SB Order No.3/2007 Deduction of Tax and surcharge on commission paid to SAS/MPKBY/PPF Agents from 1.6.2007.

SB ORDER NO. 3 /2007

No.107-2/2007-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date:       25.5.2007

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:- Deduction of Tax and surcharge on commission paid to SAS/MPKBY/PPF Agents from 1.6.2007.

Sir / Madam,

The undersigned is directed to say that the rate of income tax to be deducted on the commission paid to SAS/MPKBY and PPF agents has been revised with effect from 1.6.2007 as per clause 194-H of Income Tax Act amended through Finance Act 2007 by the Government.

2. The revised rate on income tax to be deducted will be 10% of the commission paid from 1.6.2007. The surcharge will be levied at the rate of 10% of the income tax deducted where the income (commission) or aggregate of such incomes (commission) paid or likely to be paid to the agents exceeds Rs. 10 lakh during a financial year. The amount of tax plus surcharge, if any shall be further increased at the ratio of three percent of this amount for the purpose of education cess.

3. It is requested that this may kindly be brought to the notice of all post offices including sub post offices for information, guidance and necessary action.

Yours faithfully,

(Kawal Jit Singh)

Assistant Superintendent Posts (SB&CC)

Copy to-

1. Director of Audit (P&T), Delhi.

2. All Directors/Dy. Directors of Accounts, Postal

3. Director, Postal Staff College, Ghaziabad.

4. All Directors, Postal Training Centers.

5. DDG(FS)/DDG(VIG)

6. Director (FS)/VIG

7. AD Inspection/PF/Vigilance/Postal Accounts Section

8. All Accounts Officers ICO(SB)

9. All recognized Staff Unions and Associations.

10.Min. of Finance (DEA) NS-II section, North Block, New Delhi.

           11.PS to Member (D)