27 July 2011
sec 194c attract expense done,tds not deducted full amount paid to company the following 2 bills 20000,30000 but 1 bill was pending to pay rs.50000 now i want deduct tds to claim as expense of the above 3 bills... how much amount will deduct as tds?
27 July 2011
If the contractor is an Individual or a HUF deduct 1%. In other case deduct 2%. TDS to be deducted on all the bills. Adjust TDS of previous bills in payment.
27 July 2011
TDS on Contractors need to be deducted when any payment exceed Rs. 30,000 or all payments in aggregate exceeds Rs. 75,000 p.a. and such TDS needs to be deducted on whole amount(all payments in the financial year) Rate of TDS as told by sir.
CAclubindia
