T.D.S Certificate

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Suresh M.Moolya (Querist)
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18 September 2010 under section 194J of Income Tax Act this payment is liable for TDS @ 10% + Surcharge + Cess .

For the FY 2010 - 11 the rate of TDS is 11.07%. As is clear, the franchisee need to deduct this income tax & pay to IT Deptt and issue a TDS certificate to Hindalco to that effect.

However, one of our Franchisee has not deducted the TDS & sent the full amt of Rs. 2 lacs .

Kindly let us know what would be the procedure of TDS from our end in this case.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 September 2010 Sec.194 J rate will be 10% only. there is no surcharge and e.cess applicable

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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18 September 2010 Agreed TDS Rate for FY 2010-11 is exclusive of Surcharge and education cess i.e u/s 194 J it is 10%
It is better to deduct tds Rs.200000/- and deposit the same with interst.
And adjust with party at the time of next transaction , if it is one time transaction then request him to return the amount equal to TDS amt.

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