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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2013 Dear Sir,
In case of individual contractor's payment, tds should be deducted at 1%, however deductor is deducting at 2.27%.
Whether there is penalty for deducting at higher rate, though it is being done by deductor in govt. revenue interest.

Please clarify.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 June 2013 No. Individual TDS rate u/s.194C 1% only
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2013 Whether any penalty applicable or not?
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2013 Please reply soon.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 June 2013 No penalty on TDS rates. TDS rates purely income tax only

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