TDS amendments

This query is : Resolved

ekta gupta (Querist)
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15 January 2010 A person has taken services of a transporter before 1.10.2009(the date of enforcement of new TDS rates) nd has made d payment after 1.10.2009.
Now , shall he follow the provisions of BEFORE 1.10.2009 or AFTER 1.10.2009
???????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 January 2010 The rate prevailing on the date of booking the expenses has to be followed.

ARUN KUMAR V

ARUN KUMAR V (Expert)
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15 January 2010 Agree with sir.
TDS rate should be the rate in force at the date of crdit/payment which is earlier.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 January 2010 Agreed

Manikanta Raju CA,CWA,(CS)

Manikanta Raju CA,CWA,(CS) (Expert)
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16 January 2010 The liability to pay TDS arises at the time of payment or credit which ever is earlier.
The time given (7th of the following month) is only for remittance to the department.