Whether the cut off date of TDS deducted at reduced rate is date of payment or financial year. eg. if book entry of 94J done on 31.03.2021 and payment of tds done on 01.04.2021, whether it will be deducted @ 7.5% or 10%.
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Cut off date of TDS at reduced rates
Replies (6)
Cut off date is 31/3/2021
so in the above example, tds will be deducted at what rate.
From 1/4/2021 tds will be applicable as per TDS rate applicable for F.Y 2021-22
So does it mean that it will continue at reduced rate for FY 2020-21 even though payment is done after 31.03.2021?
Reduce rate of TDS is applicable up to 31/3/2021 for covid 19 . you can not apply same reduce rate from 1/4/2021.
If any reduce rate from 1/4/2021 , you have confirm from Income Tax Department .
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