194C
This query is : Resolved
CA. Jyoti Baid
(Querist)
21 October 2009
Hello
With effect feom 01.10.2009, tds rates u/s. 194C has been reduced to 1% for individuals and HUF.
If part payment of a bill was made in September deducting 2% tds and balance payment is to be made in October, then tds should be deducted at what rate.
Regards,
Jyoti
With effect feom 01.10.2009, tds rates u/s. 194C has been reduced to 1% for individuals and HUF.
If part payment of a bill was made in September deducting 2% tds and balance payment is to be made in October, then tds should be deducted at what rate.
Regards,
Jyoti
Ram Avtar Singh
(Expert)
21 October 2009
TDS on advance payment attract at old rate now you are booking exps. New rate applicable on part of exps.
CA. Jyoti Baid
(Querist)
21 October 2009
Thank you for the reply.
The expenses paid earlier were not advance payment. They were against part payment of the same bill whose balance will be paid now.
Is the reply same.
The expenses paid earlier were not advance payment. They were against part payment of the same bill whose balance will be paid now.
Is the reply same.
Ram Avtar Singh
(Expert)
21 October 2009
NO WHEN EXPS BOOKED AT THAT TIME tdS TO BE DEDUCT. IF YOUR HAVE NOT DEDUCT IT EXPS. WILL DISALLOWED.
CA SANJAY MUKHERJEE
(Expert)
21 October 2009
Agree with expert.
Just want to add that if you have booked the entire expenses in Sept'09 and credited the receipient in Sept'09 then
you have to deduct at old rate as sec 194 says paid or credited whicever is earlier.
Just want to add that if you have booked the entire expenses in Sept'09 and credited the receipient in Sept'09 then
you have to deduct at old rate as sec 194 says paid or credited whicever is earlier.
21 October 2009
TDS has to be deducted at the time of credit or payment which ever is earlier.
Since you have credited in September you should deduct TDs @ 2%.
Since you have credited in September you should deduct TDs @ 2%.
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