We have received One bill from sub contractor and they are service provider and Bill for the month of Aug-09 Please tell me in these bill we have deduct tax as per new Rate which is applicable from 1 oct 09 or Old rate
If it is New rate than plese tell me on 7150/- how much tds deducted as per new rate
10 October 2009
Mr. Jignesh, As per IT act 1962, TDS should be deducted on the dateof booking such expenses or paid advance for such expenses whichever earlier and the rules applicable on the date will be aapplicable to dedct tax at source so go throuth the rules as on the date of booking expenses or advance for such expenses and deduct TDS as applicable on that date.
CAclubindia
