09 June 2009
Hellooo I wanted to know that I am paying to a vendor a contract to TCS an amount of Rs 3,15,000 and i had deducted TDS at the rate of 2.26 i.e (2%tax,10%surcharge,3%education cess)whether it is correct.Please suggest me as early as possible Please Only CA should answer Its a request
11 June 2009
Yes TDS rate should be 2.266% of the contract value. You can also deduct TDS @ 2.06% if the contract value is less than Rs. 10,000,000 in case of company and Rs. 1,000,000 other than company for the whole year.
CAclubindia
