13 February 2008
An order for painting is given to a painter and 5 paintings are drawn by the painter. The total invoice is for Rs.90000/- Whether TDS rate will be applied as per the rate of contractor or Professional? Is there any CBDT circular? If any, I want the Circular Number. Thank you.
13 February 2008
tds is applicable u/s 194c contractors the tds is 2%plus ed+shc total amount is greater than 50000/- if you are an indivudal and total turnover is less than fourty lakhs or profession and gross receipt are less than ten lakhs then you will not deduct tax otherwise you will liable to deduct tds on gross amount
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