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Section 197(1)

This query is : Resolved 
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(Querist)
30 March 2010 Hi

I have a query:

One of my vendor has given me a certificate for lower deduction of TDS @ 1.40% under the IT Act, 1961 and a limit of Rs.2 Crores. We deducted TDS under that lower rate. Now during the FY ended 31-3-2010, the vendor has exceeded the limit of Rs.2 crores.

Kindly advice to us whether the maximum rate of TDS to be deducted by us should be from the limit of Rs.2 Crores.
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MK GUPTA (Chartered Accountant

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MK GUPTA (Chartered Accountant (Expert)
30 March 2010 Dear Ganesh

It should be from the time it crossed the 2 crore limit
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CA Shiv

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CA Shiv (Expert)
31 March 2010 As per my knowledge it will be for the entire amount. same rules of TDS deduction. tht if limit is crossed that have to deduct TDS on the whole amount. Pls also take other advice
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Padmaja CA

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Padmaja CA (Expert)
31 March 2010 I agree with Sri MK Gupta
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