19 April 2014
DEAR SIR I WANT TO DEDUCT TDS FROM THE ACCOUNT OF PAYMENT MADE TO THE CARPENTER PLEASE SUGGEST ME WHAT RATE IS APPLICAPLE AND HOW TO CALCULATE TDS
19 April 2014
It should b in 194C, as contract. 1% for Ind./Huf & 2% for other assessee. If the payment made exceeds Rs. 30K in single bill & 75K in the whole Financial Year.
19 April 2014
No TDS should be deducted in that case. Since u r an individual.If u r other than Individual or HUF then u r liable to deduct TDS. So in the above case TDS is not applicable.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 April 2014
but i am not individual iam a iam paying rent of my company
22 April 2014
Monthly TDS on salary has to be made based on the working of tax for the whole year(monthly TDS will be worked out dividing it by 12) based on the estimated salary less exemptions and deductions considering estimated savings and other payments. Adjustments for actual s has to be done at the year end.