TDS rate
This query is : Resolved
05 August 2010
I have not deducted TDS on labour charges paid. so please tell me how much percent i have to deduct what is the threshold for financial year 2009-10
Thanks
Thanks
05 August 2010
Income Tax is to be deducted at source @ 1% if the contractor/sub contractor payee is an individual or HUF. Payment of amounts to persons other than Individual/HUF would attract TDS rate of 2%.
05 August 2010
If the amount paid/payable or credited/likely to be credited to the contractor/sub-contractor does not exceed Rs.30,000/- in a single instance (Applicable from 1.7.2010. previously it was Rs.20,000). However, the total of amounts paid or credited during the financial year should not exceed Rs.75,000/-. If the said amount exceeds Rs.75,000/-, then, the liability for payment arises on the whole of amount paid or credited and not on the amount in excess of Rs.75,000/-.( The limit of Rs.75,000 is applicable from 1.7.2010. Previously it was Rs.50,000)
05 August 2010
agreed with pyne ji,
TDS on Labout charges are governed by Section 194 C.
TDS on Labout charges are governed by Section 194 C.
05 August 2010
Agreed
05 August 2010
agreed,
single payment not exceed rs. 20,000/- or accural basis rs. 75000/- not exceed then no deduction otherwise as per pyne ji says.
single payment not exceed rs. 20,000/- or accural basis rs. 75000/- not exceed then no deduction otherwise as per pyne ji says.
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