About tds
This query is : Resolved
16 November 2011
TDS is tax deducted at source, while making payment/advance to vendor, it has to be deducted at applicable rates based on threshhold prescribed the act
Generally it is applicable to salaries, rent,contracts, commission, intrest and professional fee
If TDS deductable but not deducted and TDS deducted but not paid then it a disallowable expenses as per it act
Generally it is applicable to salaries, rent,contracts, commission, intrest and professional fee
If TDS deductable but not deducted and TDS deducted but not paid then it a disallowable expenses as per it act
05 December 2011
example u/s 194C(TDS on Contractor):-
x company made contract with y for food arrangemnts and pay rs. 100000/- p.m. X co. has to deduct TDS on it @1%(if individual or HUF) and 2%(if Company), which is Rs. 2000/- in that case.
x company made contract with y for food arrangemnts and pay rs. 100000/- p.m. X co. has to deduct TDS on it @1%(if individual or HUF) and 2%(if Company), which is Rs. 2000/- in that case.
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