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Tax deduction at sources for an IT (Information Technology) Consultant - which rate is applicable?


How much percentage needs to deduct for an IT consultant.
Pls explain with an example if possible:
Consultant monthly payment is Rs. 80,000/-.

Suresh

u r coming under the catergory of professional and consultancy. so ur TDS rate for this year is income Tax 5%, surcharge - 10% E.Cess - 3% so ur TDS rate is 5.67% Ur monthly payment is 80000 means u have to deduct 5.67% on that amount i.e. 80000 X 5.67% = 4536. Ur net payment to IT consultant will be 80000 - 4536 = 75464. u have to remit this 4536/- to govt a/c via corresponding challans.
You already have got the correct answer from munch.
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