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TDS has to be deducted based on the TDS Rates provided for different nature of transactions like 2.266% for contractors, 1.133% for subcontractors and advertisement contracts, etc., TDS is required to be deducted on the Payment being made / amount credited to the party account. for example Consultancy service chages are Rs.1,00,000/- Add : Service Tax @ 12.36% Rs. 12,360/- Totaling to Rs.1,12,360/- Rate of TDS 11.33% on Rs.1,12,360/- amounts to Rs. 12,730/-
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What is the definition of a 'payor'?
A payment is the transfer of wealth from one party (such as a person or company) to another. A payer is the party making a payment. The payee is the party receiving the payment.
What is the meaning of TDS in bank sector?
TDS refers to Tax Deducted at Source. In regard to certain incomes, government makes it mandatory to deduct a certain amount of tax by the person who is making payment to other party. For example, while making rent payment by the tenant to the landlord, tenant may be required to retain a certain amount of rent payment as tax (TDS) and deposit the same with the government.
What is intent to offset payment?
Intent to offset payment refers to a party's intention to deduct or withhold a payment owed to another party due to a debt or obligation that the latter has to the former. This legal concept is often used in financial transactions or contracts where one party seeks to balance out what is owed against what they are owed. It can arise in various contexts, such as loans, services rendered, or contractual agreements, and typically requires proper documentation to support the offset claim.
What is the party called responsible for payment an obligation?
The debtor is the party responsible for payment obligation on an account.
What is on behalf payment?
On behalf payment refers to a financial transaction where one party makes a payment on behalf of another party, often to fulfill a financial obligation. This arrangement can occur in various contexts, such as a parent paying a bill for their child or a company covering expenses for an employee. The party making the payment typically seeks reimbursement or has prior authorization to settle the debt. It is important to document such transactions to maintain clear financial records.
What does waive all costs mean?
To "waive all costs" means to forgo or relinquish any fees, charges, or expenses that would typically be associated with a service or transaction. This means that the party waiving the costs will not require payment from the other party, effectively making the service or transaction free of charge. It's often used in legal agreements or promotional offers to encourage participation or acceptance.
How can I add funds to my credit card?
You can add funds to your credit card by making a payment through your bank's online portal, mobile app, or by visiting a branch. You can also set up automatic transfers or use a third-party service to add funds to your credit card.
How can I add money to my credit card?
You can add money to your credit card by making a payment through your bank's online portal, mobile app, or by visiting a branch. You can also set up automatic transfers or use a third-party service to add funds to your credit card.
Who is the drawer of a third party check?
the party to whom payment is to be made
What is the definition of a customer?
A customer is a person or party who receives a service or product in exchange for a payment of some sort. Customers may also be referred to as clients, buyers, or purchasers.
How can I load money onto my credit card?
You can load money onto your credit card by making a payment through your bank's online portal, mobile app, or by visiting a branch. You can also set up automatic transfers or use a third-party service to add funds to your card.
If you cosign a student loan can you deduct the interest if the first party does not?
http://www.ird.gov.hk/eng/faq/ctr.htm#item5 I doubt it.
