TDS
This query is : Resolved
Quick Summary
27 May 2020
Dear Sir,
in the month of May' 2020 we are issuing salary for the month of march'2020. while paying salary Which TDS Rate ( 10% or 7.5% ) should be applicable for professional charges.
Kindly advice.
Regards
R.S.Pandi
in the month of May' 2020 we are issuing salary for the month of march'2020. while paying salary Which TDS Rate ( 10% or 7.5% ) should be applicable for professional charges.
Kindly advice.
Regards
R.S.Pandi
27 May 2020
10%.
please note that the 25% reduction in tds is applicable only for non salary payments
27 May 2020
You need to have TDS deducted at the time of creating provision for March ending if the amount and suppliers/vendor details were to have been ascertained with reasonable accuracy.
Salary TDS Deductions needs to be made taking into account whole year Income Tax Payable and as per deductions/claims/rebates as applicable and as declared.
If no provision is taken in March 2020, Professional Fee TDS needs to be deducted @ 10% and reduced rate will apply based on date of booking of expenses or date of invoice whichever is earlier taking into account the reduction rate is effective from 14th May 2020 to 31st March 2021.
Salary TDS Deductions needs to be made taking into account whole year Income Tax Payable and as per deductions/claims/rebates as applicable and as declared.
If no provision is taken in March 2020, Professional Fee TDS needs to be deducted @ 10% and reduced rate will apply based on date of booking of expenses or date of invoice whichever is earlier taking into account the reduction rate is effective from 14th May 2020 to 31st March 2021.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Management System (IMS)
- FTS Taxable under 115A
- Experts need help
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
