10 November 2008
Illus : Professional provided on March 07 when applicable rate of TDS was 5%. Credit Given on 01.06.2007 and payment made later on. Rate of TDS increased to 10% from 31.05.2007
11 November 2008
Tax is deductible at source on credit or payment whichever is earlier. In the instance given the tax is deductible at the time of credit at the rates prevailing as on date which is 5%+SC(if Applicable)+Cess.
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