Revised tds rates w.e.f 01-06-2016
This query is : Resolved
02 June 2016
Dear Experts,
Rate of TDS U/S 194H has been reduced from 10 % to 5% w.e.f 01-06-2016.
But for Invoices dated prior to 01-06-2016 ( services already rendered prior to 01-06-2016 but we are making payments or crediting the same after 01-06-2016 )at what rate tax will be deducted 10% or 5 % .
Is there any provision for changes in the rate of taxes in IT act or rules made there under.??.like POT in service tax.
Thanks in advance.
raJ
Rate of TDS U/S 194H has been reduced from 10 % to 5% w.e.f 01-06-2016.
But for Invoices dated prior to 01-06-2016 ( services already rendered prior to 01-06-2016 but we are making payments or crediting the same after 01-06-2016 )at what rate tax will be deducted 10% or 5 % .
Is there any provision for changes in the rate of taxes in IT act or rules made there under.??.like POT in service tax.
Thanks in advance.
raJ
Rupesh Jain
(Expert)
02 June 2016
budget give the effective date of the tds rate and limit before that you have to follow old law and tax rates. for safe side bill before the new tax rate effective rate old TDS rate you can take.
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