What Are the TDS Rate on Salary for FY 2007-08?

ankur.rajan@sabmiller.in asked “what are the tds rate on salary for fy 2007-08″

The Finance Bill 2007 in Part III of First schedule has the rate of tax to be deducted at source from Salary and also advance tax for FY 2007-08. This is also clarified in the Notes On Clauses of the Finance Bill. The excerpt is given below:

• “Part III of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source from, or paid on, income under the head “Salaries” and also the rates at which “advance tax” is to be paid and income-tax is to be calculated or charged in certain cases for the financial year 2007-2008.”

Click here for the detailed rate of tax for advance tax and TDS for FY 2007-08.