Dear Friends,
In the audit I have found that a payment has been made to a contractor (cheque) in his own name for some construction work . He has given the bill in the name of a company which is run by him. What is the TDS to be deducted ...2% or 1% ?
Please help
This is an educational institution
dear rahul
tds is required to be duducted at the rate of 2 %in case of payment to a company because the bill is produced in the name of a company. and tds amount is required to be shown in that bill. so in ur case it is 2%.
regards
tarun rustagi
Saini Pati Shah & Co LLP, Chartered Accountants
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