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tds

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(Querist)
07 October 2009 If I have to pay a sum of Rupees to our contractor who have appointed the security guard in my college. I have to make a payment of Rupees 260000, Please suggest how much tds and at whar rate should I duduct while making such payment on 15-10-2009.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
07 October 2009 It is assumed that you are following cash system of accounts.

The deduction will be under section 194C(ie. payment to Contractors). There are two rates at present. 1% or 2%.

If the deductee is an indivisual or huf, the rate is 1%, else 2%.
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abhay srivastava

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abhay srivastava (Querist)
07 October 2009 Please correct me if I am wrong.

TDS amount- 260000x1%

ie-2600

Please suggest do we need to add education cess and higher education cess or only 1% ie 2600
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
07 October 2009 I think, the calculation is correct.

No need to deduct any cess.
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