Tds deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
Dear Expert,
TDS on COntract is @ 2% for other entity. but some entities charge 1% why is that so.
TDS on COntract is @ 2% for other entity. but some entities charge 1% why is that so.
29 December 2011
The rate of TDS depends upon the status of the payee (person to whom payment is made).
If the payee is individual or HUF, TDS is required to be deducted @ 1%.
In case of any other person, TDS is required to be deducted @ 2%.
If any payer is deducting TDS @ 1% in case of other persons, then there is short deduction and the payer will be liable for the same.
If the payee is individual or HUF, TDS is required to be deducted @ 1%.
In case of any other person, TDS is required to be deducted @ 2%.
If any payer is deducting TDS @ 1% in case of other persons, then there is short deduction and the payer will be liable for the same.
Message likes :
1 times
06 April 2012
The expert is correct. Previously for sub contractor it was 1%. Now, this provision has been done away with. So the expert is correct
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- DTCP approval
- Payable outstanding for years disallowance
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- Whether still royalty
- Appeals vs Writ court -certain doubt
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
