Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2015
Dear expert.
i have paid RS. 20000 on 10/12/2014 and again i have paid 70000 on 3/3/2015 and i have deducted TDS as per section 194C 10% 9000/- but the Question is i had made payment in two installment as date i have mention above but in TDS statement whcih date will be consider whether 10/12/2014 or 3/3/2015. plz guide me on this..
i have paid RS. 20000 on 10/12/2014 and again i have paid 70000 on 3/3/2015 and i have deducted TDS as per section 194C 10% 9000/- but the Question is i had made payment in two installment as date i have mention above but in TDS statement whcih date will be consider whether 10/12/2014 or 3/3/2015. plz guide me on this..
CA Manish Sharma
(Expert)
05 March 2015
Rate of TAX as per 194C is 2%/1% and not 10% any way you need to show two payment of Rs 70000 and 20000 against challan of Rs 9000.00
05 March 2015
In TDS statement consider 03.03.2015 since on this date threshold limit was crossed and you were liable to deduct TDS. And as rightly pointed out by Manish Ji rate of TDS u/s 194C is not 10%. Rate is:
For Individual/HUF @1%
Others @2%.
If no PAN provided 20% (U/s 206AA)
For Individual/HUF @1%
Others @2%.
If no PAN provided 20% (U/s 206AA)
Rupesh Jain
(Expert)
05 March 2015
you have to deduct tds @ 1% or 2% u/s 194C and file return for diff-2 qtr..and deduct tds if limit cross.
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