Defination of individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2013
Sir,
Please say that the rate of TDS under section 194C and rate is applicable 1% on individual please say that defination of individual and what document is required for applicability of rate 1%.
Regards,
Sunil Pareek
Please say that the rate of TDS under section 194C and rate is applicable 1% on individual please say that defination of individual and what document is required for applicability of rate 1%.
Regards,
Sunil Pareek
25 July 2013
For Section 194C Rate of TDS:
Individual/HUF 1%
Others 2%
Threshold Limit:
Single Bill Rs 30000/-
Annual Payment Rs 75000/-.
Individual is a person like you and me. We are in individual category. PAN of individual will be required otherwise TDS to be deducted @20%.
Individual/HUF 1%
Others 2%
Threshold Limit:
Single Bill Rs 30000/-
Annual Payment Rs 75000/-.
Individual is a person like you and me. We are in individual category. PAN of individual will be required otherwise TDS to be deducted @20%.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2013
If any person giving his PAN no. and He is in Partner of a firm in this situation the rate of tax is different.
25 July 2013
No if PAN of individual is given TDS to be deducted @ 1%. But remember the Bill Should also be issued by that Individual who is giving his PAN.
Say Bill raised by partnership Firm then PAN of Partnership firm must be obtained. In case partner give his own PAN and ask to deduct TDS @1% then the bill should also be issued by that Individual and not Firm.
Say Bill raised by partnership Firm then PAN of Partnership firm must be obtained. In case partner give his own PAN and ask to deduct TDS @1% then the bill should also be issued by that Individual and not Firm.
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