Dear Friends,
Recently Govt has reduced the TDS rates due to COVID 19. But, I deducted and paid old rates;
2% for Contractors, 10% for Rent & Professional Fees, 5% u/s 194LC. Now, how do I manage this?
5 Replies
Padmanabhan
(Student)
(1321 Points)
Replied 08 June 2020
The notified rates will be from 14.05.2020.
hassan waghu
(Employment)
(65 Points)
Replied 08 June 2020
Hi Mohanraj,
Yes. Govt has reduced the TDS rates from 14th May, 2020 to 31st March, 2021.
You can adjust the excess TDS against next transaction made to a particular deductee.
Also it is important to note that TDS rates has been reduced for payment made to resident, So 194LC is out of picture. Since it is payment made to non resident. So reduced TDS rates will not applicable for 194LC
Yes. Govt has reduced the TDS rates from 14th May, 2020 to 31st March, 2021.
You can adjust the excess TDS against next transaction made to a particular deductee.
Also it is important to note that TDS rates has been reduced for payment made to resident, So 194LC is out of picture. Since it is payment made to non resident. So reduced TDS rates will not applicable for 194LC
Padmanabhan
(Student)
(1321 Points)
Replied 08 June 2020
25% reduction
Say if it is 10% existing then 25% of it is 2.5 so the new rate is 10-2.5= 7.50
Say if it is 10% existing then 25% of it is 2.5 so the new rate is 10-2.5= 7.50
Mohanraj J
(1178 Points)
Replied 03 July 2020
Hi, anyone can share me the offline utility tools for TDS quarterly Returns. mohanraj_vkj @ yahoo.co.in
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