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Tds on remaining amount
When I paid Rs 10,000 in advance to a party before March 2021, I deducted 7.5% tds. Is it true that I have deducted TDS rate of 10% on the remaining amount. it's true?
Replies (4)
TDS rate on remaining amount should be @ 10% as the amount is payable only in the current fin.year, for which there is no such concession has been given by the Govt.
Yes, you deducted TDS as per Covid-19, relaxation provision. Which allowed TDS deduction at 75% of the actual TDS applicable over the payment.
Do I have to deduct tds on top of the 10000 advance payment I made because the tds rate for fy 2122 is 10%. When I made that advance payment in fy 2021, the tds rate was 7.5%. Do I have to deduct another 2.5% tds?
For Advance payment made in last FY, the TDS obligation happened last year itself. Hence , it may not subject to any TDS in the current FY. Therefore, you need not pay any differential TDS on advance payment in CY.
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