Reduced Rate of TDS by 25% announced due to COVID 19
This query is : Resolved
29 May 2020
Sir
I just want to know how the TDS will be applicable on following:-
Eg If Interest due to funder on 30th May 2020 is Rs 100000 whether TDS will be deducted @ 7.5% on whole Rs 1 Lacs ie.. Rs. 7500/- or
From 1st May to 13th May 2020 Rs 45000 * 10%= 4500/- &
From 14th May to 30th May 2020 Rs 55000*7.5% = 4125/-
I just want to know how the TDS will be applicable on following:-
Eg If Interest due to funder on 30th May 2020 is Rs 100000 whether TDS will be deducted @ 7.5% on whole Rs 1 Lacs ie.. Rs. 7500/- or
From 1st May to 13th May 2020 Rs 45000 * 10%= 4500/- &
From 14th May to 30th May 2020 Rs 55000*7.5% = 4125/-
29 May 2020
TDS will be deducted @ 7.5% on whole Rs 1 Lacs ie.. Rs. 7500/-
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29 May 2020
Sir thanks for the clarity....One more clarity is required
Whether the reduced rate is mandatory or optional because some parties are saying that no need to reduce the TDS rate and some are saying that it should be deducted on reduced rate.
Just give us the clarity whether it is mandatory or optional.?
Whether the reduced rate is mandatory or optional because some parties are saying that no need to reduce the TDS rate and some are saying that it should be deducted on reduced rate.
Just give us the clarity whether it is mandatory or optional.?
29 May 2020
Lets say earlier the rate was 10% due to revision it'll now be 7.5%. Anything collected or paid above 7.5% will be considered as excess.
If the party insists on regular deduction(Ex: 10%, Rs.10,000) , no harm in doing the same. But whatever is deducted should be deposited to government (10,000).
If the party insists on regular deduction(Ex: 10%, Rs.10,000) , no harm in doing the same. But whatever is deducted should be deposited to government (10,000).
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