05 February 2013
kindly guide me reg: TDS on contract, what is the tds limitation for contract business,
Example:
my collegue made a contract for poultry business, his annual turnover is 11 lakhs, that company collect 2% in last month but collect 10% of TDS from this month on wards why? & he not run no other business, in what way he will return back the TDS amount.
05 February 2013
This is taxable @ 2% only. That Company should not pay tax @ 10% to Govt. but should pay only 2% and excess TDS deducted (8%) should be refunded back to your friend.
CAclubindia
