I wish to know that TDS is deductible or not on penality leived on contractor for not completing the contract on time as per Agreement ?
I wish to know that TDS is deductible or not on penality leived on contractor for not completing the contract on time as per Agreement ?
Dear Mr. Birendra,
If you are asking particularly about the penalty amount, then the penalty is leived by you on the contractor and the contractor is to pay the penalty amount and thus there is no TDS. You will have to deduct the tds on the amount of the contract only.
SMJ global advisors pvt ltd
New Delhi
B.Com
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R P S K & Associates
Nashik
CA Inter
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SSGS and Associates
Chennai
CA Inter
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