The Government has revised the service taxes and income tax and it is effective from today.
Service Tax will be charged @ 14%. In case of Abated Rates, following rates are applicable:
Income Tax:
- Your Bank / PO will deduct TDS on RD (Recurring Deposit) if interest more than 10000/- PA.
- Here after, the Real Estate Transaction for Rs.20,000/- or more to be made by cheque / banking channel only
- If any Payments exceeding Rs.1 Lac, PAN is required to be quoted.
- The Payments to Transporter exceeding Rs.30,000/- or Rs.75,000/- per annum, TDS to be deducted.
- All the Payments to NRI / Foreign Companies, Etc., Form # 15CA & 15CB required.
Service Tax:
Service Tax will be charged @ 14%. In case of Abated Rates, following rates are applicable:
- Lodging: 8.40%
- Restaurant: 5.60%
- Catering: 8.40%
- Hall with Catering: 9.80%
- Vehicle Rent: 5.60%
- GTA Transports: 4.20%
- Builder- Res: 3.50%
- Builder-Comm: 4.20%
- Civil Contractor with Mat: 5.60%
- Erection with Material: 5.60%
- Repair / Maintenance of Building or goods: 9.80%