26 April 2021
To The Fellow experts During the FY 2020-2021(precisely between January 2021 to March,2021) a Contractor (Say 'Mr X') provide certain service to our Company the value of which is more than Rs.3 Lakhs.
But he submitted his bill for payment in April,20, 2021 for the entire amount.(No payment was made to him during January 2021 to March,2021).
At what rate his TDS U/s 194C will be Charged on Mr X(Being an individual) ie .75%(For FY 2020-2021) or 1%(For FY 2021-2022)? Regards Abhijit Majumder
26 April 2021
Since the expense relates to FY20-21, provision would be created in March 2021 itself in respect of the same. Hence, TDS to be deducted @0.75%.
CAclubindia
