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Deduction of tds

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(Querist)
09 May 2012 what are the rules and limits to deduct the tds on payment to contractor for the financial year 2011-12 A.Y. 12-13
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 May 2012 Section 194C.

Rate:
Individual/HUF @1%
Others @2%
No PAN 20%.

Threshold Limit:

Single Bill Rs 30000/-
Annual Payment Rs 75000/-

In case of transport contractor no TDS to be deducted if valid PAN is provided but details of such payment to transporters need to be mentioned in TDS Return.
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
09 May 2012 YES....
AGREE WITH ABOVE EXPERT.
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