23 March 2011
As Per Rules tds deduct on contractor service @ 2%. if single contract is 30000/- or 75000/- PA...but a contractor whole year Contrat is only Rs. 48000/- but amount 40000/-Paid on single day (By cheque) on against of 4 bills (each bills of 10000/-)....than should be tds deduct or not...please suggest....
23 March 2011
Since Single payment doesnot excceds Rs 30,000/- and the aggregate payment during the year doesnot exceeds Rs 75,000/- TDS need not to be deducted.
I hope The Rate for HUF and Individual it is 1 % instead of 2% and for others it will be 2%
CAclubindia
