Deduction of tds
This query is : Resolved
22 March 2015
Dear sir,
Whether the Tds deduction should be based on the PAN status or the work done.
For eg: I have a vendor who is doing security work which is a contract . i have deducted 2 % Tds from them .Please advice whether its right .
Please advice .
Thanks
Aji
Whether the Tds deduction should be based on the PAN status or the work done.
For eg: I have a vendor who is doing security work which is a contract . i have deducted 2 % Tds from them .Please advice whether its right .
Please advice .
Thanks
Aji
22 March 2015
Rate of TDS depends on Applicable section.
TDS on Security Service is to be deducted under section 194C on crossing the threshold limit.
Threshold limit:
Single Bill/Payment Rs 30000/-
Annual Total Rs 75000/-
Rate of TDS:
If Deductee is-
Individual/HUF @1%
Others @ 2%
If No PAN provided by deductee TDS @ 20% is to be deducted.
TDS on Security Service is to be deducted under section 194C on crossing the threshold limit.
Threshold limit:
Single Bill/Payment Rs 30000/-
Annual Total Rs 75000/-
Rate of TDS:
If Deductee is-
Individual/HUF @1%
Others @ 2%
If No PAN provided by deductee TDS @ 20% is to be deducted.
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