted. Such Deducted Surcharge and Cess can be claimed as returns from the Income Tax Department by the Deductee.

 
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