TDS Clarification

This query is : Resolved

Suheel Ahmed (Querist)
Follow

28 July 2009 Dear Expert,

Company : Developer & Construction

Nature of Transaction : Rent for DG Sets

Party bill provided for Rs. 300,000/- &
architect has certified the same bill
as under

Please note that amount needs to be debited from the final bill of following Contractors in the proposed manner

Vendor Percentage

A-20%, B-30%, C-15% & D-35%

I debited above vendor's account as per architect & TDS deducted & remitted to Govt as per Contract Rate 2.266%(u/s194C)
in June-09

My question is the aforesaid trasaction will attract u/s 194I (TDS-Rent of P&M)

Whether it will attract u/s 194I,What can I do. Because I have already deducted & remitted to Govt as per Cont Rate (u/s 194C)

Pleasedo the needful, it is very urgent

Regards

Abhishek Mohta

Abhishek Mohta (Expert)
Follow

29 July 2009 The TDS rate as prescribed U/s 194I will be applicable in this case.

As per the scenario it seems there are further bills to be received by the company, so in the next bill deduct the balance amount of tax of the first bill as well and deposit it.

Suheel Ahmed

Suheel Ahmed (Querist)
Follow

29 July 2009 Dear expert,

This is Final Bill totla contract amount is Rs. 300,000/-

Upgrade to CAclubindia Pro. Subscribe Now!