TDS
This query is : Resolved
07 October 2009
Hi all,
suppose I have to make a payment to contractors who have appointed security guards in my college, college is non profit making organisation. If the payment amount is 250000, suggest me should I deduct the TDS on contract u/s 194c, if the duductee type is individual/huf - 1% and educationn cess or secondary education cess is applicable
TDS- 2500 only
Contractors Ac dr 250000
TO TDS payable 2500
TO Bank 247500 24750
suppose I have to make a payment to contractors who have appointed security guards in my college, college is non profit making organisation. If the payment amount is 250000, suggest me should I deduct the TDS on contract u/s 194c, if the duductee type is individual/huf - 1% and educationn cess or secondary education cess is applicable
TDS- 2500 only
Contractors Ac dr 250000
TO TDS payable 2500
TO Bank 247500 24750
08 October 2009
Yes Education cess 3% is applicable to ind/huf contractors so rate is 1.03%
then entry is
Security charges acc DR 250000/-
To TDS on security charges 2575/-
To Security contractor 247425
(This is Journal entry)
And when paid to contractor
Security contractor acc Dr 247425/-
To bank/cash 247425/-
then entry is
Security charges acc DR 250000/-
To TDS on security charges 2575/-
To Security contractor 247425
(This is Journal entry)
And when paid to contractor
Security contractor acc Dr 247425/-
To bank/cash 247425/-
08 October 2009
Beg to differ
Education Cess not applicable w.e.f 01.04.2009 except in case of payment of Salary and any Other payment to Non resident/Foreign company.
rate of TDS in this case from 01.04.2009 to 30.9.09 was 2 % and wef 01.10.09 is 1% only.
Education Cess not applicable w.e.f 01.04.2009 except in case of payment of Salary and any Other payment to Non resident/Foreign company.
rate of TDS in this case from 01.04.2009 to 30.9.09 was 2 % and wef 01.10.09 is 1% only.
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Experts need help
- 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
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
