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% of TDS to be Collected from work Contractors (INCOME TAX)

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(Querist)
08 February 2009 If i had to collect TDS from the contract labours/Contractors ... Whose single payment is more than 20000 and the cumulative payment in a financial year is more than 50000...then...,what is the percentage of TDS to be collected from the them.

Please advice....me.......
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 February 2009 Tax has to be deducted u/s 194C. Rate of tax is 2.06%. Surcharge @ 10% is also to be deducted if the payment exceeds Rs.10,00,000/-
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
09 February 2009 Rate is 2%. Surcharge as applicable according to 'Person'. And Education Cess is 3%.
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