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Soumya (Querist)
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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.

Nikhil Kaushik

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

Message likes : 1 times

Soumya

Soumya (Querist)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 December 2013 no. Individual person (proprietorship) and HUF would attract only 1%.

CS,CA F,Numrologi TusharSampat

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

you can show them the section as refrence.

Soumya

Soumya (Querist)
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17 December 2013 Thanks for your guidance

CS,CA F,Numrologi TusharSampat

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

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