TDS Query-Pls provide solution
This query is : Resolved
08 October 2009
from 1.10.09 efftects in TDS rates are applicable. all Cess & surcharge are removed from 1.10.09.
we are going to make payment to contractor & sub contractor (Advt). the bills are for the period of august & sept 09. the date on bills are sept & august 09.
now in Oct. month we have to make the payment to them, My Query is At what rate should i deduct TDS is it 2% with Ed.cess or Only 2% without Ed.cess.
Regards
Amol
we are going to make payment to contractor & sub contractor (Advt). the bills are for the period of august & sept 09. the date on bills are sept & august 09.
now in Oct. month we have to make the payment to them, My Query is At what rate should i deduct TDS is it 2% with Ed.cess or Only 2% without Ed.cess.
Regards
Amol
08 October 2009
Sir,
The impression that all cess and surcharge are removed only w.e.f. 01.10.09 is in correct.
These has been removed w.e.f. 01.04.09.
If you have deducted any surcharge & Cess, pay it.
For fresh deductions, no need to deduct any Surcharge & Cess, except TDS on salary and payment to non residents.
The impression that all cess and surcharge are removed only w.e.f. 01.10.09 is in correct.
These has been removed w.e.f. 01.04.09.
If you have deducted any surcharge & Cess, pay it.
For fresh deductions, no need to deduct any Surcharge & Cess, except TDS on salary and payment to non residents.
08 October 2009
Cess and surcharges have been removed w.e.f 01.04.2009 except payment of Salary and payment to Non resident and/or Foreign Company.
New rate s are there for some sections of TDS w.e.f 01.10.2009.
Now your bills for Aug & Sept 09 to be accopunted for in books in the concerned month i.e. expenses to be debited before 01.10.2009 and TDS is payable on date of payment or credit whichever is earlier so rates before 01.10.2009 is pertinent unless you follow cash basis of accounting.
Foe Advt contract rate was only 1 % upto 30.09.2009 and w.e.f. 01.10.09 it becomes
1% if paid to Individual/HUF and 2 % for payment to others for all type of contracts.
New rate s are there for some sections of TDS w.e.f 01.10.2009.
Now your bills for Aug & Sept 09 to be accopunted for in books in the concerned month i.e. expenses to be debited before 01.10.2009 and TDS is payable on date of payment or credit whichever is earlier so rates before 01.10.2009 is pertinent unless you follow cash basis of accounting.
Foe Advt contract rate was only 1 % upto 30.09.2009 and w.e.f. 01.10.09 it becomes
1% if paid to Individual/HUF and 2 % for payment to others for all type of contracts.
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