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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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%.

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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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