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%.
anonymous (proprietor) (248 Points)
31 March 2021Whether 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%.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 31 March 2021
Cut off date is 31/3/2021
anonymous
(proprietor)
(248 Points)
Replied 31 March 2021
so in the above example, tds will be deducted at what rate.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 31 March 2021
From 1/4/2021 tds will be applicable as per TDS rate applicable for F.Y 2021-22
anonymous
(proprietor)
(248 Points)
Replied 31 March 2021
So does it mean that it will continue at reduced rate for FY 2020-21 even though payment is done after 31.03.2021?
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 31 March 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.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 31 March 2021
If any reduce rate from 1/4/2021 , you have confirm from Income Tax Department .