my employer has under go with contractor for works contract who is unregisterd dealer. should i need to deduct TDS @ 4% Under vat act and also 2% under Income tax Act u/s 194C.
you have to deduct 5 % as per new budget of Maharashtra state for WC given in the state and I Tax TDS deduction will also be there either 1 % or 2 % depends on contractee status.
04 June 2012
Tax @5% as TDS is to be deducted out of amount payable against the work contract, excluding the amount, if any, separately charged as tax or service tax levied by the Govt. of India, by the contractor.
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