TDS
This query is : Resolved
15 February 2010
TDS @ 2% for individual contractor was applicable for Bills booked before 1.10.09
TDS @ 1% for individual contractor is applicable for Bills booked after 1.10.09
What if bills are booked before 1.10.09 without deducting TDS (as the limit of Rs.20000 or Rs. 50000 did not exceed),
TDS has to be deducted after 1.10.09 on the above bill amount as the above limit is crossed now?
I would like to know at what rate TDS to be deducted in the above case(1% or 2%)?
Thanks
Best Regards
Ashwini
TDS @ 1% for individual contractor is applicable for Bills booked after 1.10.09
What if bills are booked before 1.10.09 without deducting TDS (as the limit of Rs.20000 or Rs. 50000 did not exceed),
TDS has to be deducted after 1.10.09 on the above bill amount as the above limit is crossed now?
I would like to know at what rate TDS to be deducted in the above case(1% or 2%)?
Thanks
Best Regards
Ashwini
15 February 2010
If the bill is booked before o1/10/2009, the account of the creditor is credited by the bill amount. The instance of TDS u/s 194C is at the time of credit or payment which ever is earlier. Therefore, in this case, the applicable rate of TDS was 2 %. So even if TDS is made afterwards, the applicable rate would be 2 % only
15 February 2010
If the thershold limit crossed after 1.10.2009 rate will be 1% only
Message likes :
1 times
16 February 2010
Yes. If the threshold limit is crossed after 01/10/2009, the applicable rate of TDS will be 1 %.
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
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- GST ISD Query on various AMCs
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Sale of Mutual Funds In Diffirent Financial Years
- ITR 44AD SECTION
- DUE DATE FOR ITR FILING
- TDS refund Indemnity Bond
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
