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(Querist)
16 December 2013 Hi,

my company is deducting TDS at 2% to contractors even if the 4th letter of pan card is "P".

is this correct, do we need to deduct TDS at 1% or 2%.

Please guide me.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 December 2013 it is incorrect. 1% should be applied.
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Soumya

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Soumya (Querist)
17 December 2013 Hi Kaushik ji,

But my finance manager tell that, we have to deduct @2% for registered firm even though they are "individual person" as per PAN.

Please guide me exactly at how much % we have to deduct.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 December 2013 no. Individual person (proprietorship) and HUF would attract only 1%.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 December 2013 for Ind and Huf deductees the rate is only 1%

you can show them the section as refrence.
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Soumya

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Soumya (Querist)
17 December 2013 Thanks for your guidance
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 December 2013 You are welcome.
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