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Tds on contractor payment
Sir,
plz guide me in my company payment to contractor under 194 C bill amount Rs-100000/- for the month of Mar 2016 but we are payment only made Rs-63000/- only
So, on which amount we are deducted the TDS @ 1%
Replies (2)
Payment should be made on whole 100000 at 2%
TDS is to be deduct on the amount paid or credited whichever is earlier. If Bill already accounted then on 1 lakh or if that 63k as advance then on 63k.
Individual & HUF 1%, other than that 2%.
Individual & HUF 1%, other than that 2%.
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