Ragarding t.d.s.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Hello Sir,
I have to deduct a tax for one of the person who had completed his work on Contract basis. What is the Tax rate which i deduct from his payment. He had completed his work during the Fiancial year 2011-12 but the payment is pending till date.
I have to deduct a tax for one of the person who had completed his work on Contract basis. What is the Tax rate which i deduct from his payment. He had completed his work during the Fiancial year 2011-12 but the payment is pending till date.
17 April 2012
Section 194c ,income Tax is to be deducted on the amount paid/ credited to the account of contractor at the time of payment or credit to the account of the contractor WHICH EVER IS EARLIER.
Due dates for depositing TDS are
For All months except March-7 days from the end of the month
For March month-April,30
In your case,You might have credited the contractor account during any month of F.Y 2011-12 , so you required to be deducted at the time of credit to the contractor account.
Now deduct&deposit the TDS(with interest 1% Per month /part of month from the date on which such tax was deductible to the date on which such tax is deducted.
And file the returns( 26Q and form no. 27)
Due dates for depositing TDS are
For All months except March-7 days from the end of the month
For March month-April,30
In your case,You might have credited the contractor account during any month of F.Y 2011-12 , so you required to be deducted at the time of credit to the contractor account.
Now deduct&deposit the TDS(with interest 1% Per month /part of month from the date on which such tax was deductible to the date on which such tax is deducted.
And file the returns( 26Q and form no. 27)
17 April 2012
Agree with expert. Detailedly explained.
17 April 2012
YES MUCH DETAIL EXPLAIN BY DILEEP..
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
But tell me the tax rate (in %) of T.D.S. i.e. 1% or 10%
17 April 2012
One Percent (1%) where payment for a contract are to individuals/HUF.
Two Percent (2%) where payment for a contract are to any other entity.
One Percent (1%) where payment for a contract are to individuals/HUF.
Two Percent (2%) where payment for a contract are to any other entity.
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