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TDS Liability

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(Querist)
05 October 2009 are tds rate on hiring contracts will change w.e.f. 01/10/2009. if yes what is current rate
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
05 October 2009 Yes.

The rate for hiring of Plant, Machineries, Equipments falling under the TDS provisions u/s 194I of the IT Act has undergone change w.e.f. 01.10.09.

The new rate is 2% in place of 10% earlier.

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