TDS

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CA Harish Singh (Querist)
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28 May 2009 can u just tell me that what is the minimum amount of Fabrication income on which TDS is detucted and from what rate?

chetan soni

chetan soni (Expert)
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28 May 2009 It will covered under section 194C under contractors & sub contractors. As per this section in case contract amount exceeds Rs.20K in case of single contract amount & Rs 50K for the year for all contract amount.

The rate will be for
contractors : 2% of contract amount + Surcharge @ 10% on 2%(if applicable)+ education cess 3% on (2%+10%) i.e. 2.26%
Subcontractors : 1% of contract amount + Surcharge @ 10% on 2%(if applicable)+ education cess 3% on (2%+10%) i.e. 1.133%